By Philip Haldiman | YourValley.net
The old real estate idiom “commercial follows residential” is a reality in Peoria.
The city has seen an explosion of housing growth in the last decade, and commercial development has followed in a big way.
Since 2013, the city approved 121 new commercial tenant permits — buildings dedicated to one specific tenant, such as a QuikTrip or fast food restaurant. Approvals peaked last year with 42, about a 200 percent increase from 2017 and a 350 percent increase since 2013.
Economic Development Services Director Rick Buss said there are a variety of reasons for the increase, but some include a strong economy, the city’s focus on relationship development and customer service, and specifically introducing Peoria to the world, regionally, nationally and globally.