STATE OF DEVELOPMENT
Greater Grand Rapids State of Development
Industrial
Office
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
Retail
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
Single-Family Housing
SOURCES
KEY METRICS Q1 2025
Q1 2026
A special thanks to our commercial real estate partners for supplying this data.
Home Sales
2,411
2,279
Months of Inventory
1.8
1.7
INDUSTRIAL
NAI Wisinski of West Michigan
Average Days on Market
44
48
OFFICE
JLL
Median Listing Price
$381,408
$402,117
RETAIL
Advantage CRE
Note on the data: Kent County is the primary source of data for this report, unless otherwise noted. Greater Grand Rapids (GGR) refers to the Grand Rapids-Kentwood metropolitan statistical area (MSA), which includes Kent, Ionia, Montcalm, Ottawa and Barry counties. Greyed out portions of graphs represent the Covid-19 pandemic.
SINGLE-FAMILY HOUSING
Greater Regional Alliance of Realtors (GRAR)
Colliers
MULTI-FAMILY HOUSING
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