Industrial real estate in historically high demand

West Michigan’s real estate professionals are anticipating a new wave of industrial construction based on market activity in the first quarter of 2018.

According to Colliers International West Michigan’s first-quarter market reports, industrial real estate is in “historically high demand,” with overall occupancy levels nearing 95 percent and an average asking rent of $4.95 per square foot.

The Colliers report also said the consumer confidence index peaked at 130, compared to 111 in the first quarter of 2017, leading to companies operating at or near full capacity.

As manufacturing holds strong, companies’ demand for more space is driving rent up to the point where clients are considering building new.

To continue reading, visit Grand Rapids Business Journal.