Highlights
- The average rent for office space in Grand Rapids is $24.15 per square foot, 0.94% higher compared to the previous year.
- The market’s vacancy rate stands at 20.97%, lower than the state average of Michigan, which is 22.02%.
2025 Office Space Rent & Sales
- $24.15 2025 Avg. Asking Rent
- 0.94% Y-o-Y Avg. Asking Rent Change
- 20.97% 2025 Office Vacancy Rate
- $57.3M2025 Total Office Sales
- $86.14Avg. Sale Price/SF
What is the average asking rent price for office space in Grand Rapids?
Average asking rents for office space here stand at $24.15 per square foot. The local office market recorded an average vacancy rate of 20.97% in 2025, unchanged from 20.97% in 2024.
Office transactions in the local market in 2025 totaled a sales volume of $57.3M across 8 sales. These transactions commanded an average sale price per square foot of $86.14.
Grand Rapids, MI Office Asking Rents by Class
What is the average office rent per square foot by property class in MI?
- Avg. Asking Rent Class A & A+$22.82
- Avg. Asking Rent Class B$21.47
- Avg. Asking Rent Class C$15.43
For comparison, the average rent for Class A and A+ office space in Michigan was $22.82 per square foot. The state-wide average for Class B space was $21.47 per square foot, and Class C office spaces averaged $15.43 per square foot.
Grand Rapids, MI Office Indicators by Submarket
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Grand Rapids - Downtown | $23.67 | 33.25% |
| Grand Rapids - North | $22.97 | 7.30% |
| Grand Rapids - Northeast | $19.00 | 8.76% |
| Ada - Forest Hills | $18.74 | 8.63% |
| Grand Rapids - Southeast | $16.65 | 2.76% |
2025 Office Sales Volume
- $86.142025 Avg. Price per SF
- $57.3M2025 Office Sales Volume
- 82025 Number of Transactions
What is the average sale price per square foot for office space in Grand Rapids?
Average sale prices for office space in this market recorded a -59.10% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $86.14 per square foot. For comparison, the statewide Michigan average during the same time period stood at $113.58 per square foot, while the national average was $182.48 per square foot.
Grand Rapids, MI Sale Price per SF Trend
- Grand Rapids Avg. Sale Price per SF in 2025$86.14
- Michigan Avg. Sale Price per SF in 2025$113.58
What was the total office sales volume in Grand Rapids in 2025?
The local office market recorded 8 deals in 2025, adding up to a yearly sales volume of $57.3M.
- Grand Rapids, MI Total Office Sales Volume in 2025 $57.3M
- Grand Rapids, MI Total Number of Office Sales Closed in 2025 8
Office Construction in Grand Rapids, MI
What are the largest recent office completions in Grand Rapids?
The largest recent office completion here is Bridgewater Place at 350,000 square feet, completed in 1993. The next largest completions are Doug Meijer Medical Innovation Building and 99 Monroe Building.
| 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 |
| Arena Place | 45 Ottawa Avenue SW, 49503 | 111,423 | 2016 |
| 2090 Celebration Drive NE | 2090 Celebration Drive NE, 49525 | 54,430 | 2004 |
| Bridgewater Place | 333 Bridge Street NW, 49504 | 350,000 | 1993 |
| The Weyhill Building | 2025 East Beltline Avenue SE, 49546 | 80,000 | 1988 |
| PNC Bank Building | 171 Monroe Avenue NW, 49503 | 166,244 | 1984 |
| 99 Monroe Building | 99 Monroe Avenue NW, 49503 | 173,657 | 1983 |
| Calder Plaza Building | 250 Monroe Avenue NW, 49503 | 171,000 | 1982 |
| The Trust Building | 40 Pearl Street NW, 49503 | 130,000 | 1981 |
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Disclaimer
All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.
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 Yardi Research Data can guarantee that the information provided is complete.