JLL West Michigan Industrial Insight & Statistics - Q1 2020Harrison West
While West Michigan market has seen historically low vacancy figures and impressive rent growth the past few years, we should expect things to slow in Q2 as the effects of the COVID-19 pandemic begin to take hold. Market fundamentals remain stable; however, given the current uncertainty, we expect leasing and sales activity to slow considerably in the near term as occupiers evaluate their current and future space needs.
JLL West Michigan Industrial Insight & Statistics - Q1 2020Harrison West
While West Michigan market has seen historically low vacancy figures and impressive rent growth the past few years, we should expect things to slow in Q2 as the effects of the COVID-19 pandemic begin to take hold. Market fundamentals remain stable; however, given the current uncertainty, we expect leasing and sales activity to slow considerably in the near term as occupiers evaluate their current and future space needs.
Vacancy across the region is down 180 basis points from the third quarter of last year. Much of the gains have come in Class B properties, which have absorbed three times more square footage in 2016 than Class A properties. Find out more in our Q3 Office Outlook.
JLL Detroit Office Insight & Statistics - Q1 2018Harrison West
2018 is poised to be another great year of growth for Detroit’s office market. With transformational developments underway like the Hudson’s site downtown, and others in the pipeline like the Monroe Block and the to-be-determined jail site development, the buzz downtown is palpable.
JLL Grand Rapids Office Insight & Statistics - Q1 2019Harrison West
Looking ahead, we expect conditions to remain stable. Both vacancy and rent growth have leveled off over the past several quarters. Moving forward, construction figures will increase as Studio Park’s office component breaks ground and development along the East Paris Corridor increases.
JLL Detroit Office Insight & Statistics - Q4 2018Harrison West
The fourth quarter of 2018 was highlighted by yet another high-profile groundbreaking, as Bedrock began work on the Monroe Blocks development, a mixed-use project totaling over 1.4 million square feet that will bring approximately 847,000 square feet to the CBD office inventory. Market-wide, total vacancy fell by 60 basis points to 20.2 percent as 149,007 square feet was absorbed, while average asking rents rose by 1.0 percent up to $19.85 per square foot.
JLL Detroit Office Insight & Statistics – Q2 2016Aaron Moore
The quagmire persists – high demand and not enough supply. CBD vacancy rates for the second quarter were 14.5 percent as office construction has come to a virtual halt.
Vacancy across the region is down 180 basis points from the third quarter of last year. Much of the gains have come in Class B properties, which have absorbed three times more square footage in 2016 than Class A properties. Find out more in our Q3 Office Outlook.
JLL Detroit Office Insight & Statistics - Q1 2018Harrison West
2018 is poised to be another great year of growth for Detroit’s office market. With transformational developments underway like the Hudson’s site downtown, and others in the pipeline like the Monroe Block and the to-be-determined jail site development, the buzz downtown is palpable.
JLL Grand Rapids Office Insight & Statistics - Q1 2019Harrison West
Looking ahead, we expect conditions to remain stable. Both vacancy and rent growth have leveled off over the past several quarters. Moving forward, construction figures will increase as Studio Park’s office component breaks ground and development along the East Paris Corridor increases.
JLL Detroit Office Insight & Statistics - Q4 2018Harrison West
The fourth quarter of 2018 was highlighted by yet another high-profile groundbreaking, as Bedrock began work on the Monroe Blocks development, a mixed-use project totaling over 1.4 million square feet that will bring approximately 847,000 square feet to the CBD office inventory. Market-wide, total vacancy fell by 60 basis points to 20.2 percent as 149,007 square feet was absorbed, while average asking rents rose by 1.0 percent up to $19.85 per square foot.
JLL Detroit Office Insight & Statistics – Q2 2016Aaron Moore
The quagmire persists – high demand and not enough supply. CBD vacancy rates for the second quarter were 14.5 percent as office construction has come to a virtual halt.
Industrial developers and investors are in touch with the pulse of the industrial marketplace and are taking aggressive steps to meet the potential increase in demand for modern, Class A space.
JLL Grand Rapids Office Insight & Statistics - Q1 2018Harrison West
After a few years of steady growth, rents seems to have plateaued, while vacancies have stabilized. Conditions are likely to remain steady until the new Class A supply begins to deliver. The west side remains a hot market for both leasing and development activity, and we expect to see some tenants leaving downtown to explore opportunities in cheaper, trendier submarkets.
Office-using employment sectors have experienced substantial employment expansion over the last year, recording an annualized net gain of 12,500 jobs across the metro.
JLL Grand Rapids Office Insight & Statistics - Q2 2018Harrison West
The second quarter showed continued positive trends in the Grand Rapids office market. Total vacancy fell to 10.0 percent as nearly 190,000 square feet of space has been absorbed so far in 2018. Rent growth has slowed this year with current average asking rents coming in at $18.02.
JLL Grand Rapids Office Insight & Statistics - Q3 2018Harrison West
Overall vacancy in the Grand Rapids metro is currently 10.2 percent, down 2.1 percent year-over-year. Asking rents downtown seem to have leveled off this year, consistently hovering around $20.00 per-square-foot each quarter and currently sitting at $20.45 per-square-foot. There are 174,000 square feet of office space under construction, most of which is in the Warner Building development, set to deliver in early 2019.
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