Michigan Business Beat | Carson Patten, Samantha Le, Martin Commercial Properties - Retail Advisory

Chris Holman welcomes Carson Patten, Vice President, Retail Advisor, Martin Commercial Properties, and Samantha Le, Senior Associate, Retail Advisor, Martin Commercial Properties, This discussion is the third of three with Martin Commercial Properties team, and focuses on their Retail Advisory. These were the questions they cover in this conversation: Retail Advisory: Retail vacancy rates have dropped slightly despite economic pressures—what types of retail businesses are thriving, and what’s driving this resilience? We’ve seen significant growth in build-to-suit developments. How are developers and retailers working together to create spaces that meet evolving consumer demands? With the influx of new eateries and some notable closures, how do you foresee the balance between new openings and vacancies playing out in the next year? These interviews grow out of a series of three recent reports recently released by the company. You can access them at: https://martincommercial.com/marketinsights/ . Retail '24 Market Insights: "RETAIL ‘24 Market Insights Greater Lansing Area, Michigan | H2 2024"​ The Greater Lansing Area retail market experienced significant changes in H2 2024, with the vacancy rate increasing from 13.8% in H1 2024 to 16.4%. ​ This rise was largely due to the closures of Rite Aid and Big Lots stores, which created new opportunities for smaller retailers. ​ Notable developments include Dollar Tree securing a site in Haslett, Burlington and Best Buy consolidating their leases in the West Submarket, and several popular eateries and retailers planning to open new locations across various submarkets. ​ The East Submarket, the largest retail sector in the area, saw vacancies rise to 12.8%, driven by store closures but balanced by strong leasing activity from retailers like Dollar Tree and Lansing Duck Pin. ​ The West Submarket also faced increased vacancies due to store consolidations, but it is attracting significant interest from major retailers such as Bass Pro Shops, which is set to open an 85,000 SF store in Delta Crossings. ​The North Submarket experienced a decrease in vacancies, becoming a sought-after destination with new restaurants and entertainment venues like Dave & Buster's and Cooper's Hawk Winery. Despite the South Submarket having the highest vacancy rate at 29.4%, it is witnessing a revival with new fast food establishments like Dunkin' and Wingstop. ​ Overall, the Greater Lansing retail market saw a net absorption of -216,877 SF, indicating a decrease in occupied space. ​ Martin Commercial Properties continues to provide comprehensive real estate services and market insights, helping businesses navigate the evolving retail landscape in the region. "For over 60 years, Martin Commercial Properties has provided comprehensive commercial real estate services across five core business lines: Brokerage, Property Management, Property Development, Investment and Corporate Services." » Visit MBN website: www.michiganbusinessnetwork.com/ » Subscribe to MBN’s YouTube: www.youtube.com/@MichiganbusinessnetworkMBN » Like MBN: www.facebook.com/mibiznetwork » Follow MBN: twitter.com/MIBizNetwork/ » MBN Instagram: www.instagram.com/mibiznetwork/