Pressure from development, investors and farmers exchanging for land outside the path of development has North Dakota cropland prices at an all time high after two years of double digit price growth.
The 2006 Grubb & Ellis commercial real estate forecast is out and they see growth in many North American markets. The Kansas City office market is expected to see positive net absorption, while right up I-70 the St. Louis market is expected to see lots of new space leased with old space vacated - lots of activity but low net absorption. The Wichita market is expected to see growth in medical office space. In Miami and Orlando job growth is expected to fuel the office market through 2006 and into 2007.
Tristar Business Communities, the developer of St. Louis's 2,300 acre Gateway Commerce Center, has sold 450 acres to Trammel Crow for a reported $16 million. The park is located near I-255 and I-270 in Madison County, Illinois and has 17 buildings totalling almost 8 million square feet.
The city of Mesa, Arizona is looking for businesses to fill 92-acres at Falcon Field Airport as a first step toward developing an additional 158-acres west of the airfield into a shopping complex or similar commercial enterprise. The city is interested in expediting business developoment of the airport and «making leases more equitable» to attract businesses.
Farmland near cities continues to bring very high prices. A 153-acre farm in Jefferson County, Kentucky (near Louisville) was purchased for $10,000 an acre for a luxury residential subdivision. the purchaser, Hogan Real Estate, is a successful Louisville commercial developer making its first foray into residential development.
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