RETAIL – Key Metrics
INVENTORY & VACANCY
Retail Inventory & Vacancy
10%
23.5M
Total retail inventory in Greater Grand Rapids increased nearly 3 percent from 1Q21 to 1Q23, with substantial positive net absorption occurring from 1Q22 to 1Q23. During that time, a nearly 50,000 s.f. retail development in Grandville, containing Sierra Trading Post, Home Goods, and Kid to Kid stores, came online along with numerous other restaurants and boutique retailers across the region. Vacancy rates in the retail sector have generally trended downward, declining from nearly 6.2 percent in 1Q21 to nearly 4.9 percent in 1Q23. SQ. FT. UNDER CONSTRUCTION Much of the pipeline for new retail built up between 3Q21 and 1Q22 was expended in the second quarter of 2022. Approximately 150,000 s.f. was deployed during this time. Currently, roughly 14,000 s.f. of construction is slated for future completion. ASKING RENTS Rents on retail properties have generally trended upwards over the last two years, rising nearly 15 percent from 1Q21 to 1Q23. The majority of the increase in rents have occurred post Q2 2022.
Inventory Vacancy
8%
21.5M
6%
19.5M
4%
17.5M
2021
2022
2023
Source: Colliers
Retail Space Under Construction (Sq Ft)
200k
150k
100k
50k
0
2021
2022
2023
Source: Colliers
Retail Average Direct Asking Rent
$18.00
$16.00
$14.00
$12.00
$10.00
2021
2022
2023
Source: Colliers
06
STATE OF DEVELOPMENT – DIVING DEEPER
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