Real estate market reports show slow, positive gains

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Some speculative industrial construction is on the horizon in West Michigan. Meanwhile, retailers are struggling to staff vacant positions in the wake of the 2020 pandemic, and many large and national companies still are hesitant to send people back to the office.

The West Michigan industrial market continued to perform well despite the challenges of the past year. According to the second quarter reports from NAI Wisinski of West Michigan, overall vacancy sits at 3.3%, which crept up slightly since the end of 2020, which finished at 2.7%.

NAIWWM Industrial Specialist Andrew Kapanowski said the slight increase in vacancy appears to come from the Southeast Grand Rapids and lakeshore submarkets and is most likely due to speculative construction coming available.

Average rental rates for Q2 sit at $4.76 per square foot, which is up from the average $4.28 triple net rental rates in Q1.

“These numbers are signs of the record-high demand we are seeing in the…

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