Chris Holman welcomes back Carson Patten, Vice President, Retail Advisor, Martin Commercial Properties, Samantha Le, Senior Associate, Retail Advisor, Martin Commercial Properties, Lansing, MI. Retail Advisory
Watch Carson, Samantha and Chris discuss retail vacancies, build-to-suit trends, and demand drivers in the YouTube video shared below:
Chris had several questions for Carson and Samantha in this conversation:
- Retail vacancy rates: up? down? Where have they headed recently in your new report?
- What are the economic pressures leading to this?
- what types of retail businesses are thriving, and what’s driving this resilience?
- We had seen significant growth in build-to-suit developments. How are developers and retailers working together to create spaces that meet evolving consumer demands?
- Eateries open and close as the market evolves, how do you foresee the balance between new openings and vacancies playing out in the next year?
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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 has released its 2025 H2 Market Insights Report for the Greater Lansing Area, offering an in-depth analysis of commercial real estate conditions across the industrial, office, and retail sectors. The report points to increasing market stability and positive momentum, even as many industries continue to navigate broader economic uncertainty.
“While the economic landscape remains mixed, commercial real estate in Greater Lansing is demonstrating resilience and steady forward progress,” said Van W. Martin, CCIM, SIOR, CRE, President and CEO of Martin Commercial Properties (left). “Across all three sectors, we’re seeing fundamentals that suggest the market is adjusting thoughtfully rather than pulling back.”
According to the report, the industrial sector continues to be supported by historically high rental rates, limited availability of modern facilities, and sustained investment tied to manufacturing, logistics, and energy-related users. Demand for well-located, functional industrial space remains strong, underscoring the region’s competitiveness and long-term growth potential. The office market is showing early signs of stabilization as obsolete inventory is removed, sublease space declines, and tenants increasingly prioritize high-quality, well-located buildings. While challenges remain, particularly in older properties, leasing activity and owner-occupier interest are helping rebalance the market. Retail performance remains strongest in established corridors, where consistent leasing activity, redevelopment of formerly vacant spaces, and targeted new construction continue to reinforce neighborhood and necessity-based retail demand. Prime locations are outperforming the broader market, reflecting disciplined expansion by retailers and continued consumer engagement.
“Greater Lansing’s commercial real estate market is evolving in a measured and responsible way,” Martin added. “The data shows continued confidence in quality assets, strategic reinvestment, and a foundation that supports long-term economic health across the region.”
Martin Commercial Properties has produced comprehensive Greater Lansing Area market insights since 1988, providing trusted data on office, retail, and industrial trends, major transactions, and market outlooks.
About Martin Commercial Properties:
Martin Commercial Properties is one of Michigan’s leading independent commercial real estate firms, 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. Full reports can be found at
https://martincommercial.com/marketinsights/
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