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H1 2022 Lansing Market Report

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Over the last year, commercial real estate sectors in the Lansing area continued to show signs of recovery. 

Retail growth continued during the first half of 2022 with many new concepts entering the market and existing retailers expanding, especially along primary corridors. The most active retail segments in the Lansing area included fast casual and quick service restaurants, fashion retailers and service retailers.

"With new developments, leases and expansions, the Lansing retail market is still robust,” said Shawn O’Brien, vice president at Colliers Lansing. “We’re seeing a lot of restaurant activity, as well as acquisitions of land for new retail and mixed-use buildings. With this demand for new development primarily focused in new residential growth areas, the challenge going forward will be navigating increased construction costs and rising interest rates.”

While returning to the office remains a moving target for many employers, the first half of 2022 showed signs of recovery within the office sector. Many companies renewed existing leases, some downsized their footprints and others remained in a holding pattern. Businesses are looking to attract and retain talent by enhancing their employees’ office environment with additional amenities.

“It’s been a tumultuous couple of years for the office sector, and many employers are still assessing what the future will look like for their business,” said Nicole Wiseman, senior associate at Colliers Lansing. “We anticipate continued recovery in the second half of 2022 as employers determine their most effective back-to-work model.”

Momentum continued in the industrial sector, with increased demand for space and declining vacancy rates. Asking rates were at all-time highs while supply chain issues and labor shortages remained impactful on business operations and new developments.

“The industrial market remains strong but is hindered by the ongoing lack of supply,” said Julie O’Brien, vice president at Colliers Lansing. “We are seeing constant sale and lease activity and inventory is moving very quickly. Investors continue to scour the market for new opportunities. We expect these trends to continue throughout the second half of 2022.”


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H1 2022 Lansing Market Report

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Shawn OBrien

Vice President

Lansing

I service the Greater Lansing Area. With over two decades of commercial real estate experience, I bring a background of retail property sales and leasing, land brokerage, and investment properties throughout Mid-Michigan. Previously, I was a senior vice president for a Lansing-based commercial real estate firm for 19 years. At Colliers, I specialize in brokerage sales/leasing, site selection for retail, mixed-use properties, and land. I also provide brokerage and development consulting, acquistion, or disposition of investment properties throughout Michigan. 

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Julie OBrien

Vice President

Lansing

I joined Colliers in 2019 bringing more than 25 years of client/customer service experience to the Colliers team. I have worked in commercial real estate as an industrial advisor and team leader with a focus on growing the mid-Michigan industrial sector since 2011. My experience includes seller/landlord and purchaser/ tenant representation, site selection, broker’s valuation assistance and numerous other real estate services. I take great pride in the relationships I have developed with my clients while providing the highest quality of service to fulfill their unique real estate needs.

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Jeff Ridenour

Associate Vice President

Lansing

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Nicole Wiseman

Senior Associate

Lansing

I specialize in office space leases and sales in addition to tenant and landlord representation services in the Mid-Michigan area. 

My career in commercial real estate began in 2013. I worked as an administrative assistant and marketing coordinator before becoming licensed and beginning work in brokerage as an office advisor in 2017. I joined Colliers in 2021 as a Senior Associate specializing in the office sector.

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Amy Richter-Perkins

Associate Vice President

Lansing

I joined Colliers in 2020, bringing extensive commercial real estate experience. Throughout my career and over the past twenty years I have provided services to retail, restaurant, and shopping center owners throughout Mid-Michigan. I am an expert in shopping center and retail leasing, new business development, seller and buying representations, tenant advisory and site selection throughout Michigan.   

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