Chris Holman welcomes Chris Miller, SIOR, Senior Vice President, Martin Commercial Properties, Lansing, MI.
Watch Chris and Chris discuss Martin Commercial Properties’ insights on Lansing’s industrial real estate trends, investments & market outlook for 2025 in the YouTube video shared below:
This discussion is the first of three with Martin Commercial Properties team, and focuses on Industrial and Investment Advisory.
These were the questions they cover in this conversation:
With industrial vacancy rates holding steady, what factors are driving demand in the market, and how do you see this trend evolving in 2025?
How are companies in the industrial sector adapting to supply chain challenges, and what role does location selection play in mitigating these risks?
With major investments from companies like GM, Neogen, and Gestamp, how do these large-scale projects impact industrial property development and investor confidence?
These interviews grow out of a series of three recent reports recently released by the company. You can access them at: https://martincommercial.com/marketinsights/ .
Industrial ’24 Market Insights: “INDUSTRIAL ‘24 Market Insights Greater Lansing Area, Michigan | H2 2024”
The Greater Lansing Area industrial market experienced an increase in the average vacancy rate for leased industrial space, rising from 8.9% in H1 2024 to 11.5% in H2 2024. This increase was primarily driven by significant vacancies in the South Submarket, which saw its vacancy rate jump to 26.5%. Despite this, the overall market remains strong with healthy demand across most properties, particularly in the West Submarket, which boasts a low vacancy rate of 1.4% and positive net absorption of 63,096 SF.
Key developments in the market include Temperpack Technologies leasing 135,000 SF in the West Submarket, General Motors securing a $500 million federal grant for its Lansing Grand River plant, and the ongoing construction of Ultium Cells’ 2.8 million SF battery plant. Additionally, Neogen and Gestamp are making significant investments in new facilities, further indicating strong investor confidence in the region. The largest owner-user sales in H2 2024 were 65,000 SF at 3366 Remy Dr. for $2.2 million and 55,000 SF at 2200 Olds for $1.1 million.
Absorption in the Greater Lansing industrial market totaled -179,614 SF in H2 2024, with the South Submarket experiencing the most significant negative absorption due to large vacancies. The North Submarket remained relatively stable with minimal changes and no major leases signed. Overall, the Greater Lansing Area continues to be viewed as a stable and promising market for long-term investment, supported by ongoing developments and strong demand in key submarkets. Investors and occupiers continue to view the Greater Lansing Area as a stable and promising market for long-term investment.”
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About Martin Commercial Properties
Martin Commercial Properties, Inc. (Martin) is a vertically integrated commercial real estate firm with an established track record of delivering superior service and unparalleled results to clients since 1962. Their team services clients nationally, with offices in Lansing, Grand Rapids, and Tampa. Martin provides strategic advice and execution in five core lines of business including property development, brokerage services, property management, corporate services, and investment services. www.martincommercial.com.
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