Midlands Business Journal August 25, 2023: CRE Commercial Real Estate Directory

Celebrating 20 Years

WHITE LOTUS GROUP BUILDS A LEGACY IN REAL ESTATE

From the redevelopment of the former Civic Auditorium site to the recent revitalization of the historic 1401 Jones St. location into the new downtown library, White Lotus Group’s portfolio reads like a “who’s who” of projects for the region.

Trust — for CEO Arun Agarwal, this is the distinguishing attribute that has powered more than 50 distinctive projects across White Lotus Group’s 20 years.

“We believe that we’re just getting started,” Agarwal said.

From the firm’s nerve center at 10404 Essex Court in Omaha, the team sums its work up as: “We solve problems through real estate.”

“Taking this approach has really helped us navigate how we tackle a project,” Agarwal said. “In developing an asset, we need to define what winning looks like for the client.”

For instance, Agarwal highlighted White Lotus Group’s recent RTG Medical development. It was noted that RTG Medical was in “hypergrowth” but wanted to remain in its native Fremont.

“This was a non-negotiable; however, the objective was to be able to build a Class A building that would enhance employee experience to be at work and increase productivity,” he explained. “All the while, mitigating the risk for financiers to fund a development in a market unaccustomed to the product — and a community that may not have the level of office users that might backfill space if there was a misstep.”

Accordingly, several federal, state and local incentives were acquired to assist in the development and provide RTG with what the company had always envisioned. As Agarwal put it, they were able to ease the stress of delivering on the “infrastructure part” of their business plan

freeing up capacity to deliver on the operational side.

“The result has been a ‘win-win’ or, better said, ‘one plus one equals three,’” he stated.

Among other noteworthy projects highlighted by Agarwal was White Lotus Group’s work on the Omaha Public Library’s downtown branch, a historic building that also proved to be challenging.

“It was difficult to envision the project; however, the city shared a vision, trusted us to execute and, collectively, we feel we delivered a win,” he said.

More broadly, Agarwal indicated that cities throughout Nebraska have trusted the White Lotus Group team as a client/partner/true collaborator, and have discussed specific challenges. Anyone in the area who has been paying attention for the past decade or so would see that the old Civic Auditorium site is most certainly not without its challenges.

When recently asked about the nature and significance of its work on what is deemed the “Civic Square” development, a project characterized on the firm’s site as “a groundbreaking, multi-use urban block,” Agarwal underscored that White Lotus Group believes migrating more people into the city is, by far, the most significant economic impact opportunity.

“When marketing any city, the culture of the city is most notably correlated with the strength of its urban core,” he stated. “Civic Square has the responsibility of writing part of that story to help draw people into our city, and we take that very seriously.”

Likewise, when asked about the latest with regard to the project itself, Agarwal noted the team is focused on meeting specific goals.

“An urban grocery store solidifies downtown’s vibrancy by

FROM LEFT, BACK ROW: DREW SOVA, EVP AND GENERAL COUNSEL, LINDSAY WIESE, MARKETING DIRECTOR AND ALEX BULLINGTON, DEVELOPMENT MANAGER; FRONT ROW: JAY KLINE, VP OF BUSINESS DEVELOPMENT AND ARUN AGARWAL, CEO.

strengthening the desire to live, work and play downtown,” he said. “In order to develop the right project for the site, it requires an enhanced level of patience.”

Agarwal noted that, in addition to challenges with “suburban sprawl,” an economic downturn is, more specifically, occurring within the commercial office space.

“… which impacts central business districts especially,” he stated. “For the record, we are contrarians to this ideology, and are thrilled that another local leading organization, Mutual of Omaha, is helping to catalyze redevelopment in our urban core.”

To optimally develop the site, Agarwal went on, cooperation and enhanced public-private partnership is necessary.

“The city of Omaha has initiated this concept well, and we hope that we can expand upon it,” he stated. “What is ahead is closing on the acquisition, civil infrastructure and building design.”

Site preparation is expected to begin early next year. Project updates can be found at CivicSquareOmaha.com.

Evolving to Overcome Challenges

White Lotus Group features four different types of projects –industrial, mixed-use, multi-family and hospitality – under the broader banner of its portfolio. When asked further about changes and the diversity of its project mix, Agarwal noted that the team has been “humbled by our own limitations” as well as by “market conditions.”

