Market Overview
Lansing Market Overview Developments
JDS REAL ESTATE OFFERING MEMORANDUM SERVICES, INC. Lansing Market Overview
Lansing at a Glance
METRO POPULATION AVERAGE HH INCOME MEDIAN HOME PRICE 472,400 $98,440 $98,484
IN GROSS METRO PRODUCT COST OF LIVING PROJECTED JOB GROWTH $24.4 B 11.3% 1.5% (below national average)
Lansing is the capital of the US state of Michigan. The Lansing Metropolitan Area, colloquially As the capital city of Michigan and next-door It is mostly in Ingham County, although portions referred to as “Mid-Michigan”, is an important neighbor to one of the state’s major universities, of the city extend west into Eaton County and center for educational, cultural, governmental, Lansing attracts people from all across the region north into Clinton County. The 2010 Census commercial, and industrial functions. The area and benefits from a culturally diverse landscape. placed the city’s population at 114,297, making it is home to two medical schools, one veterinary Downtown is a charming, historic district along the fifth largest city in Michigan. The population school, two nursing schools, two law schools— the Grand River. The Michigan State Capitol of its Metropolitan Statistical Area (MSA) was including Western Michigan University and overlooks a walkable collective of storefront 464,036, while the even larger Combined Michigan State University—a Big Ten Conference shops, cafes, and bars, mainly situated along Statistical Area (CSA) population, which includes university (Michigan State), the Michigan State South Washington Square. Lush riverside parks Shiawassee County, was 534,684. It was named Capitol, the state Supreme Court, the Court of like Hawk Island and Scott Woods give the locals the new state capital of Michigan in 1847, ten Appeals, a federal court, the Library of Michigan scenic areas to picnic, exercise, or just hang out years after Michigan became a state. and Historical Center, and headquarters of four and enjoy the scenery. national insurance companies
JDS Real Estate Services, Inc. in association with Kidder Mathews | L3 OFFERING MEMORANDUM 2 Investment Highlights
FLOURISHING METROPOLITAN AREA Rated as the 3rd best economy in the mid-west, Lansing is experiencing To that end a $15-million Hilton Homewood Suites is among four hotels in strong economic growth and development throughout its neighborhoods, various stages of construction across Greater Lansing. Another three are leading to a metropolitan area with high sustained demand for multifamily approved and slated to open within the next few years. Four more hotels properties. Major employers such as Jackson National Life Insurance are still in the early planning stages. Co. recently investing upward of one hundred million dollars and General Motors have recently invested $580 Million in local expansion efforts, In addition to the strong employment drivers, the market enjoys a robust helping fuel Lansing’s strong annual job growth and low unemployment average household income of over $98,000 in Q1 of 2017. The annual figures. Developers continue to invest in multi-million dollar mixed-use average household income has enjoyed a positive growth rate in every year projects in downtown Lansing, with private investment in development since 2005. The high average household income is derived from several experiencing a strong surge in the post-recession years. Overall, Lansing high paying employment opportunities in Lansing. Other Primary drivers remains poised for steady and stable growth over the long term. of high income employment include, education, with the Michigan State University and medical jobs with Sparrow Health System, which is the Each year, 4.8 million people visit the region, helping to generate an largest health system in the area. economic impact of $1.1 billion, according to the visitors bureau.
Vacancy Vacancy Asking Asking Population Household Avg HH AHHI Employment Year Population Households Employment Rate Change Rent Rent Chg Change Change Income Change Change
2012 3.0 -130 (BPS) $732 2.5% 467,300 0.2% 187,540 0.7% $88,825 2.8% 217,100 0.5%
2013 2.9 -10 (BPS) $748 2.2% 469,110 0.4% 189,260 0.9% $88,043 -0.9% 221,900 2.2%
2014 2.8 -10 (BPS) $762 1.9% 471,270 0.5% 190,910 0.9% $90,785 3.1% 222,670 0.3%
2015 2.0 -80 (BPS) $784 2.9% 472,540 0.3% 192,070 0.6% $94,836 4.5% 226,500 1.7%
2016 2.2 20 (BPS) $812 3.6% 473,670 0.2% 192,940 0.5% $97,645 3.0% 233,170 2.9%
2017 2.1 -10 (BPS) $818 0.7% 474,320 0.1% 194,250 0.7% $101,765 4.2% 236,530 1.4%
2018 2.0 -10 (BPS) $829 1.4% 474,790 0.1% 195,470 0.6% $105,617 3.8% 239,230 1.1%
2019 2.0 0 (BPS) $848 2.2% 475,140 0.1% 196,730 0.6% $109,591 3.8% 241,250 0.8%
2020 2.1 10 (BPS) $871 2.8% 475,380 0.1% 197,920 0.6% $113,261 3.3% 242,120 0.4%
2021 2.2 10 (BPS) $894 2.6% 475,760 0.1% 199,120 0.6% $116,392 2.8% 242,500 0.2%
JDS Real Estate Services, Inc. in association with Kidder Mathews | L3 OFFERING MEMORANDUM 3