The highly anticipated “Market Insights” report from Martin Commercial Properties provides an in-depth analysis of the region’s retail, industrial, and office real estate sectors.

EAST LANSING, Mich. – Martin Commercial Properties, the leading authority in Mid-Michigan's commercial real estate landscape, has unveiled its highly anticipated biannual Market Insights Report.
This comprehensive dossier delves into the industrial, office, and retail sectors, providing invaluable insights into the region's real estate dynamics for the first half of 2024 (January through June). The report, meticulously compiled by Martin Commercial Properties' team of experts, offers a detailed analysis of key metrics including vacancy rates, lease renewals, typical lease rates, sale activity, and more. Here are a few pivotal findings:

Industrial Sector Highlights:
• Average vacancy rate for leased industrial buildings of +20,000 SF decreased from 10.0% to 9.0% reversing the trend of escalating inventory observed since H2 2022.
• Investors and occupiers view the Greater Lansing area as a low-risk option for the long term.
• The West Submarket remains the strongest in tenant demand and remains a highly sought-after industrial sector.
• Notable market activity includes GM’s $500 million federal grant supported funding to bolster the production hybrid and electric vehicles at its Lansing Grand River plant, Neogen’s $200+ million expansion project in the Central Urban Area, Gestamp’s $400 million commitment to renovate and expand their facility in Mason.

Office Sector Highlights:
• Overall market vacancy is unchanged from H2 2023, remaining at a 20-year high.
• Tenant-friendly market conditions are expected to persist throughout 2024.
• Smaller occupiers account for the bulk of leasing activity.
• Notable large leases include Michigan Fitness Foundation (10,700 SF – East submarket), TIC
International (9,400 SF – West submarket), Creative Wellness (7,500 SF – East submarket)
• Major sales include 415 W. Kalamazoo/400 S. Walnut ($1.875 million – CBD), 310 W. Lake Lansing ($1.167 million – East), 431 W. Kalamazoo ($1.1 million – CBD)

Retail Sector Highlights:
• Average market vacancies saw a decline from 14.3% in H1 2023 to 13.8% in the first half of 2024.
• Despite inflated debt, land & construction costs, development activity extends to every sector of the market.
• Scores of new eateries continue to emerge throughout the market, reflecting a vibrant and evolving dining scene.
• Several closures impacted the market; we expect a moderate uptick in vacancies.
About Martin Commercial Properties:

Martin Commercial Properties is the premier commercial real estate firm in Mid-Michigan, with a legacy spanning over 60 years. Renowned for its unparalleled expertise, influence, and client-centric approach, Martin Commercial Properties offers a complete range of commercial real estate services, including brokerage, property development, property management, investment services, and corporate solutions.

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