A new report by real estate services company Colliers International says the West Michigan commercial market is growing at a steady pace.
Matt Abraham is an Industrial Advisor at Colliers and told WOOD Radio recent development and construction in the area has made land more valuable.
"The dominant player in 2013 was a lot of industrial-type properties. In 2014, there's a lot of demand for stabilized, multi-family development."
Looking at retail property, Abraham says the main corridors within the Grand Rapids area are in high demand, such as East Beltline at 28th street. Towards Grandville, the demand for retail space near Rivertown Crossings is also high.
When it comes to office space, Abraham says, "It's a lot of repositioning of older buildings." According to a press release, 50% of the West Michigan market has changed hands in the last few years and buildings are being repositioned by new ownership.
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