Business is booming in the Region, and since inventory is low, stakes are high for businesses looking to move into the area.
“It's a race to get to the property. A lot of these businesses are still coming over from Illinois, and new franchises that might not have had anything out here yet are really starting to try and plan a flagship out here. It's really just the lack of inventory right now. The market itself is very strong,” said Latitude Commerical Co-Founder and Senior Vice President Brett McDermott.
For years, property managers and commercial real estate brokers have been working to bring larger businesses from the Chicago area into the Region, but the risk of investing in a seemingly smaller market generally pushed them away.
Now, the lower taxes and growing communities in Northwest Indiana have proven to be an enticing opportunity for many of these businesses. Even establishments that have already dabbled in the Region are finally deciding to expand, with a new Portillos being added in Schererville less than 20 miles from its Merrillville location.
Although conditions are seemingly positive for new businesses coming to the area, they still have plenty of concerns about expanding their reach. Without a team of confident, detail-oriented professionals, these new businesses likely wouldn’t have agreed to expand into the Region. This is where Latitude Commercial shines.
“The market now is strong enough in their minds to support higher-end retailers and they’re finally taking the leap down here. They're starting to realize that we are a suburb of Chicago, and that St. John, Crown Point, Schererville, and Munster markets are very high-end markets, and they can sustain restaurants and retailers just as well as Orland, Tinley, or Schaumburg,” said Principal and Vice President Myles Rapchak.
The Latitude Commercial retail team, consisting of Rapchak, McDermott, and John O’Malley, works to bring these new businesses into the area. Whether it’s a larger franchise like Portillo’s or an independent business in need of a suitable building, the Latitude team is eager to help find the perfect spot for every company.
“We just present them the best options that we think are priced and positioned right and then we guide them through to what we think are the best opportunities in the market,” said Rapchak.
The team’s expertise, combined with a deep understanding of the ever-changing market, makes Latitude a tough company to beat. With specific experts in each of its six divisions, the company is set for success in every aspect of commercial real estate, from land development to property management. This divisional organization is not commonly found in firms outside of larger cities and is especially unique in Northwest Indiana.
The Latitude team has been an integral part of bringing a multitude of businesses into Northwest Indiana for years, and its proactiveness in reaching out to franchisees, independent businesses, and large companies has greatly contributed to the expanding economy within the area.
“We're really good about, rather than being reactive to emails and calls and hoping that the business comes to us, we go and get it. I think that's one thing we’ve prided ourselves on since day one is that we can't just sit back and hope that phone rings. We want to go make the phone ring,” said Rapchak.
The team’s commitment to finding fits for businesses of all shapes and sizes has paid off, with new additions like Aldi coming to Valparaiso, Portillo’s in Schererville, Underground Thrift in Highland, and StretchLab in St. John.
Looking to expand or open a new business in the Region? Latitude Commercial is ready to assist. Learn more at https://latitudeco.com/.