COMMERCIAL REAL ESTATE Industrial space under construction has continued to trend downward in Greater Grand Rapids. In 2024, there was 286,000 square feet of industrial space under construction, a 61% decrease from 2023. No new office space is currently under construction, a trend that has persisted since Q2 2023. PLACE
SQUARE FEET OF OFFICE SPACE UNDER CONSTRUCTION BY QUARTER
450,000
400,000
350,000
SQUARE FEET OF INDUSTRIAL SPACE UNDER CONSTRUCTION
300,000
3,500,000
250,000
3,000,000
200,000
150,000
2,500,000
100,000
2,000,000
50,000
1,500,000
0
2019
2020
2021
2022
2023
2024
1,000,000
Source: JLL
500,000
0
2017 2018 2019 2020 2021
2022 2023 2024
Source: NAI Wisinski of West Michigan
STATE OF THE REGION 2024 10
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