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CBRE|Martin releases MarketView reports on statistics for commercial real estate in mid-Michigan

Tuesday, August 15, 2017  
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CBRE|Martin announced today the release of its H1 2017 MarketView reports for mid-Michigan (covering the first half of 2017). The reports are divided by office, retail and industrial commercial sectors. The reports provide information on new developments, vacancy rates, market rate trends and many other economic real estate barometers.

Below are a few highlights from the MarketView reports:

Retail:

  • The Lansing-East Lansing MSA has an unemployment rate of 4.3% which is slightly above the State of Michigan’s unemployment rate which registered at 3.8% at the end of H1 2017.
  • Vacancies decreased in all submarkets except for South Submarket.
  • Growth in rent continues to slow down, showing signs of market stabilization.
  • Nearly 26,000 sq. ft. of speculative construction is underway in the East Submarket.
  • Kmart, MC Sports, Family Christian and Dorsey Schools close their doors in Lansing.
  • Home furnishings and accessories is an active segment as La-Z Boy relocates within the market and Ashley Furniture enters the market.

Office:

  • Landlord concessions remain relatively limited; however, as vacancies rise they will reemerge.
  • The velocity of lease transactions has slowed across all markets.
  • Vacancies rise for traditionally strong Class A space in the East Submarket, with limited leasing activity.
  • Development of speculative office space remains muted.
  • Sales activity was moderate as prices leveled out.

Industrial and Logistics:

  • For the 4th consecutive period, absorption remained positive.
  • Additional auto suppliers will likely build-to-suit due to limited supply.
  • Speculative construction remains stalled.
  • Shortage of viable options continues to force tenants to become more efficient within their existing spaces and renew their existing leases.
  • Steady demand and insufficient inventory of existing space will lead to an increase in land sales for development.

The CBRE Global Research team provides strategic investment services and market-related data, analysis and econometric forecasts. Their website, cbre.com/researchgateway, archives all of CBRE’s MarketViews as well as reports from all of their offices around the world.

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About CBRE|Martin

CBRE|Martin is a CBRE affiliate office serving Mid-Michigan. CBRE|Martin offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; appraisal and valuation; and research and consulting. Please visit our website at cbrelansing.com.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 79,200 employees (including affiliates), and serves real estate investors and occupiers through approximately 550 offices (including affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.


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