During the third quarter 2013, two buildings totaling 141,276 square feet were completed in the West Michigan retail market.
Over the past four quarters, a total of 534,767 square feet of retail space has been built in West Michigan. In addition to the current quarter, two buildings with 7,647 square feet were completed in second quarter 2013, 13 buildings totaling 164,980 square feet completed in first quarter 2013, and 220,864 square feet in 12 buildings completed in fourth quarter 2012.
There were 40,171 square feet of retail space under construction at the end of the third quarter 2013.
Some of the notable 2013 deliveries include: 435 Ionia Avenue SW, a 130,000-square-foot facility that delivered in third quarter 2013 and is now 100% occupied, and 3000 44th Street SW, a 78,987-square-foot building that delivered in first quarter 2013 and is now 83% occupied.
Total retail inventory in the West Michigan market area amounted to 138,114,692 square feet in 13,861 buildings and 1005 centers as of the end of the third quarter 2013.
This trend is compared to U.S. National Retail deliveries and construction, which saw 660 buildings totaling 13.82 million square feet complete construction, with an additional 42 million square feet of retail space still under construction at the end of the third quarter. American Furniture Warehouse completed a 628,000-square-foot retail center, and The Fashion Outlets of Chicago, a 538,000-square-foot outlet center, delivered in the third quarter. Total retail inventory in the U.S. market totaled 12.37 billion square feet in almost 1.05 million buildings at the end of the third quarter 2013, including almost 97,000 shopping centers.
Meyers, Bryce. “Market Trend: Western Michigan’s Retail Deliveries, Construction and Inventory.” National Commercial Real Estate News. CoStarGroup, 04 Dec. 2013. Web. 10 Dec. 2013.