Grand Rapids Office MarketView H2 2016
•Absorption is positive in nearly every submarket.
•Class B and Class C space in the CBD will be in demand as tenants with low cost requirements exit out of their expiring Great Recession era leases.
•CBD delivers almost 19,000 sq. ft. of new office space.
•Suburban Class A office is becoming limited in key corridors.
•Parking availability and parking costs have become the major concerns of downtown office occupiers.
•Several hotels are planned in the CBD.
•CWD acquires the Fifth Third Center consisting of a 10-story building, a five-story building, and a total of 723 surface and underground parking spaces.