CBRE tells Westfield council vacancies are temporary; mixed‑use recommended for long‑term downtown growth

Commercial real‑estate brokers from CBRE presented lease‑up and occupancy data and answered council questions about recent multifamily deliveries and vacancy in Westfield.

George Tickajohn, an apartment broker with CBRE, said a cluster of nearly 750–1,000 new units delivered around 195th Street and Grand Park caused a temporary dip in occupancy because multiple large properties opened at the same time. “We have had some vacancy,” he said, and added that many new properties are still in lease‑up.

Tickajohn described the typical timeline for apartment projects: it can take three to five years from land identification to a rent‑ready property, and lease‑up is often seasonal and cyclical. “100% of the time, after two, three years, depending upon how long it lasts, the market absorbs it,” he told the council.

CBRE also said mixed‑use projects are performing well in Hamilton County’s denser, walkable areas; the brokers reported residential occupancy for mixed‑use properties in the 90%+ range and said commercial leasing within those projects is generally strong. They noted challenges: lenders and investors often limit the share of commercial revenue that qualifies for permanent financing, and retail spaces larger than about 10,000 square feet can be harder to lease.

Council members sought concrete counts: total existing rental units, units under construction and approved but not yet built, plus comparisons with neighboring cities. Staff and CBRE referenced a prior report (Sept. 9) and agreed to provide an updated inventory and a comparative table for Westfield and three sister cities.

No policy vote was taken. The council asked staff to bring back a more detailed unit‑count report and the presenters said they would email comparative statistics within days.