Displaying items tagged: NAI Wisinski of West Michigan

With the exception of a shaky office market, business leaders in West Michigan are reporting largely healthy downtown city centers with increased visitors, an influx of businesses opening and new projects under construction.

Suburban Grand Rapids is experiencing a spike in activity from both longtime and relatively new multifamily housing developers who see opportunity with high demand and often readily available land.

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. 

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. 

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 — Tribally owned Gun Lake Investments and Waséyabek Development Co. have jointly acquired McKay Tower in downtown Grand Rapids, MiBiz has learned.

Following a busy year for real estate transactions across the region, NAI Wisinski of West Michigan Partner Mary Anne Wisinski-Rosely, who specializes in the office market, expects more of the same in 2020. She projects strength across all commercial real estate segments, especially in the area surrounding downtown Grand Rapids.

Here is the growth report for November 23, 2019.

GRAND RAPIDS — A nail salon has opened a location in a prominent downtown retail space.

GRANDVILLE — After searching for vacant sites in several other regions, the owners of Littlefoot Coffee Roasters LLC found space in Grandville that allows them to plant their roots back in Michigan and have room to expand in the future.

GRANDVILLE — Littlefoot Coffee Roasters plans to open a roasting facility in Grandville by the end of August. 

For a decade, mixed-used and industrial property developments have fueled West Michigan’s building boom. Now, we may be seeing the dawn of a cannabis construction era.

GRAND RAPIDS — An affiliate of Bloomfield Hills-based Kojaian Management Corp. has purchased the 925,000-square-foot former headquarters of Amstore Corp. 

KALAMAZOO -- Bradley Co. LLC has closed on a multi-tenant retail center in Norton Shores, the South Bend, Ind.-based real estate brokerage and property management firm announced Monday.

GRAND RAPIDS — SpendMend LLC is the newest tenant at Cascade Office Park, Portage-based The Hinman Co. announced Friday.

GRAND RAPIDS — The opportunity to lease brand new office space in the heart of downtown Grand Rapids offered Van Wyk Risk Solutions the chance to grow into a new location. 

WYOMING — A 92-acre shovel-ready industrial property sits empty about five miles south of downtown Grand Rapids, even amid a shortage of available manufacturing spaces across West Michigan.

Despite a range of threats and challenges, including very low vacancy rates market-wide, West Michigan’s traditional shopping corridors continue to thrive. 

GRAND RAPIDS — A strip shopping center along 28th Street has new owners. Grand Central Plaza, located at 2035 28th St. in Grand Rapids, was sold to an undisclosed Michigan-based firm, according to NAI Wisinski of West Michigan.

A corner commercial building along the East Fulton Street corridor in Grand Rapids is under new ownership.

With vacancy rates across all commercial real estate sectors at near record lows in West Michigan, industry executives say buyers have increasingly turned their attention to vacant land.

WALKER — Falk North America Inc. is the latest company to plan a move into WalkerView Industrial Park.