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State of the Market West Michigan | January 2019

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State of the Market West Michigan | January 2019 BRADLEY COMPANY’S STATE OF THE MARKET WEST MICHIGAN JANUARY 2019 STATE OF THE MARKET WEST MICHIGAN | JANUARY 2019 MARKET OVERVIEW BRADLEY COVERAGE REGION West Michigan is not only the birthplace of the nationally known Founders Brewing Company, it is also home to more than 130 international companies and well-known corporations such as: Amway, Bissell, Pfizer, Stryker Corporation, Steelcase, Herman Miller, Bell’s Brewery, Arcadia Brewing, MUSKEGON Meijer, and Kellogg’s. Primarily made up of the cities of Grand Rapids, Holland, Kalamazoo, and GRAND Muskegon, West Michigan was formerly known as a RAPIDS furniture manufacturing mecca but is now one of the HOLLAND most diverse regions in the state. With the median age of 37.8 years old, West Michigan KALAMAZOO residents are younger than the state (40.2 years old), and the nation (38.3years old)1. Residents here are also well-educated and well-compensated with over a third of the population having an associate degree or higher. Because of a 2.7% increase in population HOUSEHOLD INCOME1 2 $25K - $34K over the past five years , multifamily developers $35K - $49K have delivered approximately 3,800 new apartment units into the market since 2016 with an additional 800+ apartment units expected to be completed in $15K - $24K 2019. Looking forward, with an expected population growth rate of approximately 3.3% over the next five years3, growth in demand for additional multifamily options will likely continue. $50K - $74K <$15K The manufacturing, information technology (IT), life sciences, aerospace and defense, and food processing industries are the main sectors driving the growth of $200K+ West Michigan. Of particular note, manufacturing companies make up roughly 15% of all jobs in the $75K - $99K $150K - $199K region and have been heavily investing capital into $100K - $149K new equipment and technology to help propel their MEDIAN AGE1 organizations into the future. 50 40.2 40 37.8 38.3 30 20 10 DOWNTOWN, GRAND RAPIDS 0 WEST MICHIGAN MICHIGAN UNITED STATES 2 STATE OF THE MARKET WEST MICHIGAN | JANUARY 2019 COMMERCIAL REAL ESTATE MARKET MARKET OPPORTUNITIES IN 2019 DRIVERS Hotel & Apartment Growth West Michigan’s population growth, combined with With the expansion in tourism, business, new retail, hotel, and restaurant developments, manufacturing, and medical research, the West continue to attract investments to this region. Recent Michigan market has seen an increase in hotel accolades have also helped bolster growth in the area properties and the delivery of approximately with notable rankings such as: 1,200 new hotel rooms within the past 24 months. • Kent County: #4 Top Counties in Michigan for Additionally, given the increase in population, Manufacturing Jobs in 20184 multifamily developers have completed the construction of over 3,800 new apartment units • Grand Rapids: #7 Fastest Growing Economy in during this same time frame. Looking forward into the U.S. in 20184 2019, the development of an additional 1,000 new • Holland: #1 Small City to Start a Business in the hotel rooms and 800+ apartment units are expected U.S. in 20185 to be completed. As interest rate increases possibly deter renters from purchasing homes, the multifamily Ongoing economic development projects are also sector should continue to maintain strong occupancy anticipated to continue to boost tourism in the levels and property values. region. One such project is the Whitewater Project in Grand Rapids. Its goal is to restore the Grand River Marijuana is Creating its own Submarket waterfront and make it navigable through downtown With the recent legalization of recreational marijuana, Grand Rapids. It is forecast to have an economic there is also an expectation that new businesses will impact of $15-$19 million annually6. Once the project enter the market and support continued growth in is complete, public spaces in the downtown Grand both the retail (for Provisioning Centers) and the Rapids area will provide kayakers and boaters with industrial sector for marijuana growing facilities. With direct access to the river, which in turn is likely to limited availability, lease rates and purchase prices increase the need for more restaurants, retailers, and for qualifying properties have exploded throughout hotel accommodations that can support downtown municipal areas that are allowing marijuana. It is visitors. anticipated that this should continue to grow and Several events and conventions throughout the year that qualifying property values will increase. also draw millions of visitors to West Michigan. In Office Sublease Opportunity 2017, visitors spent more than $3.5 billion in the region, up 3.7% from 20167. One of the most significant events With the new office inventory coming online in in the region includes Holland’s Tulip Time Festival downtown Grand Rapids, we expect that the sublease which