“Historically, we have grown along with our average project size,” he explained. “As we evolve, this has made certain projects less efficient than some of our newer developments.”

In fact, he referenced how the process of developing 100,000 square feet of real estate is not dissimilar to developing a 5,000 square foot space.

“This has forced us to get out of our comfort zone and expand our horizons towards various themes,” he said. “The industrial market continues to lead the way. The utility of onshoring or domesticating supply chain, progressing last-mile delivery networks and overall improved logistics has been a boost to the industry segment.”

BY MICHELLE LEACH | PHOTOGRAPHY BY DEBRA S. KAPLAN

On this front, at the time of this writing, the team was reportedly nearing completion of the bulk of its I-80 Logistics Hub project (hosting names like Amazon, Home Depot, UPS and GXO).

“As a result, our team’s knowledge and skill sets have evolved in various market segments, which we believe has led to improved results for our clients,” Agarwal said.

Regarding the White Lotus Group team, Agarwal reinforced how “talent is everything.”

“Our next hires are as important, if not more, as our next client,” Agarwal stated. “Building upon that and being able to expand has been a challenge to meet the productivity expectations of our clients.”

To address a “challenging human capital environment,” he said the firm is starting to explore and integrate technology to improve workflow.

“What would seem crazy to me one year ago, we are now designing and implementing AI solutions to solve some of the harder positions to fill,” he added. “Our expectations are that we will be able to enhance productivity, customer service and employee satisfaction by incorporating this into our operation.”

Due to the nature of its solutions-based services and approach to strengthening communities, Agarwal noted how the company has a defined way to support community causes and organizations.

“Each year we select a theme in which we attempt to embrace and evolve,” he said. “Our theme in 2023 is ‘sustainability’ and how we can demystify why trying to address it comes at a ‘premium.’”

In this vein, White Lotus Group is doing its first solar array on an office building in Lincoln.

“These become incredibly expensive, but hopefully valuable experiments in which we can learn,” he said. “Beyond that, our volunteerism has spilled over to specific organizations: Greater Omaha Chamber of Commerce, Omaha Symphony, Metropolitan Community College, Bemis Center for Contemporary Arts, YMCA of Greater Omaha, and HELP Foundation of Omaha.”

Each organization, Agarwal noted, enriches and improves the community. “And we can offer our specific skill sets, hopefully, to augment those organizations the best that we can,” he said.

Historically, we have grown along with our average project size. As we evolve, this has made certain projects less efficient than some of our newer developments.

- ARUN AGARWAL, CEO, WHITE LOTUS GROUP

WHITE LOTUS GROUP HELPED FACILITATE THE MOVE OF THE OMAHA PUBLIC LIBRARY’S DOWNTOWN BRANCH.

Bucking Trends

LOCAL CRE INDUSTRY SEES HIGH DEMAND

BY DWAIN HEBDA

The unprecedented market conditions brought about by the pandemic on the commercial real estate market haven’t resulted in the wholesale abandonment of leased space as some had predicted. That said, things aren’t completely back to normal yet, either.

While office and retail occupancy has steadily become healthier, the airtight industrial market continues to be challenging for manufacturers when it comes to finding suitable space. Add the sustained labor shortage and higher inflation and the chance of the situation being fixed with expanded capacity isn’t likely to happen soon.

“In the Omaha MSA (metropolitan statistical area) market, we are seeing very low vacancy rates in the retail and industrial sectors, specifically,” said Mandi Backhaus, associate broker with The Lerner Co. “This speaks to the high demand and activity, but a portion of this can also be attributed to construction having slowed down from the time of the pandemic and trickling into the

present day. Elevated material costs along with labor shortages are still a concern in some scenarios.”

A Nationwide Crisis

It has long been acknowledged that trends in business and industry tend to reach the heartland well after the coasts, and in the case of current commercial real estate market trends, that’s something to be thankful for. Valued at some $20 trillion, the commercial real estate industry has a strong influence on the economy. Thus, across the nation, economists are sounding the alarm of an impending real estate crash as valuations plummet, workers and shoppers increasingly deal in remote environments and rising interest rates stunt new development and investment.

The shaky national picture stems from a combination of factors –inflation, interest rates and the implosion of banks earlier this year

RYAN ELLIS CEO, PJ MORGAN REAL ESTATE

KRISTI ANDERSEN VICE PRESIDENT, CBRE

EAGLE RUN SHOPPING CENTER. (PHOTO COURTESY OF LERNER)

foremost among them – and that perfect storm has the industry taking on water. The Mortgage Bankers Association reported real estate lending dropped 56% in the first quarter compared to the first quarter of 2022, to its lowest level in almost a decade, due to lower demand and the volatile economy.

