CARWM: First Quarter Sold Report
FIRST QUARTER SOLD REPORT RELEASED
Commercial real estate in West Michigan is continuing to show increased activity and growth, according to recently released first quarter closed sales statistics reported to the Commercial Alliance of REALTORS®.
The number of commercial sale transactions reported for the first quarter of 2012 has increased 23.8% compared to the first quarter of 2011. Retail and office transactions reveal a large increase in activity, with increases of 45.8% and 40% compared to 2011. The industrial sector, which showed huge growth in 2011, reported two fewer transactions in the first quarter of 2012, than in 2011.
Overall commercial real estate sales volume correlates directly with the slow down in the industrial sector. While office sales soared with a 109% increase over 2011, and retail showed steady growth at 7.2%, sales volume for industrial properties declined by 63.9%.
The slow down in the industrial sector is not necessarily indicative of a lack of demand for industrial property. “The industrial sector is experiencing something that hasn’t been seen for several years – the need for new construction of manufacturing and warehouse space. The current inventory of larger footprint industrial space is extremely limited, ” stated 2012 CAR President Mary Anne Wisinski-Rosely, of NAI Wisinski West Michigan. “The office and retail sectors increases in both the number of transactions and volume demonstrates the strength and viability of doing business in West Michigan.”
COMPARATIVE ACTIVITY REPORT – CLOSED SALES |
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| First Quarter 2011/ First Quarter 2012 | |||||
| NOTE: This report reflects closed sales reported to Commercial Alliance of REALTORS from the West Michigan area, particularly Kent, Ottawa, Muskegon, Allegan and Kalamazoo Counties. This report does not include leasing activity. |
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| Property Type | Number of Transactions 2011 | Number of Transactions 2012 | % Change | ||
| Industrial | 24 | 22 | -8.3% | ||
| Retail | 24 | 35 | 45.8% | ||
| Office | 15 | 21 | 40.0% | ||
| TOTAL | 63 | 78 | 23.8% | ||
| Property Type | Real Estate Sold 2011 | Real Estate Sold 2012 | % Change | ||
| Industrial | $16,508,901.00 | $5,952,744.00 | -63.9% | ||
| Retail | $7,396,680.00 | $7,930,550.00 | 7.2% | ||
| Office | $3,910,650.00 | $8,172,500.00 | 109.0% | ||
| TOTAL | $27,816,231.00 | $22,055,794.00 | -20.7% | ||
| Print article | This entry was posted by Shane Ikola on April 17, 2012 at 7:02 pm, and is filed under Economy, General, Industrial, Office, Research, Retail, Uncategorized. Follow any responses to this post through RSS 2.0. Responses are currently closed, but you can trackback from your own site. |
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