Colliers International 2014 forecast industrial construction
Patrick Center January 31, 2014 | WGVU The manufacturing rebound post Great Recession is a catalyst for the local economy’s comeback.
Matt Abraham tracks brokerage and industrial trends for Colliers International. “We’ve got a diversified number of businesses here. Some in the auto supplying world, a multitude of different businesses, those that have made it through the recession, if you will, have done fairly well over the course of the past few years have expanded which in turn creates jobs and allows other segments of the market like retail and so forth to improve as a result.”
It’s one reason the region is experiencing low unemployment currently at 5.6 percent well below the state’s 8.4 unemployment rate. In West Michigan Abraham says businesses are hiring and expanding.When it comes to existing industrial space in the G-R metro area, there’s not much available. The vacancy rate is at a new low 6.6 percent.What does that mean in the coming year?
“I think you’ll also see some expansions on some existing properties that have growing companies that have the room to do that. So, that’s what I would look for this year. I would see some increased land sales as well as new construction.”
An increase in build-to-suit projects similar to those under construction near the Gerald R. Ford International Airport.
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