Grand Rapids Industrial Figures Q2 2022

Market Summary

‒ Industrial availability increased to 3.1%, quarter over quarter, remaining below 4.0% since Q3 2016.

‒ Overall industrial vacancy dropped 40 basis points (bps), quarter over quarter, to 2.7%.

‒ Net absorption for the quarter was 1.5 million square feet (sq. ft.), the bulk of which came in the KentCounty submarket.

‒ At the end of Q2 2022, industrial space under construction totaled roughly 1.9million sq. ft.

During Q2 2022, the Greater Grand Rapids industrial market experienced an increase in availability, net absorption, and asking lease rates. Vacancydecreasedduringthe quarter. Net absorption for the quarter was 1.5 million sq. ft. Over the trailing 12 months, total absorption was 2.9 million sq. ft. Availability rose20 bps to 3.1%, quarter over quarter, while vacancy inched down 40 bps to 2.7%. During that same time period, the average asking lease rate increased to $6.06per sq. ft. NNN. The average asking rate has risen steadily over the past five years, increasing 35.3%.