2022 Office Space Rent & Sales
- $23.08 2022 Avg. Asking Rent
- 16.00% 2022 Office Vacancy Rate
Kalamazoo office price per square foot in 2022 was $23.08 on average. The local office market recorded an average vacancy rate of 16.00% across all asset classes combined.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Kalamazoo Class A & A+ Office Space$30.78
- Kalamazoo Class B Office Space$22.25
- Kalamazoo Class C Office Space$18.13
- Michigan Class A & A+ Office Space$23.64
- Michigan Class B Office Space$21.53
- Michigan Class C Office Space$18.62
Kalamazoo, MI Office Asking Rents by Class
Average office rent in Kalamazoo rested at $23.08 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 Kalamazoo averaged $30.78 per square foot. Across all submarkets, class B office space recorded an average asking rent of $22.25 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.13 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 Kalamazoo
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Kalamazoo | $23.08 | 16.00% |
Portage | $17.11 | 1.41% |
Coworking Spaces in Michigan
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2022 Office Construction in Kalamazoo, MI
Office building | Address | SF | Completed |
---|---|---|---|
The Exchange | 151 SW Michigan Avenue, 49002 | 345,000 | 2019 |
154 South Kalamazoo Mall | 154 South Kalamazoo Mall, 49007 | 21,884 | 2011 |
Speareflex & Shakespeare Buildings | 261 East Kalamazoo Avenue, 49007 | 60,714 | 2003 |
The Globe Building | 211 East Water Street, 49007 | 50,042 | 1999 |
Arcadia North | 245 North Rose Street, 49007 | 55,555 | 1992 |
141 E Michigan Ave | 141 E Michigan Ave, 49007 | 40,600 | 1988 |
The Atrium's | 4341 S Westnedge Avenue, 49008 | 72,000 | 1985 |
555 Crosstown Parkway Kalamazoo | 555 W Crosstown Pkwy, 49008 | 51,800 | 1985 |
DOWNTOWN OFFICE SPACE | 444 W. Michigan Avenue, 49007 | 27,422 | 1981 |
United Building | 242 East Kalamazoo Avenue, 49007 | 25,380 | 1935 |
Worth noting among recent office completions on the Kalamazoo market is The Exchange, which is currently the largest new office development in the city, at 345,000 square feet.
See reports for other markets
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- Detroit Office Rent Price
- Lansing Office Rent Price
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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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. 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.