fbpx

Displaying items by tag: Colliers International

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.

Published in Finance

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.

Page 1 of 10