2020 Office Space Rent & Sales
- $19.37 2020 Avg. Asking Rent
- 1.24% Y-o-Y Avg. Asking Rent Change
- 13.49% 2020 Office Vacancy Rate
Kalamazoo office price per square foot in 2020 was $19.37 on average. This marked a +1.24% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.49% across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Kalamazoo Class A Office Space$22.80
- Kalamazoo Class B Office Space$22.16
- Kalamazoo Class C Office Space$15.28
- Michigan Class A Office Space$25.50
- Michigan Class B Office Space$20.35
- Michigan Class C Office Space$17.64
Kalamazoo, MI Office Asking Rents by Class
Average office rent in Kalamazoo rested at $19.37 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 Kalamazoo averaged $22.80 per square foot. Across all submarkets, class B office space recorded an average asking rent of $22.16 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.28 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 Construction in Kalamazoo, MI
- Kalamazoo, MI Total SF completed in 2020
- Kalamazoo, MI Total SF under construction in 2021 235,000
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Kalamazoo 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 235,000 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Frank J. Sardone Cancer Pavilion | 805 John Street, 49001 | 85,000 | 2021 |
| The Exchange | 151 SW Michigan Avenue, 49002 | 345,000 | 2019 |
| 400 Bryant Street | 400 Bryant Street, 49001 | 50,000 | 2018 |
| The Foundry | 600 East Michigan Avenue, 49007 | 53,000 | 2017 |
| Family Health Center - Alcott Street Campus | 505 East Alcott Street, 49001 | 50,000 | 2016 |
| Newell Rubbermaid Design Center | 3300 Research Way, 49008 | 40,000 | 2014 |
| Stryker World Headquarters | 2825 Airview Blvd, 49002 | 75,000 | 2006 |
| The Miller Canfield Building | 277 South Rose Street, 49007 | 74,934 | 2006 |
| Speareflex & Shakespeare Buildings | 261 East Kalamazoo Avenue, 49007 | 60,714 | 2003 |
| Bronson Methodist Hospital - Medical Office Pavilion | 601 John Street, 49007 | 223,000 | 2000 |
Worth noting among recent office completions on the Kalamazoo market is Frank J. Sardone Cancer Pavilion, which is currently the largest new office development in the city, at 85,000 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 Kalamazoo 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.