2024 Office Space Rent & Sales
- $23.92 2024 Avg. Asking Rent
- 2.90% Y-o-Y Avg. Asking Rent Change
- 21.22% 2024 Office Vacancy Rate
Grand Rapids office price per square foot in 2024 was $23.92 on average. This marked a +2.90% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 21.22% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2024 Average Office Rent per Square Foot
- Grand Rapids Class A & A+ Office Space$27.67
- Grand Rapids Class B Office Space$21.42
- Grand Rapids Class C Office Space$12.17
- Michigan Class A & A+ Office Space$23.20
- Michigan Class B Office Space$21.30
- Michigan Class C Office Space$15.30
Grand Rapids, MI Office Asking Rents by Class
Average office rent in Grand Rapids rested at $23.92 per square foot in 2024. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Grand Rapids averaged $27.67 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.42 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $12.17 per square foot, on average. Comparably, statewide Michigan average office rents by class in 2024 were: $23.20 per square foot for class A office space; $21.30 per square foot for class B office space; $15.30 per square foot for class C office space.
2024 Office Vacancy Rates in Grand Rapids
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Grand Rapids - Downtown | $24.50 | 29.77% |
| Grand Rapids - North | $23.64 | 1.72% |
| Ada - Forest Hills | $19.70 | 5.97% |
| Grand Rapids - Southeast | $16.55 | 2.07% |
| Grand Rapids - Northeast | $12.17 | 13.59% |
Office Spaces for Rent in Michigan
Coworking Spaces in Michigan
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2024 Office Construction in Grand Rapids, MI
- Grand Rapids, MI Total SF completed in 2024 157,000
- Grand Rapids, MI Total SF under construction in 2025 37,500
During 2024, 157,000 square feet of new office space were delivered across the market. At the close of 2024, the Grand Rapids office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 157,000 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 37,500 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Doug Meijer Medical Innovation Building | 109 Michigan Street NW, 49503 | 205,659 | 2022 |
| 430 Monroe | 430 Monroe Avenue NW, 49503 | 126,279 | 2022 |
| 652 Cesar E. Chavez SW | 652 Cesar E. Chavez Avenue Southwest, 49503 | 41,445 | 2021 |
| Arena Place | 45 Ottawa Avenue SW, 49503 | 111,423 | 2016 |
| Women's Health Center | 555 Midtowne Street NE, 49503 | 108,014 | 2008 |
| 2090 Celebration Drive NE | 2090 Celebration Drive NE, 49525 | 54,430 | 2004 |
| Bridgewater Place | 333 Bridge Street NW, 49504 | 350,000 | 1993 |
| 55 Campau | 55 Campau Avenue Northwest, 49503 | 110,000 | 1990 |
| 169 Monroe Avenue NW | 169 Monroe Avenue NW, 49503 | 36,149 | 1990 |
| The Weyhill Building | 2025 East Beltline Avenue SE, 49546 | 80,000 | 1988 |
Worth noting among recent office completions on the Grand Rapids market is Doug Meijer Medical Innovation Building, which is currently the largest new office development in the city, at 205,659 square feet.
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Grand Rapids commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.