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MARKET
UPDATE
56 % of workers working remotely at 44 % of current at-home workers would
prefer to stay at home once
least part of the time (Feb 2021)
restrictions are lifted
Source: Gallup Poll
STATE OF MICHIGAN EMPLOYMENT WEIGHTED AVERAGE ASKING RATES
5,000,000 $4.96
INDUSTRIAL
PSF, NNN
4,500,000 OFFICE | CBD $18.94
PSF, MODIFIED GROSS
OFFICE | SUBURBAN $14.14
4,000,000
PSF, MODIFIED GROSS
RETAIL $13.28
3,500,000
PSF, NNN
2008 2010 2012 2014 2016 2018 2020
Source: Bureau of Labor Statistics (BLS) 49,250 SF Source: Commercial Alliance of Realtors (CAR)
NOTABLE TRANSACTIONS 3236 Wilson Ave NW, Unit B, Walker Sublease 220,000 SF 12/23/20 Redevelopment
3/31/21
Lease
Industrial
1269 E Mt Garfield Rd, Norton Shores
74,300 SF
1/12/21
Industrial
1,800 SF
1/15/21
3583 28th St SE, Grand Rapids
Lease
Retail
Sale
470 & 475 Market Ave SW, Grand Rapids
37,140 SF
Industrial
2/23/21
Sale
4329 Eastern Ave SE, Kentwood
Sale
330 E Beltline Ave NE, Grand Rapids
V
ANT
ADVANTAGE COMMERCIAL REAL ESTATE | First Quarter 2021 7.65 Acres 2/1/21 Land
AD
A
TE | F
irst Quarter 2021
GE COMMERCIAL REAL EST
A
