Greater Lansing Market Insights: Key Trends & Expert Analysis
As the trusted leader in commercial real estate for over 60 years, Martin Commercial Properties continues to provide the market intelligence businesses rely on to navigate Greater Lansing’s evolving landscape. The firm’s latest biannual Market Insights Reports deliver expert analysis on key trends, major transactions, and market forecasts across the industrial, office, and retail sectors—offering valuable guidance for investors, tenants, and property owners.
Industrial Sector: Strong Demand Despite Vacancy Uptick
- Vacancy rates increased from 8.9% in H1 2024 to 11.5% in H2 2024, primarily due to specific vacancies in the South Submarket.
- Demand remains strong, highlighted by Temperpack Technologies leasing 135,000 SF at 2510 Snow Road just days after it was vacated.
- Major investments continue to drive growth, including GM’s $500 million grant for EV production, Gestamp’s $400 million expansion in Mason.
- Ultium Cells’ 2.8 million SF battery plant nearing completion
- Vacancy rates rose slightly to 21.9%, from 21.2% charted in H1 2024.
- Tenant-friendly conditions are expected to continue, as leasing volume held steady but transaction values dipped by 30% due to downsizing and shorter-term leases.
- Notable leases include HNTB (20,000 SF), Thrun Law Firm (17,000 SF renewal), and Cedar Creek Hospital (12,000 SF).
- Vacancy rose from 13.8% in H1 2024 to 16.4% in H2 2024, driven by store closures like Rite Aid and Big Lots, though new tenants are stepping in.
- Delta Crossings continues attracting major retailers, welcoming Burlington and announcing Best Buy and Bass Pro Shops.
- The South Submarket is experiencing a retail revival, with Dunkin’, Wingstop, and Chick-fil-A joining the corridor near Meijer on South Cedar St.
Meet the Martin Commercial Properties Brokerage Team
Behind the data and market insights stands a team of experienced professionals dedicated to driving results in the office, industrial, and retail sectors. Our brokerage experts provide strategic guidance and in-depth market knowledge to help clients navigate the evolving commercial real estate landscape.
Office Brokerage Team
The office sector is undergoing significant shifts, and our dedicated team – Executive Vice President, Eric Rosekrans, CCIM and Senior Vice President, Thomas Jamieson, SIOR – is at the forefront of market trends. Whether securing new leases, managing property transitions, or identifying investment opportunities, our office brokerage experts specialize in connecting clients with spaces that align with their business goals.
Industrial Brokerage Team
With industrial demand remaining strong, our industrial brokerage professional – Senior Vice President, Christopher Miller, SIOR – excels at identifying prime locations, negotiating deals, and managing complex transactions. From logistics hubs to manufacturing spaces, we help clients capitalize on emerging opportunities in a competitive market.
Retail Brokerage Team
Retail is evolving, and our retail brokerage team – Vice President, Carson Patten and Senior Associate, Samantha Le – understands how to navigate shifting consumer trends and property dynamics. Whether assisting national brands, local entrepreneurs, or developers, we provide expert guidance in site selection, leasing, and investment strategies.
At Martin Commercial Properties, our brokerage team’s deep expertise and commitment to client success drive real estate solutions that create long-term value.
For more information on how our team can assist with your commercial real estate needs, visit www.martincommercial.com.