More concerning, according to a Business Insider report in May, borrowers will have a hard time paying back debt due to curtailed cash flow. JPMorgan estimates of the roughly $450 billion in commercial real estate loans due to mature in 2023, as much as 20% are likely to default.

Ryan Ellis, CEO of PJ Morgan Real Estate, said while the situation on the ground in Omaha isn’t quite that bad, there are plenty of choppy waters in the local market conditions to go around.

“There seem to be supply chain issues with certain materials and products still; however, we are now seeing a compounded problem of quality of materials,” he said. “We are seeing that more than ever; materials are delivered with

Bucking Trends

problems or damage and the turnaround time to replace those items can be months. Suppliers are telling us they are working with limited workers, amplifying both the quality and lead time issues we are seeing in the market.

“The biggest challenge we have today is managing the total cost of projects. All of the factors that go into that are construction costs, site constraints, regulatory processes and timelines — all of those things add time and money to a project. Inflation has dramatically impacted cost of building/ remodeling to the point that some of our clients have decided to hold off on projects for now. They are hopeful to resume them in the future, but they are determining that in the current environment, some projects are not financially viable.”

Hybrid’s the Word

Office space in Omaha continues to defy three years’ worth of predictions of its imminent demise, due to work-at-home arrangements. Experts note that work-athome was already being experimented with in the Midlands – albeit in a much more limited capacity than during the pandemic – and still the trend has yet to take a meaningful bite out of companies bringing workers back to the office.

“The office sector has certainly been an interesting one to evaluate over the last few years,” Backhaus said. “In Omaha, we have seen various companies adjust their workplace structure and how they utilize their spaces, which has resulted in

METRO CROSSING. (PHOTO COURTESY OF LERNER)

Left to Right: Peregrine Hotel, Lifegate Church, Assure Women’s Center, WOWT, H&H Onyx Dealership, Cottonwood Hotel

Tafoya,

Design Founder, and David Shiffermiller, EVP/Lending, Cornhusker Bank

Bucking Trends

LOCAL CRE INDUSTRY SEES HIGH DEMAND

alterations of the segment as a whole. However, it can be said not all of this is due to the pandemic alone; we are seeing a generational shift in the workplace, and as we know, humans are ever evolving with how we work, live and play.”

Companies are navigating changing workspace preferences among workers.

“There had been some speculation that the demand for office space would completely evaporate due to the pandemic. For the most part, this has not been the case for our local market,” said Jared Froehlich, commercial advisor with NAI FMA Realty. “Many companies have brought employees back to the office or adapted to a hybrid work model. Turns out that it’s important

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to see and interact with your colleagues in person rather than solely on Zoom.”

Froehlich said there is a lot of uncertainty about what will happen to space after leases expire.

“Office shadow space – leased but unoccupied space – is the biggest unknown,” he said. “To entice employees back, some companies have spruced up their existing space or relocated to higher-quality space as leases come due. In Lincoln, the greatest increase in office vacancies has been seen in the downtown office market as a few larger employers have chosen to stay remote or go to hybrid work.”

FEDERAL TRUST BUILDING, 134 S. 13TH STREET, LINCOLN. (PHOTO COURTESY OF NAI FMA)

CENTER ON N BUILDING AT 1221 N STREET, LINCOLN. (PHOTO COURTESY OF NAI FMA)

Bucking Trends

LOCAL CRE INDUSTRY SEES HIGH DEMAND

New Uses for Old Spaces

With all of this effort and concession, today’s office spaces are being used in different ways than they were pre-pandemic. Kristi Andersen, vice president of CBRE, said even as occupancy rates have steadily improved, companies are thinking differently about how their space looks and functions.

“Our latest figures for the second quarter show an office vacancy rate of 9.5%, which is about 110 basis points lower than the same time last year and 320 basis points lower than the COVID-19 high-mark vacancy rate in 2021,” she said. “We are seeing some tenants repurpose the way they use their space. Some have created more areas for hoteling or for employees to plug in when they are in the office instead of having a dedicated office space. We believe the hybrid approach – some days home and some days in the office – is here to stay.”

