West Michigan Realtors say office, industrial and retail space was in higher demand in 2013, and last year was an active property sales year.
GRAND RAPIDS (G.R. Business Journal) -- A report from the Commercial Alliance of Realtors of West Michigan has revealed many properties changing hands.
The transactions covered in the report focused on the 2013 office, industrial and retail space in approximately 16 counties in the West Michigan area, including the cities of Grand Rapids, Holland, Kalamazoo, Grand Haven, Muskegon and parts of Lansing.
CAR members created the report, said Shari Veldman, executive director. The alliance, a local association connected to the National Association of Realtors and Michigan Association of Realtors, does an annual review of the previous year in January, she said, and will have a projection report out in July.
"The Commercial Alliance of Realtors operates a mandatory multiple listing service, which caters exclusively to commercial real estate in West Michigan," she said. "We currently have over 6,000 listings on the site, including a variety of property types (industrial, office, retail, etc.). The numbers in this report come from the reported sales and leases on the MLS, along with other transactions that may have been unlisted but were sold or leased."
The number of transactions increased significantly in 2013, Veldman said. More than 50% of the large downtown office buildings changed ownership in 2012, meaning the 2013 office building sales were smaller footprint buildings, with the suburbs also showing activity, she said.
You can read more of this article on the website of our partner, the Grand Rapids Business Journal, or pick up this week's edition on Tuesday at your newsstand.