Retail
Key Metrics
Q1 2023 Q1 2024 Change
Inventory
20,830,458 sq ft
20,787,800 sq ft
Though the retail market has remained relatively flat over the past year, gradual decreases in vacancy rates suggest a slight uptick in activity in the coming quarters. Asking rents remained stable, though the pipeline of new retail construction continues to slide as inventory levels remain flat. This may indicate the market is more focused on optimizing and revamping existing space rather than new construction.
Vacancy
4.9%
4.80%
Asking Rent
$15.81
$15.69
Net Absorption
59,927 sq ft
14,900 sq ft
Under Construction
14,250 sq ft
13,500 sq ft
Source: Colliers
Housing
Key Metrics
Q1 2023 Q1 2024 Change
Single Family Home Sales
1,937
1,658
Greater Grand Rapids’ housing market for single- family dwellings is under considerable constraint. Supply of available housing listed on the market and sold has declined significantly, putting further pressure on cost.
Average Listings per Quarter
916
665
Average Days on Market
35
34
Median Listing Price
$390,883
$412,793
Source: Greater Regional Alliance of Realtors and Realtor.com
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STATE OF DEVELOPMENT
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