2021 Office Space Rent & Sales
- $21.65 2021 Avg. Asking Rent
- -3.93% Y-o-Y Avg. Asking Rent Change
- 14.55% 2021 Office Vacancy Rate
- $31.7M2021 Total Office Sales
- $163.26Avg. Sale Price/SF
Grand Rapids office price per square foot in 2021 was $21.65 on average. This marked a -3.93% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.55% across all asset classes combined. The 3 transactions that closed here throughout 2021 amounted to a total sale volume of $31.7M. Grand Rapids office space commanded an average sale price per square foot of $163.26.
Average Rent by Office Class
2021 Average Office Rent per Square Foot
- Grand Rapids Class A & A+ Office Space$25.32
- Grand Rapids Class B Office Space$20.86
- Grand Rapids Class C Office Space$14.80
- Michigan Class A & A+ Office Space$24.29
- Michigan Class B Office Space$20.42
- Michigan Class C Office Space$17.17
Grand Rapids, MI Office Asking Rents by Class
Average office rent in Grand Rapids rested at $21.65 per square foot in 2021. 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 $25.32 per square foot. Across all submarkets, class B office space recorded an average asking rent of $20.86 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $14.80 per square foot, on average. Comparably, statewide Michigan average office rents by class in 2021 were: $24.29 per square foot for class A office space; $20.42 per square foot for class B office space; $17.17 per square foot for class C office space.
2021 Office Vacancy Rates in Grand Rapids
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Grand Rapids - Downtown | $22.89 | 16.39% |
Ada - Forest Hills | $20.42 | 14.16% |
Grand Rapids Office Sale Price per SF
- $163.262021 Avg. Price per SF
- -17.52%Y-o-Y Avg. PpSF Change
- $31.7M2021 Office Sales Volume
- 32021 Number of Transactions
Grand Rapids, MI Sale Price per SF Trend
- Grand Rapids Avg. Sale Price per SF in 2021$163.26
- Michigan Avg. Sale Price per SF in 2021$104.92
2021 Office Sales Volume
- Grand Rapids, MI Total Office Sales Volume in 2021 $31.7M
- Grand Rapids, MI Total Number of Office Sales Closed in 2021 3
Largest Grand Rapids Office Sales in 2021
Property name | Address | Date | Price |
---|---|---|---|
John Widdicomb Building - 665 Seward Avenue NW | 665 Seward Avenue NW | 12/22/2021 | $14,500,000 |
1925 Breton Road SE | 1925 Breton Road SE | 9/9/2021 | $10,354,000 |
Fleis & VandenBrink Headquarters | 2960 Lucerne Drive SE | 12/7/2021 | $6,800,000 |
Coworking Spaces in Michigan
- New York City Coworking Space
- Manhattan Coworking Space
- Chicago Coworking Space
- Brooklyn Coworking Space
- Philadelphia Coworking Space
- Hudson Valley Coworking Space
- Indianapolis Coworking Space
- Columbus Coworking Space
- Cincinnati Coworking Space
- Pittsburgh Coworking Space
- Detroit Coworking Space
- Cleveland Coworking Space
- Queens Coworking Space
- Troy Coworking Space
- Grand Rapids Coworking Space
- Ann Arbor Coworking Space
- Lansing Coworking Space
- Birmingham Coworking Space
- Royal Oak Coworking Space
- Southfield Coworking Space
2021 Office Construction in Grand Rapids, MI
- Grand Rapids, MI Total SF completed in 2021 329,230
- Grand Rapids, MI Total SF under construction in 2022 484,119
During 2021, 329,230 square feet of new office space were delivered across the market. At the close of 2021, the Grand Rapids office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 329,230 square feet of office space. Looking forward, development activity throughout 2022 is estimated to add 484,119 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
4445 Fulton St NE | 4445 Fulton St NE, 49525 | 14,600 | 2021 |
4445 Fulton St NE | 4445 Fulton St NE, 49525 | 14,600 | 2021 |
3351 Eagle Run Dr. NE | 3351 Eagle Run Dr. NE, 49525 | 8,320 | 2006 |
1179 East Paris Ave SE | 1179 E Paris Ave SE, 49546 | 5,429 | 2004 |
3225 North Evergreen Drive NE | 3225 North Evergreen Drive NE, 49525 | 31,385 | 2003 |
1750 Grand Ridge Ct NE | 1750 Grand Ridge Ct NE, 49525 | 19,120 | 1999 |
3235 Eagle Park Drive NE | 3235 Eagle Park Dr NE, 49525 | 39,865 | 1996 |
3355 Eagle Park Dr NE | 3355 Eagle Park Dr NE Grand Rapids 49525 USA, 49525 | 0 | 1995 |
Office Suites Available for Sublease | 710 Kenmoor Ave SE , 49546 | 39,591 | 1993 |
695 Kenmoor Ave SE | 695 Kenmoor Ave SE, 49546 | 29,470 | 1987 |
Worth noting among recent office completions on the Grand Rapids market is 4445 Fulton St NE, which is currently the largest new office development in the city, at 14,600 square feet.
See reports for other markets
- Detroit Office Rent Price
- Ann Arbor Office Rent Price
- Southfield Office Rent Price
- Troy Office Rent Price
- Grand Rapids Office Rent Price
- Lansing Office Rent Price
- Farmington Hills Office Rent Price
- Kalamazoo Office Rent Price
- Phoenix Office Rent Price
- Houston Office Rent Price
- Los Angeles Office Rent Price
- Atlanta Office Rent Price
- New York City Office Rent Price
- Dallas Office Rent Price
- Chicago Office Rent Price
- San Francisco Office Rent Price
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 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. 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.