How strong was the industrial market in the West Michigan region in the third quarter? NAI Wisinski of West Michigan, in its latest report, said that the industrial vacancy rate stood at 1.6 percent during the quarter.
And that’s just an overall rate. Specific submarkets of the Grand Rapids, Michigan, area saw even lower industrial vacancy rates.
The Southwest submarket, for instance, had an industrial vacancy rate of 0.2 percent in the third quarter, according to NAI Wisinski. And in the Northeast submarket, the rate was 0.5 percent.
Not surprisingly, the industrial market here saw several big deals in the quarter, according to NAI Wisinski. As an example, a.j. Veneklasen broke ground in August on a 113,600-square-foot addition to an industrial park at 5300 Broadmoor Ave. SE in Kentwood, Michigan. Three tenants are planning to move in, a maker of electronic components, a printer and a bearings manufacturer. The $6.5 million project is expected to be completed by the spring of 2019.
Arcanum Alloys, a Silicon Valley, California-based alloy maker, is moving to 4460 44th St. SE in Kentwood. The company is investing $693,000 in what will serve as its new headquarters and research-and-development center. The move will create 25 jobs.
TGW Systems, a warehouse automation manufacturer, invested $2.5 million in a vacant industrial building in Norton Shores, Michigan. The 170,000-square-foot building at 1300 E. Mt. Garfield Road should be fully occupied this month.
Finally, Hudsonville Ice Cream expanded its facility, creating 25 new jobs. The $1.5 million expansion is located at 345 E. 48th St. Renovations includle a new test kitchen and pilot plant that will allow Hudsonville to create more flavors.
