What area is your expertise?
Retail leasing, sales, and development in Michigan.
What trends do you see presently in retail development in your area?
Retail development is stagnant at this time. However, there are several planned developments that will certainly become more viable when the local economy improves.
What type of retail product is doing well in your area?
Neighborhood Strip Centers.
What retailers are new to your area?
Tim Horton’s and several independent restaurants. Since the earlier part of the decade, we haven’t had much in the way of “new” traditional retail to the market.
Who are the active retail developers in your area?
Mostly local developers. The Gillespie Group, Strathmore Development and The Eyde Company.
Please name one or two significant retail developments in your area. What impact will these projects have on the market?
East Village near the MSU Campus in East Lansing. Currently in planning stages only and no tenants named at this point. Will encompass 250,000 square feet of retail, with a movie theater, a hotel, 100,000 square feet of office and both for lease and for sale residential units. Encompasses over 20 acres. Numerous planned projects around the Eastwood Towne Center but nothing definite at this point.
Where is the majority of development taking place? Why is this area doing well?
Near Eastwood Towne Center, but all is planned at this point.
What area do you expect to be the next big retail development market? Why?
East Village, because of its location and mixed-use aspect.
What major leases have been closed recently?
Furniture Row, 50,000 square-foot build-to-suit, located on Market Place Drive, Lansing.
Please give a measure of retail vacancy rates and a measure of available sublease space.
Lansing overall market is about 15 percent.
What types of retailers should look into your market in the coming year? What type of retail is needed?
Discount stores, furniture/home improvement, and food users.
Would you like to make any additional observations about the retail market in your area?
Our market is stagnant at this point and in need of new development to attract new retailers.
Submitted by Jason Kildea, senior associate –retail advisor with the Lansing, Mich., office of CBRE/Martin. Posted 07-08-08.