Beruflich Dokumente
Kultur Dokumente
Lake
Lake
Lake
Population 1,069,167 9,531,487
Lake
Lake
Michigan
Michigan
Michigan
Michigan
Avg. Annual Five-Year Chg.* -0.4% 0.7%
55
90
41
Total Households 347,464 3,420,599
50 Employment 266,193 4,292,030
* 2006-2011 Forecast
1,200
retail construction. Last year, builders delivered over 550,000
900 square feet of retail space to the submarket, a 35 percent increase
from the previous year.
600
◆ Developers are set to increase their deliverables again this year,
300 adding an estimated 1.05 million square feet to the submarket by
year end, an 89 percent increase over 2006.
0
03 04 05 06 07* ◆ Builders are expected to focus on larger projects going forward, as
* Forecast
Sources: Marcus & Millichap Research Services, Reis, TWR the six projects in the planning pipeline total approximately 1.5
million square feet.
$21
Average Asking Rent 10% ◆ Since 2004, vacancy has been declining in the submarket, falling
Vacancy
370 points in 2005 followed by a 50 basis point drop in 2006. In the
$20 8% first half of 2007, vacancy declined 20 basis points to reach 4 per-
Vacancy Rate
Multi Tenant
year compared to the previous 12-month period, while Multi-ten-
$225 ant sales velocity declined roughly 25 percent.
$150 ◆ After spiking 68 percent in 2006 to reach $275 per square foot, the
median sales price for single-tenant properties declined to $198
$75 per square foot this year, which is still 20 percent above the medi-
an sales price two years ago. Multi-tenant median sales price has
$0
been steadily improving, as it gained 13.6 percent in 2006 and 55
03 04 05 06 07*
* Trailing 12 Months Ended June 30
percent to reach $213 per square foot over the last 12 months.
Sources: Marcus & Millichap Research Services, CoStar Group, Inc.