|Three West Launches New Website!
You may have been familiar with our old site, but you will want to definitely check out or new one. We have spent months making our site an even better resource for you, our valued client.
With the new site, you can now search not only local Northern Michigan Commercial Real Estate, but commercial properties throughout the State and Nationally right from the homepage. We have also kept some of the bells and whistles from the old as well like our Quick Search feature that allows you to search properties by type and size, for lease or for sale.
Be sure to check out the Latest News section to stay up to date with what is occurring with Three West and the market in general. You will be able to access all of these newsletters and our Market Updates from this section of the site. We hope you enjoy it and find it to be a useful resource when searching for that next perfect space for your business or investment.
|Market Recap Through October '12
It has been a solid year thus far in the Commercial Real Estate market in the Grand Traverse area. Overall Sales Volume is up 54% ($14.7 million vs. $9.5 million) from this same time last year and total Square Footage sold is up 48% (341,792 vs. 230,507).
Looking at the average Sold Price for the varying property types shows that larger deals have been done this year over last, but interestingly the Avg. Sold Price/SF numbers are down from last year for Office/Medical and Retail/Restaurant buildings. The only improvement on Avg. Sold Price/SF was in the Industrial/Warehouse sector where prices increased from $33/SF in 2011 to $45/SF so far this year.
|Northern Michigan Successfully Retools Economy
If you were waiting for the market to hit bottom and you blinked, you might have missed it. At least that's the case for the industrial manufacturing market in Northern Michigan's Grand Traverse area. The worst of the downturn appears to be behind us and we are climbing our way back.
In the first half of this year, we saw a rapid absorption of inventory in the industrial manufacturing sector. Seven big-box industrial buildings were sold, resulting in the absorption of 360,937 square feet of space. To put that figure in perspective, only 131,726 square feet of inventory was absorbed during all of 2011 in this same property sector. Additionally, two industrial buildings are under contract that total a combined 100,000 square feet.