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%
3.8%
4.0%

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

Office-Stats2

Elkhart County

LaPorte County

(4Q2018)

St Joseph County

SW Michigan*

Total Inventory

3,500,000 SF
1,509,704 SF
3,791,294 SF
3,600,021 SF

Vacancy

4.9%
11.80%
11.89%
5.3%

Average Asking Rent

$14.87
$11.81
$17.10
$15.35

Under Construction

0
0
0
0

YTD Absorption

6,900 SF
-58,840 SF
37,445 SF
10,900 SF

Average CAP Rate

8.7%
10.9%
8.6%
9.2%

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

LaPorte County

(4Q2018)

St Joseph County

SW Michigan*

Total Inventory

13,500,000 SF
7,518,231 SF
22,800,000 SF
10,189,235 SF

Vacancy

2.40%
4.50%
2.90%
2.30%

Average Asking Rent

$9.17
$10.29
$12.73
$8.96

Under Construction

0
0
7,522 SF
0

YTD Absorption

81,600
19,894 SF
52,900 SF
115,000 SF

Average CAP Rate

8.90%
8.70%
9.1%
9.00%

*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

LaPorte County

(4Q2018)

St Joseph County

SW Michigan*

Total Inventory

85,345,238 SF
11,244,692 SF
36,993,658 SF
12,300,198 SF

Vacancy

1.26%
9.90%
3.89%
14.3%

Average Asking Rent

$3.40
$2.59
$3.50
$5.25

Under Construction

354,323 SF
0
0
0

YTD Absorption

-15,388 SF
-253,621 SF
-14,656 SF
50,900 SF

Average CAP Rate

10.10%
6.10%
9.90%
8.70%

*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

LaPorte County

(4Q2018)

St Joseph County

SW Michigan*

Total Inventory

13,508 Units
4,030 Units
19,821 Units
6,708 Units

Vacancy

6.70%
7.90%
6.80%
5.00%

Average Asking Rent

$721 (3 BR)
$699 (3 BR)
$969 (3 BR)
$660 (3 BR)

Under Construction

195 Units
0
353 Units
0

YTD Absorption

143 Units
-20 Units
190 Units
7 Unit

Average CAP Rate

7.90%
10.00%
7.50%
7.8%

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