Bob Salsberry, managing director for West Michigan operations with Signature Associates, knows that the western portion of his state has turned a corner. Why? Developers, retailers and investors from outside the Western Michigan market are making plans to do business in communities such as Grand Rapids, Muskegon and Holland.
“People from outside the community, from outside the state, are recognizing that there are good opportunities to be found here,” Salsberry said.
Like many markets across the Midwest, Western Michigan — and, most notably, Grand Rapids — is enjoying a steady commercial real estate recovery today.
And Salsberry says that he expects real estate activity to only get stronger as the months go on.
“In all the categories, industrial, office, retail and even investment, the activity has been significantly better these last 12 months,” Salsberry said. “The last two quarters have been especially strong. We think that 2013 is a going to be a good year for absorption and rental rates.”
As an example of the strength of the West Michigan market, Salsberry points to the industrial sector here. The region last year saw 600,000 square feet of absorption in the industrial market alone.
“Grand Rapids is a great city,” Salsberry said. “We are getting some national press these days. Forbes recently ranked us seventh in the country on its list of best places to live and retire. There is a positive attitude about the city. And we’re excited about what we are seeing here when it comes to commercial activity.”
