STATE OF DEVELOPMENT
Greater Grand Rapids State of Development
Industrial ¹
Office ²
KEY METRICS Q1 2025 Q1 2026
KEY METRICS Q1 2025 Q1 2026
Inventory
Inventory
13,518,745 sq ft 13,532,745 sq ft
124,960,065 sq ft 125,583,294 sq ft
Vacancy
Vacancy
2.9%
3.3%
13.8%
13.0%
Asking Rent
Asking Rent
$5.81 / sq ft
$6.36 / sq ft
$22.03 / sq ft
$20.85 / sq ft
Net Absorption
Net Absorption
-368,122 sq ft
278,708 sq ft
-36,743 sq ft
-20,941 sq ft
Under Construction
Under Construction
784,751 sq ft
296,560 sq ft
0 sq ft
0 sq ft
Multi-Family Housing ³
Retail ⁴
KEY METRICS Q1 2025 Q1 2026
KEY METRICS Q1 2025 Q1 2026
Average Lease Rate Number of Transactions
Rent
$1,466
$1,511
53
43
Vacancy
5.6%
6.0%
$13.69
$14.18
Under Construction
xxx
xxx
Single-Family Housing ⁵
1 Source: NAI Wisinski of West Michigan 2 Source: JLL 3 Source: Colliers 4 Source: Advantage CRE 5 Source: Greater Regional Alliance of Realtors (GRAR); Realtor.com
KEY METRICS Q1 2025 Q1 2026
Home Sales
2,411
2,279
Months of Inventory
1.8
1.7
Average Days on Market Median Listing Price
44
48
$381,408
$402,117
03
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