Colliers International|West Michigan gave attendees good news about the real estate market in Michigan during a breakfast held on Jan. 31. Commercial real estate in Western Michigan is growing, and this may mean that the market is on the upswing across the entire state. According to Colliers, the vacancy rate for industrial space went down to 6.6 percent in 2013, and there may even now be a lack of available industrial space.
According to reports, the industrial market in the area absorbed 865,000 square feet of space, and this number would have been larger if there would have been more space available. The end of 2013 was the sixth consecutive quarter where industrial market absorption was positive. Commercial real estate transactions also showed positive trends, with several significant purchases in the area. Alliance Beverage bought a 31-acre industrial space for over $1.7 million, and Gourmet International bought a facility in Kentwood for $861,000.