Not surprisingly, market conditions have worked to tenants’ favor in the office sector, said Froehlich.

“Office tenants have become a bit bolder in their demands of landlords, especially in the central business district, the downtown market,” he said. “These larger office tenants now have a

safety net in the form of other available offices to lease and the opportunity to move to a hybrid model requiring less space.”

Thriving Spaces

Retail space statistics are perhaps most surprising, given the steady pressure online shopping has placed on the sector for more than a decade. That, combined with the aforementioned economic pressures, might suggest the sector’s death knell, but locally that hasn’t been the case.

“We have seen great activity with local retail,” Ellis said. “The cost of remodeling spaces is definitely a factor and restaurants in the area are still looking to do new concepts but need to work with landlords to help manage the high costs to remodel and outfit a full kitchen and restaurant.”

He noted retail is thriving in both suburban retail centers and urban neighborhoods, notably in Little Bohemia.

“In Omaha, there is still a steady [retail] absorption rate and vacancy remains under 5%,” Backhaus said. “Foot traffic is increasing in shopping centers, and retailers are continuing

In Omaha, we have seen various companies adjust their workplace structure and how they utilize their spaces, which has resulted in alterations of the segment as a whole.

- MANDI BACKHAUS, ASSOCIATE BROKER,

THE LERNER CO.

CONTINUED

to target the Omaha market to enter or expand their presence. We’re also seeing many new food, fashion and entertainment concepts focusing on the Omaha MSA.” If there’s anything upon which all can agree concerning the local CRE market it is this: industrial space is red-hot and there’s not enough of it.

“Average rent prices are up and vacancy in the Omaha industrial market is once again below 2%. In other words, it is very hard to find industrial space, specifically warehouse space,” Andersen said. “Much of the demand is being driven by public warehouse operators and food processing companies.

“We are seeing more industrial space built to keep up with the demand. There is currently over 1.2 million square feet of industrial space under construction, with almost 800,000 square feet, 64.6% of it, located in the Sarpy/west submarket.”

Future in Fundamentals

Whatever market challenges lie ahead, the fundamentals of commercial real estate continue to apply, Andersen said.

1215 O STREET, LINCOLN. (PHOTO COURTESY OF NAI FMA)

Samantha Mosser Nebraska Market President

Gordon Harnisch SVP, Commercial Real Estate

Mike Knust VP, Commercial Real Estate

COMMERCIAL real estate

LOCAL CRE INDUSTRY SEES HIGH DEMAND

Office tenants have become a bit bolder in their demands of landlords, especially in the central business district, the downtown market.

- JARED FROEHLICH, COMMERCIAL ADVISOR, NAI FMA REALTY

“We continue to see a flight to quality where companies are seeking new office spaces in higher quality buildings that are amenity-rich in amenity-rich areas,” she said. “They may need less space because of the hybrid work model, but they are taking a step up in quality in an effort to entice employees back to the office and recruit new talent. We’re seeing more companies offer food, bring your dog to work days, special events, et cetera, to

engage team members.”

Landlords need to pay attention to trends.

“Those landlords that are adapting to the need for smaller spaces, easy-to-move-into spaces and buildings and neighborhoods rich with amenities are seeing activity in their buildings,” Ellis said. “It’s a wild world out there in commercial real estate right now.”

COMMERCIAL real estate

COMMERCIAL real estate

Unlocking Potential

BY DAVID KUBICEK

Whether you have a passion for designing, building relationships, or working with figures, commercial real estate has many niches and paths to success.

Building a Career Path

John Heine, a commercial real estate broker with Oak Investment Real Estate, has always enjoyed walking through buildings and seeing construction.

“Working on tangible assets as investments and making an asset more valuable through management appealed to me,” he said. “Not being stuck in the office was also a perk.”

Aside from experience with hundreds of real estate transactions, Heine also serves as an adjunct professor at the University of Nebraska at Omaha where he teaches a real estate development course.

Zach Reinhardt, president of real estate at Evergreen, was drawn to a career in commercial real estate because he saw it as a way to have a direct impact on shaping the future of the community.

“There is so much potential in our community,” he said. “Commercial real estate professionals are out there actively working to unlock that potential, and I wanted to be a part of that energy.”

Reinhardt has found career success in multi-family development as a means to impact the Omaha community.

