STATE OF DEVELOPMENT DIVING DEEPER
OFFICE – Key Metrics
OFFICE INVENTORY
15M
14M
13M
13,365,446 sq/ft
12M
13,413,455 sq/ft
11M
10M
9M 8M
7M
6M
2019
2020
2021
2022
2023
2024
Source: JLL
Office inventory levels rose 1% from Q1 2023 to Q1 2024, surpassing more than 13.5 million square feet.
OFFICE VACANCY
Direct Vacancy
Sublease Vacancy
Total Vacancy
16%
13.3%
12.7%
14%
12%
10%
11.2%
10.8%
8%
6%
4%
1.9%
2.1%
2%
0%
2019
2020
2021
2022
2023
2024
Source: JLL
Vacancy rates in the office sector have declined since mid-2023, leading Greater Grand Rapids to have one of the lowest vacancy rates across the country, according to JLL. Office vacancy reached 12.7% in Q1 2024, down from 13.6% in Q4 2023 and 13.3% in Q1 2023. Direct lease rates and sublease rates contributed to this decline.
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STATE OF DEVELOPMENT – DIVING DEEPER
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