Biggest takeaways from the annual State of the Real Estate

Biggest takeaways from the annual State of the Real Estate

TRI-STATE (WFIE) - The real estate market is as strong as its ever been in the Tri-State. That's the message from Thursday night's "State of Real Estate" event at Old National Events Plaza.

Hundreds of millions of dollars worth of investments are going on all over the region right now. Officials say it's a no wonder there's a great deal of confidence in the city's future, and in the local economy.

There are new restaurants and apartments popping up. And industrial buildings are flying off the market.

These real estate experts say it's Evansville's skilled workforce in production, management, engineering in plastics field.

"The economic impact of the plastics industry in our economy is huge," said Ken Newcomb, the President of F.C. Tucker. "And as the economy stays strong, I look for the industrial demand to remain strong as well."

Last year, city officials landed some big-time deals in the industrial market. One of them is on Garrison Avenue in Evansville.

Taylor Made Golf is planning to expand this space 200,000 more square feet for its national distribution center. The deal is driven by, you guessed it, plastics.

Experts also say it's one of the best housing markets they've seen with multi-family homes seeing record low inventory levels.

Much of the norm in 2017 looked like multiple offers and above asking prices with a consistent two-to-three month inventory period.

"The residential market is very very hot, and it has been for years," Mayor Lloyd Winnecke said.

We took a look at the retail market. Officials say Big Box stores are continuing to show interest around the region.

Yes, Sears is closing, but realtors say that will give way to new opportunities. Agents say Sears restricted what could go in and around Washington Square Mall.

Now, those limitations have been lifted, and we're told big changes are soon coming to South Green River Road.

Retail experts said, look for the gap from Evansville and Newburgh to continue getting smaller.

The north side is also expected to grow tremendously.

All in all, with new investments in the healthcare and hospitality sectors, a boost in the local economy will continue in 2018.

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