High Demand For West Michigan Industrial Property
Businesses vary considerably in what needs they have regarding space. So, there are a variety of different types of property business owners could be looking to lease in connection to housing their business’ operations. Some owners may have a desire to locate their business in an industrial space.
As with other business-related leases, leases of industrial property can be very complex agreements. Skilled attorneys can assist business owners who are seeking to lease an industrial property with the negotiation of lease agreement terms. Given the major effects such terms can have in the long run, having strong guidance when in such negotiations can be critical.
Here in West Michigan, it may be getting more challenging for business owners to find industrial space to lease. The demand for such space has been up in the region.
This high demand can be seen in what has happened with an industrial park in the Grand Rapids area over the past 15 months. Over that time period, 22 tenants have formed leases for space in the park, moving the park from being only a little over a third full to now being nearly completely full.
Among the things this high demand appears to be doing is keeping the amount of open industrial property in the region down. Currently, the vacancy rate for industrial space in West Michigan is only at 6 percent.
What overall effects do you think the high demand for industrial property in West Michigan will have for businesses in the region?
Source: MiBiz, “22 new tenants in 15 months at Grand Rapids area industrial park,” Nick Manes, Sept. 9, 2016