2026 Development Report

Photo Credit: Gardner White Furniture Co.

RETAIL

Developer: Gardner White Furniture Co. Status: Opening spring 2026 Investment: $5+ Million Footprint: 80,000 sq ft location in Kentwood Address: 4375 28th St SE, Kentwood, MI 550 Ring Rd, Portage, MI 8748 W Saginaw Highway, Lansing, MI Gardner White NOTABLE PROJECT

Description: Warren-based Gardner White Furniture Co. is stepping into West Michigan for the first time in its 113-year history and filling a gap in the market left by Value City Furniture’s bankruptcy. Its CEO attributed the company’s expansion to the west side of the state to strong real estate opportunities in the market.

Number of Retail Transactions

In 2025, 181 retail transactions closed across Greater Grand Rapids, mirroring transactions in 2024. In Q1 2026, 43 retail transactions closed across the region. This compares to 53 transactions in Q1 2025 and 46 transactions in Q1 2024. Activity is improving despite headwinds. Inquiries, listings, and deal flow are all up. Regional and national operators are driving demand while local user activity remains flat.

COVID-19 Q1 2020 - Q3 2023

Q1 26

2022

2023

2024

2025

Source: Advantage CRE

Average Lease Rates

$14.18 / SQ FT

Lease rates averaged $13.04/sq ft in 2025, a 12% decline compared to $14.79/sq ft in 2024. In Q1 2026, rates reached $14.18/sq ft, a 3.6% increase over the same quarter the previous year. Rates have ranged from $11.39/sq ft to $16.07/sq ft since 2022. Leasing inquires are increasing, and previously vacant spaces, particularly in B and C centers, are beginning to fill.