STATE OF DEVELOPMENT
Office
Key Metrics
Q1 2023 Q1 2024 Change
Inventory
13,365,446 sq ft
13,518,693 sq ft
Signs are pointing to renewed activity in Greater Grand Rapids’ office market. Both direct and sublease vacancy rates decreased in the most recent quarter, bolstered by 95,000 square-feet of new absorption as several organizations across the region signed substantial leases. This increase in demand drove asking rates up slightly, though they remain lower than their peak in mid-2023.
Vacancy
13.3%
12.7%
Asking Rent
$21.57
$21.65
Net Absorption
-38,094 sq ft
95,412 sq ft
Under Construction
10,812 sq ft
0 sq ft
Source: JLL U.S. Office Insights
Industrial
Key Metrics
Q1 2023 Q1 2024 Change
Inventory
122,082,721 sq ft
122,821,029 sq ft
The industrial market in Greater Grand Rapids remains extremely tight. Inventory rates have generally increased since 2019, however not enough to significantly impact vacancy, which has hovered under 2%. In this hot industrial climate, direct asking rents jumped nearly 16% from Q1 2023 to Q1 2024. Q1 2024 also saw approximately 428,000 square-feet of industrial space come back onto the market, compared to the 450,000 square-feet that was absorbed during the same quarter the previous year. The backlog of industrial projects continues to decline as companies complete construction without new projects breaking ground.
Vacancy
1.8%
1.9%
Asking Rent
$5.67
$6.56
Net Absorption
450,602 sq ft
-427,601 sq ft
Under Construction
1,119,269 sq ft
349,700 sq ft
Source: NAI Wisinski of West Michigan
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STATE OF DEVELOPMENT
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