INDUSTRIAL – Site Selection Each year, site selectors and real estate professionals collaborate with the Michigan Economic Development Corporation (MEDC), to issue RFIs for companies seeking industrial space. The Right Place reviewed all RFIs from the MEDC from 2023 and 2024 that mentioned Kent County, Grand Rapids, or Economic Development Region Four to determine what companies require. Below is an analysis of those RFIs.
INDUSTRIAL
INDUSTRIAL RENT
$8.00
$7.00
Type
Min
Max
$6.00
$6.88
$6.56
$5.00
Building 173,636 sq ft 266,842 sq ft
$4.00
$3.00
$2.00
Land
91 acres
173 acres
$1.00
$0.00
2019
2020
2021
2022
2023
2024
2025
Source: NAI Wisinski of West Michigan
Year
RFIs Buildings Land Undisclosed
Industrial rents were $6.88 per square foot in Q1 2025, decreasing 3% from $7.10 the previous quarter. Despite the recent quarterly decline, industrial rents are up 5% from Q1 2024 and have grown steadily since 2019.
2024 18
10
8
0
INDUSTRIAL SPACE UNDER CONSTRUCTION
3.0M
2,676,356 sq/ft
2023 28
14
11
3
2.5M
2.0M
Total 46 24
19
3
1.5M
774,766 sq/ft
1.0M
349,700 sq/ft
500K
0
2019
2020
2021
2022
2023
2024
2025
Source: NAI Wisinski of West Michigan
Industrial space under construction peaked in Q4 2021 with 2.7 million square-feet in the pipeline. Since then, the industrial pipeline has continued to whittle down, shrinking 69% from approximately 1.1 million square feet in Q1 2023 to nearly 350,000 square feet in Q1 2024.
09 STATE OF DEVELOPMENT – DIVING DEEPER
STATE OF DEVELOPMENT – DIVING DEEPER 10
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