When Tami Moore, real estate development manager at Assurity, started in commercial real estate more than 20 years ago, earning a competitive wage as well as a discount on her apartment was what appealed to her. As she built tenure in the industry, she recognized that she could find comradery among the many women in the profession.

“This attribute resonated with me, as I found an industry where I would be respected, valued, and heard,” she said. “I was very fortunate to have found strong mentors along the way that encouraged my development. With their guidance and support, I grew alongside them within their companies.”

The world of real estate has opportunities to fit many skill sets and personal objectives, such as asset maintenance, property management, leasing, brokerage, financing, investments, insurance, legal counsel, building contractors, communication and technology, architects, designers, subcontractors, contractors, developers, building suppliers, appraisers, engineers, city council, and city and state facilitators.

“Not all real estate careers are commission-based,” Reinhardt said.

“There are plenty of salaried roles in commercial real estate, including property management.”

Don’t be afraid to change paths.

“If you start as a maintenance tech, that doesn’t mean that is your career forever,” Moore said. “You can still be a part of CR (commercial real estate) in other facets and maybe a managerial or different position is better suited. CR has the ability to cater to all individual strengths and goals.”

Key Ingredients for Success

When it comes to success, there is no single path, Heine said.

“The people who will have staying power are the ones who consistently work hard, are extremely competent, add value and are useful to their clients, and have great reputations,” he said. “Having a specialization and creating a niche helps.”

What are the characteristics of successful real estate professionals?

“Tenaciously creative and prudently optimistic,” Reinhardt said.

“There are myriad challenges and risks in commercial real estate, and to be successful, one must be tenacious to push through the challenges, be creative to find solutions to move deals and projects forward, be prudent to identify the risks in each deal or project and be optimistic to move forward in the face of adversity,” he added.

Moore said that communication, preparation, and teamwork are the foundation of success in any career.

“Building relationships and learning from your mistakes are the two fundamentals to live by to succeed because CR affects everyone on a personal and professional level,” she said.

The best resources for developing your career may be your relationships and the experience already around you.

“There is a wealth of knowledge in Omaha, and we all have the ability to connect and learn from each other,” Heine said. “Most people are gracious about sharing knowledge. I’d encourage people to find a mentor and a group of people you enjoy bouncing ideas and best practices.”

Getting Involved

Attending the Commercial Real Estate Summit and getting involved with Commercial Real Estate Women (CREW) Omaha or Certified Commercial Investment Manager (CCIM) chapters are just some of the many opportunities that local professionals have.

ZACH REINHARDT PRESIDENT OF REAL ESTATE, EVERGREEN

TAMI MOORE REAL ESTATE DEVELOPMENT MANAGER, ASSURITY

“The commercial real estate industry is a community of people with a common passion,” Reinhardt said. “One of my favorite things about this industry is that there are so many organizations, events, and educational opportunities that one doesn’t need to look far to find ways to grow.

“I have had fantastic experiences mentoring students and new real estate professionals, and I have benefited greatly from the mentors I’ve had in my career. I really believe that everyone should be mentored and be mentoring. It is one of the best ways to positively impact the profession.”

This industry can be complicated due to the array of moving parts, and you must be willing to ask for help if you are to continue to learn.

“People are your biggest resource in this industry,” Moore said. “Everyone I have approached has been open to help explain and/or coach me when I have reached out. The CREW network is a great example of a group that encourages asking questions and thrives to help others succeed. I have also been successful in contacting local municipalities for direction and guidance.”

Heine noted, above all, enjoy the journey.

“Success usually doesn’t come immediately,” he said. “Add value to the

client and figure out how you can be helpful. It’s amazing how much we as practitioners learn from our clients and network. Keep an open mind and always learn.”

Don’t be afraid to start at an entry level and work your way up.

“Be humble enough to be teachable but confident enough to take some risks and make mistakes,” Reinhardt said. “After all, we tend to learn the most from our mistakes.”

You will have the ability to learn the path as you go and have a better understanding and appreciation of others.

“This is a fast-paced industry,” Moore said. “Be prepared to work long hours and find ways to delegate so you don’t burn out. If you put in the work, you will grow with it. This industry has no ceiling and will give back what is put in.”

While the current interest rate environment may give some pause, showing grit will give you a leg up.

“As in the past, we will cycle through and come out stronger,” Heine said. “There will be a lot of healthy growth for the folks that can grind through the challenging times.”

is not only one specific route to find success.

