Multifamily and industrial are the two hottest commercial real estate markets in West Michigan while the outlook for office and retail is comparatively less optimistic, according to a new first quarter commercial real estate trend report.
Coming off the first quarter of 2021, high demand continues for land in the industrial and multifamily sectors in West Michigan. The future of office space remains questionable, while the retail market continues to adjust and maintain some activity, according to Mark Ansara, senior vice president at Advantage Commercial Real Estate Services LLC in Cascade Township.
“The market overall, in our opinion, is positive,” Ansara said. “There’s a couple of categories that are still trying to find their way. The retail and the office pieces are the struggling pieces right now.”
