Grand Rapids Office MarketView Q1 2021

•  Since the beginning of 2019, seven office buildings have been delivered in Metro Grand Rapids, leading to 542,503 sq. ft of new space added to the market.

•  Over the past five years, vacancy has decreased by 120 basis points, falling from 9.7% to 8.5%, and availability has declined by 380 basis points, from 13.1% to 9.3%.

•  Average base asking lease rate increased $0.25 per sq. ft., quarter over quarter.