Prices remain firm and demand persists in the West Michigan industrial sector. The sector continues to attract new businesses and, despite limited space, leasing activity remains strong.
The health of the market was demonstrated in Q3 with electric vehicle battery company Gotion Inc.’s plans for a large development in Big Rapids that will invest $2.4 billion and create more than 2,000 jobs. Local officials approved a large tax incentive for the company in Q3.
While demand persists, and that will mostly continue, some buyers are pumping the breaks going forward because of interest rate increases. Cash buyers are still prevalent in West Michigan and are willing to spend, but the 0.75 percent rate hike by the Federal Reserve will add to the hesitancy of making acquisitions.
Read more in our full market report.