Regional Statistics

2019

Elkhart County

LaPorte County

St Joseph County

SW Michigan*

Population

206,033
109,407
270,419
343,874

Median Age

34.7
39.6
35.9
41.5

Households

73,521
44,192
109,393
142,445

Average HH Income

$69,660
$71,172
$68,616
$74,992

Monthly HH Expenditure

$4,555
$4,610
$4,457
$4,783

Median Home Value

$144,418
$135,381
$130,724
$157,029

Total Businesses

8,357
4,116
10,659
13,073

Unemployment Rate

3.2%
4.6%
3.9%
4.2%

*Includes Berrien, Branch, Calhoun, Cass, Kalamazoo, St. Joseph and Van Buren Counties

Office-Stats2

Elkhart County

St Joseph County

SW Michigan*

Total Inventory

3Q2019
4Q2019
3Q2019
4Q2019
3Q2019
4Q2019
1,862,788 SF
1,862,788 SF
3,801,813 SF
3,801,813 SF
17,800,000 SF
17,800,000 SF

Vacancy

5.90%
7.80%
11.75%
12.19%
5.10%
5.50%

Average Asking Rent

$14.91
$15.79
$17.17
$17.22
$15.61
$15.76

Under Construction

0
0
41,400 SF
41,400 SF
301,000 SF
405,000 SF

YTD Absorption

(29,000 SF)
(134,000 SF)
18,333 SF
45,867 SF
29,000 SF
65,400 SF

Average CAP Rate

8.60%
9.00%
8.80%
9.00%
8.70%
9.20%

Office Building Classifications

Class A

Most prestigious buildings competing for premier office users with rents above average.

Class B

Competing for a wide range of users with average rents. Building finishes are fair to good.

Class C

Buildings competing for tenants requiring functional space at rents below average.

Medical

Properties consisting of 75% or greater medical tenancy.

Government

Properties owned and at least 75% occupied by public sector government agencies.

*Includes Berrien, Branch, Calhoun, Cass, Kalamazoo, St. Joseph and Van Buren Counties

retail-stats2

Elkhart County

St Joseph County

SW Michigan*

Total Inventory

3Q2019
4Q2019
3Q2019
4Q2019
3Q2019
4Q2019
11,400,000 SF
11,400,000 SF
19,100,000 SF
19,100,000 SF
45,600,000 SF
45,600,000 SF

Vacancy

2.70%
3.30%
2.70%
3.50%
3.20%
3.90%

Average Asking Rent

$8.49
$8.84
$12.52
$11.85
$9.51
$10.03

Under Construction

0
0
0
46,000 SF
0
64,100 SF

YTD Absorption

21,000 SF
(50,200 SF)
(21,000 SF)
(70,400 SF)
141,100 SF
183,000 SF

Average CAP Rate

9.00%
9.20%
8.70%
10.20%
8.60%
9.20%

*Includes Berrien, Branch, Calhoun, Cass, Kalamazoo, St. Joseph and Van Buren Counties

Retail Building Classifications

Strip Center

5,000 – 50,000 SF, constructed with common walls in a strip facing the street. No dominant anchor stores, convenience – oriented tenants.

Super-Regional Center

Over 800,000 SF, three or more anchors such as full line or junior department stores, mass merchant, fashion apparel.

Outlet Center

50,000 – 400,000 SF, no dominant anchor stores, tenants include manufacturers’ outlets.

Neighborhood Center

50,000 – 200,000 SF, at least one anchor store, usually two or more, typically including a supermarket and drug store.

Power Center

250,000 – 800,000 SF, three or more anchors such as home improvement, a discount department store or warehouse club.

Urban Retail

Significant retail space in the lower levels of downtown office buildings as well as other street-oriented retail space.

Free-Standing Center

Typically 20,000+ SF. Consists of one building occupied by one major tenant. Includes stand-alone suburban department stores as well as stand-alone department stores in downtown areas.

Specialty, Festival, or Entertainment Center

80,000 – 250,000 SF, no traditional anchor stores. Typically are anchored by a multiplex cinema with a high proportion of restaurants. Retail establishments frequently include an entertainment focus, such as sporting goods or events related to the merchandise (e.g. cooking classes in a home furnishings store).

INDUSTRIAL-STATS2

Elkhart County

St Joseph County

SW Michigan*

Total Inventory

3Q2019
4Q2019
3Q2019
4Q2019
3Q2019
4Q2019
85,414,670 SF
85,427,443 SF
36,961,516 SF
36,961,516 SF
79,800,000 SF
79,800,000 SF

Vacancy

1.00%
1.11%
2.51%
2.84%
4.00%
4.10%

Average Asking Rent

$3.37
$3.38
$3.59
$3.67
$4.61
$3.99

Under Construction

361,176 SF
563,176 SF
472,300 SF
467,500 SF
0
176,000 SF

YTD Absorption

(18,407 SF)
(160,514 SF)
306,275 SF
434,315 SF
251,001 SF
(734,000 SF)

Average CAP Rate

9.60%
10.40%
9.50%
10.00%
8.80%
9.00%

*Includes Berrien, Branch, Calhoun, Cass, Kalamazoo, St. Joseph and Van Buren Counties

Industrial Building Classifications

Class A

• Constructed after 1985
• State-of-the-art functionality & systems
• Minimum of 28’ clear height for buildings over 100K SF
• Minimum of 24’ clear height for buildings 50K – 99,999 SF
• Excellent truck/door building ratio
• Excellent truck yards with minimum of 135’ truck turning radius
• Minimum of .60/3000 or ESFR sprinkler system

Class B

• Constructed after 1970
• Some functional obsolescence
• Fair to good building systems
• Minimum of 22’ clear height for buidlings over 100K SF
• Minimum of 18’ clear for buildings 50K – 99,999 SF
• Adequate loading capability
• .33/3000 – .45/3000 sprinkler system

Class C

• Constructed after 1955
• Considerable functional obsolescence
• Inadequate truck yards (below 110’ turning radius)
• Below 22’ clear height for buildings over 100K SF
• Below 18’ clear height for buildings 50K – 99,999 SF
• Insufficient number of truck doors

Class D

This classification should be used for demolished buildings or for logistic buildings that do not qualify as A, B, or C.

MIULTIFAMILY-STATS2

Elkhart County

St Joseph County

SW Michigan*

Total Inventory

3Q2019
4Q2019
3Q2019
4Q2019
3Q2019
4Q2019
13,812 Units
13,812 Units
19,674 Units
19,674 Units
46,547 Units
46,547 Units

Vacancy

7.60%
9.40%
6.50%
8.90%
5.60%
7.30%

Average Asking Rent

$749 (1 BR)
$768 (1 BR)
$980 (3 BR)
$850 (1 BR)
$789 (3 BR)
$887 (3 BR)

Under Construction

0
11 Units
110 Units
0 Units
310 Units
437 Units

YTD Absorption

0
(215 Units)
0
131 Units
29 Units
103 Units

Average CAP Rate

7.60%
7.90%
7.40%
7.20%
8.20%
9.20%

*Includes Berrien, Branch, Calhoun, Cass, Kalamazoo, St. Joseph and Van Buren Counties