CBRE study points to upswing in Midwest secondary markets
Midwest secondary markets are experiencing a swell of mixed-use urban development projects, according to a recently published report from CBRE Group. The report attributes this development growth to the correlating population growth as residents move out of the suburbs and into downtown areas.
The data suggests it is not only millennials that are moving to urban centers, but recent empty nesters as well. This inmigration, combined with the generally lower cost of living, involved public leadership, various incentive programs, and a vibrant and innovative urban core, has made these Midwest secondary markets appealing to employers and employees.
Eleven cities were included in this study, including Cleveland, Cincinnati, Columbus, Detroit, Indianapolis, Kansas City, Louisville, Milwaukee, Minneapolis, Pittsburgh and St. Louis. Eight of these 11 cities have a higher percentage of the population with an education level of a bachelor’s degree or higher than th