CBRE has market reports on their site, but you need to make an account (just email & password) to sign in. I've tried several different emails and it always says "account blocked." I don't know what's wrong with their system, I sent them an email asking to be unblocked yesterday but I doubt I'll see a response. I put the link below, maybe you or someone else will have better luck getting access:
4Q 2009, central business district: 14.8% overall; 6.1% Class A.
Overall market: 17.7%; 8.9%
When One Michigan Avenue was bought by local investors, I think they realized the potential of the space at the north and south ends of the building to add retail. The south end is now Troppo.
I think the first floor of the building is largely leased. Lobbying firm GCSI has been in the space opposite the lobby from PNC for a couple years now.
Funny, I could have sworn that they've been advertising first floor space. Perhaps, it was the newly proposed first floor space I've been seeing in their weekly ads. Anyway, I looked up the building, and it seems that there is 20,000 square feet of empty space (only about 8,000 of which is contiguous on the fourth floor) out of a total of 157,000 square feet. That's what. 13% vacancy? I guess that's not too bad, though definitely above the average for downtown Class A space.
The building did have some major vacancy issues for quite some. The state once took up a bunch of space in that building - I think the AG's office? - and they never really started to recover from that loss until the new ownership and bringing Troppo in.
I surprised at the CBD class A vacancy rate. 6.1% is a fairly healthy vacancy rate for even good times, with thing's the way they are now 6.1% is great.
The story in the LSJ today about Virg making it back to Lansing has a quote by him saying something to the effect that there are projects he's working on that he's not even announced. Usually, this has always been the case, so I'm waiting to see what else is coming down the pike. His immediate focus, though, will be on REO Town according to the article. That's what I love about this time in history in the city, there are things literally waiting around every corner. It used to be that these things were spaced few and far between, but a critical mass is finally building.
It's really sad that the credit market is in the pits. If it weren't for that most of the projects proposed over the several years would of likely happened, and would have resulted in more projects. I just hope this economy begins turning around soon.
Anyone notice that the house and portable building on the lot at the southeast corner of Michigan and Francis has now been demolished? I remember a few years back the owner had the property rezoned, but I can't exactly remember what he wanted to put there, but I think it was a one-story commercial/retail building.
Comments
CBRE Lansing Market Reports
Overall market: 17.7%; 8.9%
When One Michigan Avenue was bought by local investors, I think they realized the potential of the space at the north and south ends of the building to add retail. The south end is now Troppo.
I think the first floor of the building is largely leased. Lobbying firm GCSI has been in the space opposite the lobby from PNC for a couple years now.
Total rentable office space downtown: 3,200,452 SF.