INDUSTRIAL – Key Metrics
INDUSTRIAL INVENTORY
124M
122M
122.82M sq/ft
122.08M sq/ft
120M
118M
116M
114M
112M
2019
2020
2021
2022
2023
2024
Source: NAI Wisinski of West Michigan
Industrial inventory levels have generally increased since 2019. Inventory levels reached 122.82 million square- feet in Q1 2024, rising 0.6% over the same period the previous year. Inventory levels peaked in Q4 2023 with 123.39 million square-feet, before declining in Q1 2024. The last time industrial inventory levels dipped was between Q2 2022 and Q4 2022.
INDUSTRIAL VACANCY
4.0%
3.5% 3.0%
2.5%
2.0%
1.9%
1.5%
1.8%
1.0% 0.5%
0.0%
2019
2020
2021
2022
2023
2024
Source: NAI Wisinski of West Michigan
Vacancy continues to run extremely tight for industrial property in Greater Grand Rapids. Vacancy rates eased a tenth of a percent to 1.9% in Q1 2024 from 1.8% in Q1 2023. Post-pandemic, industrial levels have continued to constrict, with rates hovering between 1.8% and 2% since Q1 2023.
06
STATE OF DEVELOPMENT – DIVING DEEPER
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