MUNSTER, Ind. (AP): Commercial real estate experts say that northwest Indiana isn't keeping up with metro areas like Chicago and Indianapolis when it comes to building large industrial spaces that tenant businesses can move into on short notice.
A report from the firm NAI Hiffman finds that 7 million square feet was under construction in the last three months of 2014 in the Chicago region. That's compared with 3 million square feet in Indianapolis last year and none in northwest Indiana.
An official with the firm says that the lack of industrial space makes developers wary and forces businesses to go elsewhere when there isn't an available building when they need one.
But some developers are pursuing projects in the region, and construction is scheduled to begin this month on a 163,000-square-foot speculative building in Hobart.
