The deal momentum from the end of 2012 gave the downtown commercial real estate market a strong start for the first part of 2013.
Vacancy rates for office and retail space in the city are down and activity levels in both sectors have brokers bullish on the progress of downtown, according to a new market report from brokerage firm Colliers International.
Activity in the West Michigan office market saw 50,641 square feet of new absorption in the first quarter of 2013, according to reports from Colliers. The downtown and central business district accounted for approximately 11,381 square feet of that figure.
The numbers are a modest improvement over total office absorption of 49,026 square feet in the fourth quarter last year, but the new data also marks nine straight quarters of positive absorption.