Page 16 - LRCC May 2023 FOCUS

MEMBER NEWS FOCUS MAGAZINE | MAY 2023

Martin Commercial Report Highlights Opportunities

and Challenges in the Mid-Michigan Commercial Real
Estate Market

artin Commercial Properties The report showed that industrial vacancies in Greater
has released its biannual Lansing remains at one of the lowest rates the area has
MMarket Insights Report historically seen, averaging 3.5%, which is an increase
detailing the status of Mid- from 1.7% in the previous quarter. The average market
Michigan’s real estate market in vacancy for office space remained flat. Rental rates
the industrial, office and retail were also largely unchanged.
sectors. The report covers the
second half of the past fiscal year In the retail sector, vacancies dropped slightly on a
(H2 2022 – October through March) quarter-to-quarter basis. New national chains and
and provides in-depth analysis of Martin mom-and-pop eateries were in abundance during
vacancy rates, lease renewals, typical this period. Examples include Crumbl Cookies at
lease rates and more. Marketplace at Delta Township and the Joe's on Jolly
restaurant located near Jolly & I-96. The Lansing Mall
“We’re seeing an interesting dynamic play out as Mid- continues to shed vacancies; recent leases include
Michigan businesses continue to adjust to the realities Daily Dealz, The Venue and Zap Zone. Activity is
of the post-pandemic environment,” said Martin bustling along Lake Lansing Road. The corridor is
Commercial Properties CEO Van Martin. “Industrial slated to welcome a new 22,000 sq. ft Dave & Busters;
space remains scarce which is driving up rates, and 2,225 sq. ft Panda Express; and 4,500 sq.ft McAllisters,
the retail sector is showing resiliency with quite a while Wellnow Urgent Care and Chipotle are under
lot of activity in the market. But, there is plenty of construction just east of US-127. l
uncertainty in the market for office space as businesses
take a cautious approach to their lease renewals.”

ITC Holdings & RetroDuck Celebrate 20th Anniversary

ongratulations to two members of the Lansing RetroDuck was originally conceived as a website
Regional Chamber of Commerce celebrating housing thousands of iron-on transfers the company
Ctheir 20th anniversary in business. acquired in 2003 from warehouses on the East
Coast. RetroDuck is a full-scale custom apparel
ITC HOLDINGS CORP. is the largest independent operation and ships t-shirts all over the world every
electricity transmission company in the United States. week. Since its original acquisition of vintage iron-
ITC provides transmission grid solutions to improve ons, they have amassed a collection of over 400,000
reliability, expand access to markets, allow new transfers. RetroDuck has good reason to believe that
generating resources to interconnect to its systems this is the largest collection in existence. Though
and lower the overall cost of delivered energy. ITC is RetroDuck no longer offers vintage t-shirts, this is
based in Novi, Michigan. For further information visit still a point of pride for the company. For further
www.itc-holdings.com. ITC is a subsidiary of Fortis information, visit www.RetroDuck.com. l
Inc., a leader in the North American regulated electric
and gas utility industry. For further information visit
www.fortisinc.com.

Chamber Events Your Connection to Professional Development
and Networking Success
From professional development to networking, the Lansing Regional Chamber of Commerce
hosts events to fit every need. A full list of events is located on the Chamber Calendar on the
LRCC website.

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