MIDDLE MARKET HIGHLIGHT, APRIL 2007

Lincoln
Dan Marcec

Manufacturing continues to be strong in various sectors of the Lincoln, Nebraska, commercial real estate market. For example, the largest manufacturer in the city is Japan-based Kawasaki, which houses its North American assembly plant in Lincoln. Further, with a large presence from Novartis and Pfizer, the bio-manufacturing industry is strong in the market, and a large electronics industry contributes to development in the commercial climate as well. Insurance companies hold a significant piece of the market, with Ameritas, Assurity-Security, Lincoln Benefit Life, Allied and State Farm all important players in the area. Further, the computer software industry has seen positive growth lately in Lincoln, particularly from Information Technology (ITI) and Perot Systems.

“Lincoln’s strategic plan [to attract industry and create jobs] sets five target industries including: logistics and distribution; biotechnology; value added agriculture; technical customer support; and specialty electronics,” says Jason Smith, vice president of economic development for the Lincoln Chamber of Commerce.

Chiefly targeting primary jobs through its economic development program, the Lincoln Chamber attempts to juxtapose the public and private sectors in order to engender the most positive outcomes for economic growth in Lincoln. In addition to attracting industries and business that will impact the market significantly, the organization’s goal is to aid expansion and maintain the local environment for existing businesses and local entrepreneurs.

The newest announcement regarding a significant development in Lincoln is Verizon Wireless’ plan to construct an 800-seat customer fulfillment center. Located at the University of Nebraska Technology Park, the facility is already underway, with completion expected for September. The project will encompass a total of 115,000 square feet.

Further, the city of Lincoln has been a particularly active developer, working to create an active commercial real estate community. Currently, “the city is evaluating proposals for a new downtown tower, which will be developed above a new city parking garage,” Smith says.

The city of Lincoln also has approved the necessary infrastructure to open two new industrial/business parks, one of which is located on North 56th Street at Interstate 80, while the other is situated at the intersection of West O and Northwest 48th streets. Both sites have tax increment financing (TIF) available. A significant number of retail developments are under construction as well, adding to a healthy commercial climate across the board.


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