Wisinski of West Michigan. Market Report. Greater Kalamazoo Q Office Industrial Retail Multi-Family
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1 Wisinski of West Michigan Market Report Greater Kalamazoo Q Office Industrial Retail Multi-Family
2 KALAMAZOO, MI The Market 262,866 Population $47,695 Median Household Income 35.1% Workforce with Bachelor s Degree 15,676 Companies in Southwest Michigan 34.2 Median Age 3.3% Unemployment Rate Information above is based on statistics provided by the U.S. Census Bureau, and Southwest Michigan First for Kalamazoo County. Greater Kalamazoo Market Trends During the 1st half of the year, Kalamazoo s Commercial Real Estate Market continued to experience a tightening of inventory, leaving very limited quality options for Buyers and Tenants looking for space across all product types. This shortage of inventory has resulted in an increased amount of vacant land sales as well as a rise in pricing in both sales and leases during the first six months of the year. The Office Market in Southwest Michigan is showing steady activity, particularly outside of Downtown Kalamazoo where the cost of occupancy is lower. With higher construction costs in today s market compared to 10 years ago, rental rates and existing product costs are much higher; a reality Tenants and Buyers are having a tough time facing as they look to renew or expand. Three flagship projects are currently under construction in Kalamazoo by local developers: Hinman/AVB s 120,000 SF speculative Class A LEED certified office building at their Trade Centre development off I-94, Treystar s Foundry development featuring a collaborative work environment on the edge of the CBD, and Phoenix Properties/Plaza Corps mixed-use Exchange development. Once these projects are delivered, we anticipate a shift of Tenants within the marketplace. This shift could result in large blocks of Class B space in the CBD opening up, putting some downward pressure on rates for 2nd generation spaces. Activity in the Retail sector of the market has been robust, with very limited large blocks of space available in the major retail corridors. In the Westnedge corridor, Watson s Home Store took approximately 25,000 SF in the former ABC Warehouse space at Portage Crossings shopping center and Home Goods will occupy a 19,000 SF building to be constructed next to Earth Fare. Some larger blocks of space have recently opened up in the Westnedge district with the bankruptcy announcements of Family Christian Stores, MC Sports and Gander Mountain. This may put some pressure for a reduction in rental rates in the near term; however, the demand for this corridor has historically been strong and we anticipate a fairly steady absorption of these availabilities over the next 12 months. The West Main and Stadium Drive corridors also continue to experience healthy activity with the recent announcements of Trader Joe s, Orange Theory & Firehouse Subs opening at the Costco development. Additionally, AVB has announced a large scale mixed use development inclusive of hotels, junior boxes and restaurants along the east side of US-131 & West Main. Industrial inquiries are steady in the Kalamazoo area, with limited existing options available for occupiers of any size. Users are being forced to look at purchasing land and building new to meet their expansion requirements. Summit Polymers is near completion on their 260,000 SF facility on N Avenue. TecNiq is also finishing up their new 100,000 SF building in the Comstock Industrial Park. Stryker recently announced a $130 million-dollar investment in a new corporate campus including a product development lab in Portage. Zoetis announced a $64.5 million dollar expansion at their Kilgore Road facility over the next 3 years. All new development in the Industrial sector has been by owner occupants. Developers remain leery to return to speculative development with the cost of construction and fairly stationary rental rates. In summary, all economic indicators show the local commercial real estate market is on the up-swing, and we anticipate positive trends for the remainder of 2017 into Committed to West Michigan. Connected to the World.
3 Office Submarket Statistics Methodology: The Office Market Report includes office buildings within each of the defined submarkets. Excluded are government buildings and institutional properties. Downtown Office Statistical Changes 2Q16 vs. 2Q17 Suburban Kalamazoo NET ABSORPTION VACANCY RATE ASKING RATES Q Office Snapshot Submarket Vacancy Rate Total Average Rate ($/SF/Yr) Total Net Absorption (SF) Total Under Construction (SF) Total Downtown 3.36% $13.96/SF -1,625 60,100 Total Suburban Kalamazoo 12.09% $13.99/SF 24, ,375 Retail Submarket Statistics Methodology: The Retail Market report includes community, neighborhood, and strip retail buildings within each of the defined submarkets. Retail Statistical Changes 2Q16 vs. 2Q17 West Main. Stadium Dr. Gull Rd. Westnedge Ave. NET ABSORPTION VACANCY RATE ASKING RATES Q Retail Snapshot Submarket Vacancy Rate Total Average NNN Rate ($/SF/Year) Total Net Absorption (SF) Total Westnedge Ave % $15.89/SF 6,197 Total Gull Rd. 1.5% $14.00/SF 0 Total West Main 4.70% $16.51/SF 5,000 Total Stadium Dr. 9.00% $13.00/SF 10,000 Industrial Submarket Statistics Methodology: The Industrial Market Report includes all industrial building types such as warehouse, flex / research development, distribution manufacturing, industrial showroom, and service buildings, in both single-tenant and multi-tenant Lakeshore Kalamazoo County Calhoun County Industrial Statistical Changes 2Q16 vs. 2Q17 South Counties NET ABSORPTION VACANCY RATE ASKING RATES Q Industrial Snapshot Submarket Vacancy Rate Total Average NNN Rate ($/SF/Year) Total Net Absorption (SF) Total Kalamazoo County 8.09% $4.00/SF 192,675 Total Calhoun County 7.25% $3.63/SF 4,000 Total Lakeshore 7.86% $3.00/SF -136,732 Total South Counties 16.89% $3.35/SF 12,800 Source: CoStar
