PLACE
COMMERCIAL REAL ESTATE Inventory of office space in Greater Grand Rapids has remained relatively stable since Q3 2022, increasing approximately a half percent (75,000 square feet). During the same period, total vacancy in the office market (combining direct vacancy and sublease vacancy) rose a percentage point to 14.1% in Q2 2023 and remained the same going into the following quarter. Meanwhile, industrial inventory increased nearly 1.9 million square feet (1.3%) from Q3 2022 to Q3 2023. Industrial vacancies edged down in 2023 compared to the previous year’s rates, reaching a low of 2.7% in Q2 2023. In Q3 2023, industrial vacancies crept up to 3.2%.
INDUSTRIAL INVENTORY BY QUARTER
150,000,000
148,000,000
146,000,000
144,000,000
142,000,000
OFFICE INVENTORY BY QUARTER
140,000,000
14,000,000
13,500,000
138,000,000
2019
2020
2021
2022
2023
13,000,000
Source: JLL
12,500,000
VACANCY RATES BY QUARTER
12,000,000
Office
Industrial
16%
11,500,000
14%
11,000,000
12%
2019
2020
2021
2022
2023
10%
Source: JLL
8%
6%
4%
2%
0%
2019
2020
2021
2022
2023
Source: JLL
STATE OF THE REGION 2023 | 9
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