2020 Office Space Rent & Sales
- $22.54 2020 Avg. Asking Rent
- -3.22 % Y-o-Y Avg. Asking Rent Change
- 11.83 % 2020 Office Vacancy Rate
Grand Rapids office price per square foot in 2020 was $22.54 on average. This marked a -3.22 % change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 11.83 % across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Grand Rapids Class A Office Space$27.48
- Grand Rapids Class B Office Space$20.45
- Grand Rapids Class C Office Space$15.59
- Michigan Class A Office Space$25.50
- Michigan Class B Office Space$20.35
- Michigan Class C Office Space$17.64
Grand Rapids, MI Office Asking Rents by Class
Average office rent in Grand Rapids rested at $22.54 per square foot in 2020. 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 $27.48 per square foot. Across all submarkets, class B office space recorded an average asking rent of $20.45 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.59 per square foot, on average. Comparably, statewide Michigan average office rents by class in 2020 were: $25.50 per square foot for class A office space; $20.35 per square foot for class B office space; $17.64 per square foot for class C office space.
2020 Office Vacancy Rates in Grand Rapids
|Submarket||Asking Rents||Vacancy Rates|
|Grand Rapids - Northeast||$29.21||6.87%|
|Grand Rapids - Downtown||$23.28||11.92%|
|Grand Rapids - North||$21.23||7.74%|
|Ada - Forest Hills||$19.70||9.58%|
2020 Office Construction in Grand Rapids, MI
- Grand Rapids, MI Total Sqft completed in 2020
- Grand Rapids, MI Total Sqft under construction in 2021 449,659
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Grand Rapids office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 449,659 square feet of office space to the market, before year-end.
|Doug Meijer Medical Innovation Building||400 Monroe Avenue NW, 49503||205,659||2021|
|200 Monroe||200 Monroe Avenue NW, 49503||164,000||2021|
|100 Ottawa Avenue SW||100 Ottawa Avenue SW, 49503||90,000||2021|
|13 McConnell||13 McConnell Street SW, 49503||85,230||2021|
|The Warner Building||150 Ottawa Avenue NW, 49503||130,000||2019|
|New Vista||2155 East Paris Avenue SE, 49546||41,000||2019|
|234 Market||234 Market Avenue SW, 49503||242,452||2018|
|The Hendrik||614 1st Street NW, 49504||102,372||2018|
|Arena Place||45 Ottawa Avenue SW, 49503||111,423||2016|
|Blue35||35 Oakes Street SW, 49503||56,100||2014|
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.
See reports for nearby markets
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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. 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.