Anybody investing in the Traverse City Area?

[Kevin Query]

I'm doing some research and I am trying to gauge the interest of investing in the Traverse City region for a number of different asset classes.

While taking into consideration the market conditions both nationally and throughout the state:

-What asset classes are the most desirable for commercial real estate investors in the near term? 
-What metrics are the most important to real estate investors at this stage of the credit cycle? (Cap rates, IRR, lease terms and types etc)
-What are the minimum return expectations considering the stage we are at in the real estate cycle?
-What kinds of worries do investors have when considering tertiary markets?

Any insights would be greatly appreciated.