2022 Office Space Rent & Sales
- $23.00 2022 Avg. Asking Rent
- 15.06% 2022 Office Vacancy Rate
Grand Rapids office price per square foot in 2022 was $23.00 on average. The local office market recorded an average vacancy rate of 15.06% across all asset classes combined.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Grand Rapids Class A & A+ Office Space$26.64
- Grand Rapids Class B Office Space$22.20
- Grand Rapids Class C Office Space$19.38
- Michigan Class A & A+ Office Space$23.64
- Michigan Class B Office Space$21.53
- Michigan Class C Office Space$18.62
Grand Rapids, MI Office Asking Rents by Class
Average office rent in Grand Rapids rested at $23.00 per square foot in 2022. 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 $26.64 per square foot. Across all submarkets, class B office space recorded an average asking rent of $22.20 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.38 per square foot, on average. Comparably, statewide Michigan average office rents by class in 2022 were: $23.64 per square foot for class A office space; $21.53 per square foot for class B office space; $18.62 per square foot for class C office space.
2022 Office Vacancy Rates in Grand Rapids
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Grand Rapids - North | $24.53 | 2.66% |
Grand Rapids - Downtown | $24.39 | 22.18% |
Grand Rapids - Northeast | $21.01 | 8.23% |
Ada - Forest Hills | $20.07 | 4.15% |
Grand Rapids - South | $19.57 | 17.03% |
Grand Rapids - Southeast | $18.89 | 6.05% |
Coworking Spaces in Michigan
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2022 Office Construction in Grand Rapids, MI
- Grand Rapids, MI Total SF completed in 2022 331,938
- Grand Rapids, MI Total SF under construction in 2023 100,000
During 2022, 331,938 square feet of new office space were delivered across the market. At the close of 2022, the Grand Rapids office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 331,938 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 100,000 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 |
1170 Plymouth Ave NE | 1170 Plymouth Ave NE, 49505 | 11,482 | 2022 |
The Hendrik | 614 1st Street NW, 49504 | 102,372 | 2018 |
Arena Place | 45 Ottawa Avenue SW, 49503 | 111,423 | 2016 |
Freyling Mendels | 1059 Wealthy St. SE, 49506 | 26,000 | 2016 |
Blue35 | 35 Oakes Street SW, 49503 | 56,100 | 2014 |
Grand Rapids Downtown Market | 435 Ionia Avenue SW, 49503 | 106,871 | 2013 |
3045 Knapp St NE | 3045 Knapp St NE, 49525 | 24,738 | 2010 |
John Widdicomb Building - 665 Seward Avenue NW | 665 Seward Avenue NW, 49504 | 113,950 | 2009 |
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 other markets
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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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. 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.