Displaying items tagged: Colliers International

Here is the MiBiz People in the news report for April 11, 2022 

Commercial real estate experts have struggled to predict the future of the office market since the COVID-19 pandemic started, though they expect demand for high-quality office spaces to remain strong.

After nearly two years, the effects of the COVID-19 pandemic can be seen across all sectors of the commercial real estate market, but especially in downtowns. And the biggest question surrounding commercial real estate remains largely unanswered: What is the future of office space?

The retail sector of West Michigan’s commercial real estate market is seeing heavy activity despite many business owners struggling to stay fully staffed.

GRAND RAPIDS — Rental rates are rising for prime downtown Grand Rapids office space, but vacancy rates are also up significantly compared to previous years, according to a recent report from global real estate services firm JLL.

West Michigan commercial real estate experts see slowly improving activity in retail and office markets that were particularly harmed by remote work and talent shortages during the COVID-19 pandemic.

While Millennials are the largest generation by population and the largest group of homebuyers, the 25-to 40-year-old demographic also faces some of the steepest challenges to buying a home. 

The West Michigan lakeshore office market has remained relatively stable during the COVID-19 pandemic compared to larger cities like Grand Rapids, Detroit and Chicago, according to city officials and real estate experts. 

The $91 million Northpointe Bancshares Inc. netted in a private stock placement will help support further growth through mid-decade.

The COVID-19 pandemic has led to widespread uncertainty about the future of commercial office space, including for the relatively new sector around coworking, or flexible workplaces.

Real estate experts from Colliers International’s West Michigan office predict the market in 2021 will have pent-up demand with some improvement in most sectors from last year. But that will depend on the rate of COVID-19 cases and how the vaccine is rolled out.

The COVID-19 pandemic has led to widespread uncertainty about the future of commercial office space, including for the relatively new sector around coworking, or flexible, workplaces.

CASCADE TOWNSHIP — A group of top leadership staff at Colliers International’s West Michigan office have launched a new commercial real estate brokerage firm. 

Through multiple lockdowns and workplace restrictions, companies have altered the way they think about and use their commercial office space because of the COVID-19 pandemic. 

West Michigan construction firms are reporting dramatic increases in the cost of materials and project delays because of the COVID-19 pandemic, particularly in the restaurant, office and retail sectors. 

Business has been brutal this year at the Holland Town Center outdoor mall because of COVID-19 shutdown orders, compounded by the fact that unique retailers don’t have a one-size-fits-all approach for adapting to state orders.

The industrial sector in West Michigan has been the quickest in the real estate market to bounce back from the pandemic, nearly returning to where it was pre-COVID-19.

When a California-based marketing firm consolidated 450 employees from Grand Rapids-area offices into a vacant commercial building three years ago, the move was celebrated by Wyoming city leaders and supported by a $550,000 state business development grant.

After a day filled with showing commercial space to a potential client, Bryan Bench felt like his professional life had briefly returned to what it was before the disruption that came with the global COVID-19 pandemic.

As a global pandemic began to hit West Michigan, executives around the region stepped up to lead their organizations and their employees through the time of crisis. 

Retailers serving the outdoor recreation niche say focusing on that specialty has helped them remain viable operations in West Michigan.

GRAND RAPIDS — As competition in the rental housing market heats up across West Michigan, property managers are turning to new kinds of exclusive amenities for their residents.

CASCADE TOWNSHIP — National alcohol retailer Total Wine & More plans to open its first Michigan superstore in the greater Grand Rapids area, MiBiz has learned. 

GRAND RAPIDS — As vacancy rates remain low, experts are expecting a year of slow and steady growth in the West Michigan real estate market.

GRAND RAPIDS — Wheeler Development Group’s proposed mixed-use tower could help the city accomplish several goals for the downtown area. 

As consumers’ shopping habits change and the retail sector reacts to new technology-driven disruptions, retail industry watchers in West Michigan remain optimistic about the year to come. 

WALKER — A Southeast Michigan real estate investment trust has acquired a key retail facility along the Alpine Avenue corridor in Walker. 

WYOMING — Developers of a $35 million housing project at the former Studio 28 movie theater property hope the development will be a catalyst for more activity in Wyoming.

GRAND RAPIDS — Multiple organizations have partnered to assess how Grand Rapids can attract and retain retail across all parts of the city.

ZEELAND — The $70,000 grant Lakeshore Advantage Corp. received this summer will go toward examining one potential solution to a problem resulting from the economic vitality of Ottawa and Allegan counties: a lack of suitable available land for industrial development.