2020 Q1 Industrial Market Report

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Strong Q1 start for industrial upended by COVID-19 pandemic

Local economists at the beginning of Q1 predicted 2020 would bring about increasingly tight labor supply, a possible easement of the trade war with China and stable wage growth across the state. Last year the economy showed some signs of cooling down, though economists said it was too early to determine when the next recession would happen. The future is now more uncertain due to the COVID-19 pandemic.
Grand Valley State University economist Paul Isely said though West Michigan is being affected less than other parts of the country economically due to COVID-19, there will be a recession locally because of the pandemic, especially through the first part of Q2. Early in Q1 employers were having a hard time filling open positions, though by the end of the first quarter, eight percent of Michigan residents had filed unemployment claims due to an executive order closing nonessential business during the coronavirus pandemic.


2020 Q1 Industrial Market Report

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Related Experts

John Kuiper

Executive Vice President

Grand Rapids

 

With more than 17 years of experience in providing clients with industrial real estate strategies, I have become a leader in the industry and have often been quoted in local and regional publications as a market expert. Consistently a top producer in the Grand Rapids and West Michigan markets, I am the Executive Vice President and Designated Broker of Colliers International | West Michigan.

I have been involved in MCA’s corporate solution transactions in a number of states, as well as in Canada and Mexico.

I quickly understand complex situations, which allows me to maximize potential outcomes for my clients. My extensive knowledge of the industrial marketplace, and the business relationships I have developed across North America have allowed me to close more than $750,000,000 in transactions, representing more than 17,500,000 square feet.

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Trent Wieringa

Vice President

Grand Rapids

After eight years of experience with Colliers International | West Michigan, I have extensive knowledge of property evaluation and a thorough understanding of the industrial marketplace. My ability to develop strong customer relationships and sales initiatives has allowed me to achieve record-setting sales and increase profit margins. I can under complex situations and provide creative solutions for a variety of clients. Having lived and worked in West Michigan my entire life, I have in-depth knowledge, and unique insight into various market segments.

Using the market’s strongest in-house research and marketing teams to gather the most detailed and up-to-date comparables, GIS maps, and targeted client lists, I can find new locations, or market an existing property with success. Teaming with Colliers’ marketing department, I can create custom marketing pieces and specialized events to better present my client’s property.

 

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Steve Marcusse

Senior Vice President

Grand Rapids

In my 15 years advising industrial real estate clients, I’ve learned to put myself in the client’s shoes and help them make decisions as though it was my money and my business on the line. I pride myself on my local market knowledge and my ability to provide my clients clarity so that they can make the best, most well informed decisions possible. I’ve been honored to have served my clients in over 500 transactions, worth more than $500,000,000 and totaling over 7,000,000 square feet.

In 2008, I became the youngest person in the state of Michigan to hold both the CCIM (Certified Commercial Investment Member) and SIOR (The Society of Industrial and Office REALTORS®) designations. I also have served as an expert witness before the Kent County Circuit Court and the Michigan Tax Tribunal, representing a Fortune 500 manufacturing client.

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Tim VanNoord

Vice President

Grand Rapids

Local and international industrial tenants, landlords and investors rely on me to develop and execute creative and effective real estate strategies. For three years, I have been committed to placing my client's interest ahead of my own in the acquisition, disposition, leasing or development of their industrial real estate.

My niche focuses on creating value for warehousing, distribution and manufacturing related companies in my local community of West Michigan and across the United States. These companies range from local family businesses to Fortune 500 corporations. My areas of expertise include site selection, labor analytics, real estate capital markets, structuring and negotiation of lease and sale transactions and construction procurement. I work with C-suite executives, operations specialists and real estate experts in the manufacturing, eCommerce, transportation, logistics, supply chain, construction and ground-up development industries.

My clients rely on my dynamic advisory approach in helping them. This has been shaped by my unique commercial real estate experience in some of the world's largest markets including Boston, Chicago, Los Angeles and Beijing, China.

My notable representative transaction list includes Amazon.com, Stericycle, Shred-It, Hascall Steel, Foremost Graphics Group, Warehousing and Fulfillment USA, All-Phase Electric Supply, Jonas Paul Eyewear and Gateway Industrial Properties, among others.

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Q1 Industrial Market Trends Update