PLACE
COMMERCIAL REAL ESTATE Office inventory crept up, adding approximately 139,000 square-feet from Q3 2023 to Q1 2024, though inventory levels have remained flat since then. Total vacancy rates (including direct and sublease vacancies) rose from 11.9% in Q3 2023 to 12.2% in Q3 2024. On the industrial front, vacancy rates continue to hover below 3%. Industrial vacancies have increased slightly, reaching 2.5% in Q3 2024 from 1.9% during the same period in 2023. Greater Grand Rapids gained approximately 825,000 square feet of new industrial space from Q3 2023 to Q3 2024, a 0.7% increase.
INDUSTRIAL INVENTORY BY QUARTER
126,000,000
124,000,000
122,000,000
120,000,000
118,000,000
OFFICE INVENTORY BY QUARTER
14,000,000
116,000,000
13,500,000
114,000,000
2019
2020
2021
2022
2023
2024
Source: NAI Wisinski of West Michigan
13,000,000
12,500,000
VACANCY RATES BY QUARTER
Office
Industrial
14%
12,000,000
12%
11,500,000
2019
2020
2021
2022
2023
2024
10%
Source: JLL
8%
6%
4%
2%
0%
2019
2020
2021
2022
2023
2024
Source: JLL and NAI Wisinski of West Michigan
STATE OF THE REGION 2024 09
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