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Displaying items by tag: NAI Wisinski of West Michigan

West Michigan’s industrial real estate sector continues to outpace expectations amid record-high demand for space, leading to some new construction despite high materials costs, substantial lead times and employers struggling to fill vacant positions.

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.

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. 

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.

Offices across West Michigan sit temporarily vacant as the current statewide COVID-19 shutdown provides a stress test for businesses and their ability to operate effectively with a homebound workforce.

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. 

Published in Economic Development

Situated about 35 miles north of Grand Rapids, Newaygo County is a mostly rural area of Michigan that boasts an abundance of natural resources, but struggles with infrastructure. 

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