There has been a good deal of news lately about the upswing in the housing market. Here in Elmhurst, we’ve seen home prices creeping up while supplies of homes for sale are dropping. This is great news for the industry recovery, but there’s another facet of the real estate market that sometimes goes unnoticed – the commercial sector.

In the interval between Christmas and New Year, a 15,317 square-foot retail property on the corner of St. Charles and State Rte. 83 here in Elmhurst sold for about $6.7 million. The property currently houses a Verizon store as well as Smashburger and Qdoba restaurants. While we may quickly glance at that news and then just as quickly forget about it, this transaction actually says a lot about the health of our local economy.

Commercial real estate investment is a good indicator of the overall economic health of a region. Investors have to consider local vacancy rates, the level of employment in the area, and the likelihood of property value increases in the coming months. On a national level, the latest results from the National Real Estate Investor/Marcus & Millichap Investor Sentiment Survey are very promising. The Investor Sentiment Index hit its highest level ever in the third quarter of 2012. The Index measures investor views on key points such as occupancy rates of commercial properties, property values, and plans to expand commercial real estate holdings. This points to a growing level of investor confidence as well as plans to increase commercial real estate buying in the coming months. In other words, investors are becoming more confident in both a general economic and a more specific commercial real estate recovery.

Confidence has a way of becoming a self-fulfilling prophecy whether we’re talking about individual or economic achievement. If we believe in it, chances are pretty good that we can make it happen, and that’s exactly how we feel here at Gracik Makinney. With community knowledge, industry experience, and personal dedication, the Gracik Makinney Real Estate Group is the perfect place to start to meet all of your real estate goals. Contact us today at 210 N. York Road in Elmhurst, or at (630) 567-5902.