- JOHN HEINE, COMMERCIAL REAL ESTATE BROKER AT OAK INVESTMENT REAL ESTATE

Resilience in Lincoln

URBAN CORE DEVELOPMENT BUILDS MOMENTUM

BY BROOKE STRICKLAND

Lincoln is seeing continued growth in commercial real estate much like its Omaha counterpart. Where employees work and how often they maintain a presence in the office is still up for discussion.

Among the bigger drivers of growth are startups and downtown developments.

“Recently, Lincoln saw a decline in the retail, industrial and office sectors of commercial real estate, however [the city] is beginning to see strong economic growth and a rising commercial real estate market,” said Ammar Abu-Hamba, associate with Lee & Associates, Nebraska.

Abu-Hamba noted that Lincoln continues to see low vacancies within the retail and industrial sectors, with 82,000 square feet of retail, 350,000 square feet of industrial, and 52,000 square feet of office delivered over the past 12 months. Under construction is 48,000 square feet of retail, 290,000 square feet of industrial, and 190,000 square feet of office space. Some notable transactions include Lincoln Trucking Co. occupying 45,000 square feet, Distribution Inc. occupying 16,000 square feet, and Animal Addicts occupying nearly 12,000 square feet.

Slow and Steady

“Lincoln’s commercial real estate market remains resilient even in today’s challenging rising interest rates and inflation,” said Andy Widman, commercial advisor for NAI FMA Realty. “Demand for

ANDY WIDMAN COMMERCIAL ADVISOR,

commercial space and development activity has stabilized in the past six months after a couple of years of strong growth, especially within the multifamily and industrial sectors.

“Lincoln continues to see several construction projects commencing or continuing in the first half of the year. Office construction is slower than other sectors in Lincoln as companies continue to assess their real estate needs. Developers are focusing more on upgrading and retrofitting existing office space.”

Widman noted construction has started on the revitalization of The Gold’s Building, with the north side of the building set to house a Hampton Inn Hotel and restaurants, while the south side was demolished to make room for a future high-rise, which may include residential, office, and commercial space.

Other projects include Lincoln Bold, a 22-story mixed-used skyscraper in the downtown area at the corner of 9th and P streets. The largest suburban project will be Bryan Health’s April Sampson Cancer Center, a 140,000-square-foot comprehensive community cancer center anticipated to open in early 2024.

“Industrial activity remains strong largely due to fewer available opportunities in industrial space in the area to meet the demand and land needed for new industrial projects is scarce,” he said. “One local developer, Las Brisas Land Development Co., has built three large spec warehouses over the past couple years that total about 509,000 square feet and all are 100% occupied.”

Robin Eschliman, president of Eschliman Commercial Real Estate,

AMMAR ABU-HAMDA ASSOCIATE, LEE & ASSOCIATES, NEBRASKA

NAI FMA REALTY

said that while some downtown offices and Class C and Class B office buildings have had some difficulty attracting tenants and buyers, the suburban market in Lincoln is stable and the number of office buildings sold in Lincoln this year is on track with last year at this time.

“Lincoln has always had a robust business community mostly comprised of small companies,” she said. “There is currently a shortage of Class A small office buildings under 5,000 square feet, and we are seeing sharp inflation in prices, not just for new construction, but for good quality office buildings built in the last five years.

“In the warehouse and industrial sector, we continue to have a shortage of buildings larger than 15,000 square feet, although the number of requests for space in this size range has dropped. Most notable is a number of small warehouses under 5,000 square feet that have suddenly come on the market for lease. Most of these types of

spaces are occupied by the trades, and interest rates and a slowdown of new home construction has no doubt contributed to this.”

Eschliman said that Lincoln receives a fair share of tourism dollars and due to this, there is a new casino in the southwest portion of the city, with construction for a hotel planned. In addition, the state legislature approved a turnback tax, which could provide approximately $105 million for a potential convention center. And while there isn’t much new retail construction happening in the area, malls and strip centers are largely fully occupied.

“These projects show proof of growth in each corner of the commercial real estate economy,” Widman said. “Locally, as compared to nationally, we continue growing at 1.5% to 2% per year. While we may be slow and steady, we are consistently building during uncertain times.”

Lincoln has always had a robust business community mostly comprised of small companies.

- ROBIN ESCHLIMAN, PRESIDENT, ESCHLIMAN COMMERCIAL REAL ESTATE

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