Grand Rapids Office Rent Price & Sales Report

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%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Grand Rapids market was 14.55% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Grand Rapids was 14.16% in the Ada - Forest Hills submarket, while the highest office vacancy in the market was 16.39%, recorded in Grand Rapids - Downtown.

Office Spaces for Rent in Michigan

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
Grand Rapids office space cost in 2021 marked a -17.52% change compared to the previous year. The sale price for office space in Grand Rapids averaged $163.26 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide Michigan average office sale price during the same time period was $104.92 per square foot.

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
A total of 3 deals closed on the Grand Rapids office market in 2021, adding up to a yearly sales volume of $31.7M. Notably, the largest transaction on the market saw John Widdicomb Building - 665 Seward Avenue NW change hands for $14,500,000 on 12/22/2021.

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
Data provided by Commercial Edge

Coworking Spaces in Michigan

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.

Largest Office Properties Recently Completed in Grand Rapids
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.

Data provided by Commercial Edge

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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 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.