4 Word on the Street... Office Market Activity Construction commenced on the third Trade Centre office building in Portage along I-94 near South Westnedge Avenue. The five story, class A building is owned by Hinman Company and AVB. Construction on the +/-100,000 SF building is slated to be complete by the end of Construction is underway of the long awaited Exchange Building in downtown Kalamazoo. The $52.7 million, 15-story commercial and residential structure broke ground in April. Developer Phoenix Properties teamed up with PlazaCorp on the 340,000 SF project. Anticipated delivery date of early Retail Market Activity Watson s opened its first location in Kalamazoo County in late May. Watson s took over the former ABC Warehouse space that measures nearly 25,000 SF. The Cincinnati, Ohio based retailer sells pools, spas, indoor & outdoor furniture. Owner/Developer, Hinman Co. broke ground on a 19,000 SF store for HomeGoods, Inc. at the Westnedge@Kilgore shopping center. Construction is expected to be completed in the spring of The groundwork for a 140-acre development has started to take shape at the former TGI Friday s restaurant on West Main Street. Construction of three hotels, four restaurants and a cluster of retail stores along West Main & US-131 is being led by developer, AVB Inc. Industrial Market Activity Animal health company Zoetis, Inc. will spend around $64.5 million over the next 3 years to expand its manufacturing capabilities in Kalamazoo. Renovations of its 524,000 SF facility on Kilgore Road are expected to be complete by early Summit Polymers, a plastic injection molding company, is near completion of their 260,000 SF facility on N Avenue in Kalamazoo. TecNiq, a LED lighting products manufacturer, is finishing up their new 100,000 SF facility in the Comstock Industrial Park. The new facility will help support the exponential growth it has experienced over the past 3 years.
5 Notable Kalamazoo Sales & Leases Q Sprinkle Rd. 1,890 SF Buyer: Motor Cars of Kalamazoo 7247 S. Pipestone Rd. 15,000 SF 45 N. Main St., Three Rivers 4,872 SF 101 Clinton Ave., St. Johns 900 SF Tenant: Domino s Pizza 3800 Covington Rd. 2,400 SF Buyer: Molly Maid US-131, White Pigeon 9,000 SF 151 S. Rose St. 7,865 SF Tenant: Walker Parking Consultants 802 E. Front St., Buchanan 2,240 SF Tenant: Michigan Total Hearing Center, LLC 237 S. Broadway 16,069 SF 4023 Douglas Ave. 2,450 SF 8145 Valleywood Ln 1,600 SF Tenant: Awakenings Christian Counseling 202 S. State St., Gobles 1,760 SF Tenant: Allegan Community Federal Credit Union
6 Meet Our Team Local Knowledge. Global Reach. Achieve More. NAI Wisinski of West Michigan was formed in the spring of 2011 when NAI West Michigan merged with The Wisinski Group. This merger brought together two successful, reputable companies to form what is now the largest independently owned commercial real estate firm in West Michigan. Our focus is simple: building client relationships for life. We do this by utilizing the rich diversity of skills and specialties of our agents and staff, actively listening to our clients, offering market appropriate advice, providing access to the industry s most current and proven technologies, and delivering the best possible service to each and every client. NAI Wisinski of West Michigan is headquartered in Grand Rapids, MI and maintains a second location in Kalamazoo, MI. Our company provides all facets of commercial real estate services, including brokerage and property management, throughout the entire West Michigan region. Through our relationship with NAI Global, we have access to over 400 NAI affiliate offices throughout the world. NAI Wisinski of West Michigan: Local Knowledge, Global Reach, Achieve More. By the Numbers Company Size: 48 Licensed Professionals: 31 Total Years of Experience: 631 Average per Agent/Manager: 19 years Society of Industrial & Office Realtors (SIOR): 8 designations Certified Commercial Investment Members (CCIM): 6 designations Certified Property Managers (CPM): 3 designations
7 Wisinski of West Michigan 1803 Whites Rd. Suite 2 Kalamazoo, Michigan naiwwm.com nai-wisinski-of-west-michigan Kalamazoo Team Marc Tourangeau, MBA Assoiciate Broker marct@naiwwm.com Kara Schroer Realtor Associate karas@naiwwm.com Jeremy Veenstra Associate jeremyv@naiwwm.com Dane Davis Associate Broker daned@naiwwm.com Joshua Jacobs Associate Broker joshuaj@naiwwm.com Teresa Campbell Office Administration teresac@naiwwm.com Bailey Aivars Administrative & Marketing Assistant baileya@naiwwm.com Office Industrial Retail Multi-family
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