has taken place for the past 90 years and market will grow in 2019 and offer attractive prices. draws over 500,000 visitors annually. Grand Rapids hosts ArtPrize - the largest and most well-funded art SECTOR GROWTH OPPORTUNITES competition in the world with total awards exceeding $500,000. In 2017, this event drew roughly 522,000 Office Sublease Market visitors to the city and was estimated to have had a $33 million net, new economic impact for the Grand Industrial Property Demand Rapids business community8. Additionally, located along the eastern shore of Lake Michigan, Muskegon Retail Property Investment is known as a “4-season playground” where visitors can spend time on the beaches, amusement parks, Multifamily Unit Deliveries and museums, as well as buy tickets to ride the 850- foot luge track at the Winter Sports Complex. Hospitality Room Deliveries 3 STATE OF THE MARKET WEST MICHIGAN | JANUARY 2019 OFFICE SECTOR ANALYSIS The combination of new mixed-use construction, building As a result of new office product coming to market, lease renovation projects, acquisition and construction costs have rates for new construction have leveled off. Currently, newly been key drivers for the increase in lease rates within this region. constructed Class A office space in downtown Grand Rapids is Since 2016, more than 1.6 million square feet of office space averaging between $24.00 and $32.00 per-square-foot, compared has been added to the market, with 9.84% of that occurring in to renovated Class A space which is leasing between roughly 2018. Notable office developments and redevelopments in 2018 $20.00 to $22.00 per-square-foot (modified gross lease). For a include: modified gross lease of premium Class A office space in the • The Warner Building which is a 15-story, 290,000 square Lakeshore region, asking rates range between $16.00 to $19.00 foot mixed-use building, began construction in 2017 and per square foot. As for the Kalamazoo market, lease rates for is ongoing. Valued at over $45 million, this property Class A office space in downtown Kalamazoo range between includes Class A office space, retail, and restaurant, and a $18.00 to $22.00 per-square-foot, (modified gross lease) while 7-story parking deck. Major tenants include Warner Law, rates in Portage range between $22.00 to $25.00 per-square-foot Chemical Bank, and Van Wyk Risk Solutions. (triple net lease). The new Exchange Building in downtown Kalamazoo however is testing asking rates for the market with • Waters Center, located in downtown Grand Rapids, rates ranging from $22.00 to $35.00 per square foot for a triple received a $24 million renovation in 2017 and includes a net lease which is on the higher end for the market. connected parking ramp, Homewood Suites hotel, full service restaurant, banking, coffee shop, roof top deck with Unlike the downtown Grand Rapids office market, lease rates fireplace, and 44 high end apartments. for the suburban office market vary widely based on the sub- • The Exhibitors Building, located in downtown Grand market. Rates for general office properties typically range from Rapids, is an 8-story, 144,000 square foot building located $12.50 to $19.00 per-square-foot. However, new medical office on the Grand River and connected to the Amway Grand properties range from $18.50 to $32.00 per square foot (modified Plaza hotel. Renovations included new windows, exterior gross lease). building up-lighting, new common area hallways, lobbies, elevator cabs, restrooms, and new office suites. The downtown Grand Rapids office market will continue to be impacted by parking limitations/rates in 2019. As several • 650 Trade Centre in Portage is a 100,000 square-foot projects that are under construction will soon be completed, Class A office building located within the Trade Centre additional supply is expected to lower lease rates by 10%. development. The building features Class A finishes, a 2018 brought a handful of sublease options offering a number complimentary on-site gym that is available to all building of opportunities in the downtown area. We anticipate the employees, and great visibility from I-94 and South Westnedge Avenue. The Trade Centre development is also availability of sublease space in the market to continue growing home to two existing Class A office buildings, a Courtyard in 2019, as existing tenants move to newer buildings. Marriott, and a Hilton Homewood Suites. While interest rates are expected to rise, capital is still available • The Exchange Building in downtown Kalamazoo is a to companies that are considering an expansion. Below are 100,000 square-foot mixed-use building which began a few examples of companies that expanded in 2018 or are construction in 2018. The Exchange will stand 15 stories high expected to expand in 2019: and include 345,000 square feet of mixed-use space. It will offer nearly 60,000 square feet of commercial/retail space, • DealerOn Inc., a web platform servicer for auto dealers, 289 internal parking spots, and 133 luxury apartments.
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