OFFICE
Office Space Under Construction
With no new supply coming online, increased construction expenses requiring rents in the mid-to-upper $20s per sq ft, and office rents remaining relatively flat, there hasn’t been the financial incentive to invest in new construction. Capital is rotating away from ground-up development toward renovation and repositioning.
COVID-19 Q1 2020 - Q3 2023
0 SQ FT
Q1 26
2019 2020 2021
2022 2023 2024 2025
Source: JLL
Office Vacancy
Direct Vacancy (%)
Sublease Vacancy (%)
Total Vacancy (%)
13.0%
COVID-19 Q1 2020 - Q3 2023
Office vacancy rates remained stable through 2025, with direct rates averaging 13.2%, a slight decline from 13.5% the previous year. Q1 2026 saw vacancy at 13.0%, compared to 13.8% the same quarter the previous year. With national vacancy averaging 19%, Greater Grand Rapids continues to be a comparatively strong market.
Q1 26
2019 2020 2021
2022 2023 2024 2025
Source: JLL
Average Office Rent
$20.85 / SQ FT
Average rents continue to trend upwards on an annual basis, reaching $21.39/sq ft in 2025, a 2.1% increase over $20.95/sq ft in 2024. In Q1 2026, rents slipped to $20.85/sq ft, down 5.4% from the same quarter the previous year. Despite the recent pullback, rents remain above the long-term trendline, reflecting a slight shift in the market where owners are focusing on occupant retention and stability given moderate demand.
COVID-19 Q1 2020 - Q3 2023
Trendline
Q1 26
2019 2020 2021
2022 2023 2024 2025
Source: JLL
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