RETAIL
RETAIL INVENTORY
RETAIL RENT
24.5M
$18.00
23.5M
$15.69
$15.52
$16.00
22.5M
$15.00
20.97M sq/ft
20.79M sq/ft
$14.00
21.5M
20.5M
$12.00
19.5M
$10.00
18.5M
17.5M
$8.00
2021
2022
2023
2024
2025
2021
2022
2023
2024
2025
Source: Colliers
Source: Colliers
Retail inventories remained consistent through 2024 and into 2025. In Q1 2025, Greater Grand Rapids had 20,970,511 square feet of retail inventory, a modest increase compared to the same quarter the previous year. Since Q1 2024, corridors including 28th Street SE (236,217 square feet) and East Beltline (49,114 square feet) had positive inventory growth.
Retail rents averaged $15.52 per square foot across Greater Grand Rapids, representing a 1% decline from Q1 2024. Retail rents have remained relatively stable since Q3 2023.
RETAIL SPACE UNDER CONSTRUCTION
RETAIL VACANCY
200K
160K 180K 120K 140K 80K 100K
10.0%
8.0%
6.0%
4.8%
4.2%
4.0%
40K 60K 0 20K
9,750 sq/ft
13,500 sq/ft
2.0%
2021
2022
2023
2024
2025
0.0%
2021
2022
2023
2024
2025
Source: Colliers
Source: Colliers
The retail market completed approximately 43,000 square feet of projects in Q1 2025, bringing the total footprint under construction to 9,750 square feet.
Retail vacancy rates ticked down after Q2 2024, reaching 4.2% in Q1 2025.
13 STATE OF DEVELOPMENT – DIVING DEEPER
STATE OF DEVELOPMENT – DIVING DEEPER 14
Made with FlippingBook. PDF to flipbook with ease