PLACE | 10
INDUSTRIAL INVENTORY BY QUARTER
Greater Grand Rapids added nearly 1.3 million square feet of industrial space since Q3 2024. Meanwhile, industrial vacancy rates crept up to 3.1% in Q3 2025 compared to 2.5% during the same period the previous year. On the office front, inventories have remained flat at 13.5 million square feet since the first quarter of 2024. Since Q3 2024, total vacancy rates (including direct and sublease vacancies) decreased from 14.1% to 13.1% in Q3 2025. COMMERCIAL REAL ESTATE
126,000,000
124,000,000
122,000,000
120,000,000
118,000,000
116,000,000
VACANCY RATES BY QUARTER
Office
Industrial
114,000,000
2019
2020
2021
2022
2023
2024
2025
16%
Source: NAI Wisinski of West Michigan
14%
12%
10%
OFFICE INVENTORY BY QUARTER
8%
14,000,000
6%
13,500,000
4%
13,000,000
2%
12,500,000
0%
2019
2020
2021
2022
2023
2024 2025
12,000,000
Source: JLL and NAI Wisinski of West Michigan
11,500,000
2019
2020
2021
2022
2023
2024
2025
Source: JLL
The Right Place, Inc. | State of the Region 2025
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