Market tightens with no speculative construction in pipeline

•Lansing-East Lansing MSA has an unemployment rate of 3.7%, below the State of Michigan and U.S. unemployment rates of 4.7% and 4.1%, respectively.

•Overall market vacancy drops 50 basis points to 17.6%.

•No new space deliveries.

•Build-to-suit construction to become more active in 2018.

•Rental rates steady with limited landlord concessions.

•State government lease activity increases.

•Major insurance company relocates from East Submarket to West Submarket.

•Major healthcare organization vacates 45,000 sq. ft. in West Submarket and relocates to East Submarket.