Grand Rapids Retail MarketView H2 2016
•Vacancies decline throughout the market.
•Fast Casual dining, specialty restaurants and discount retailers continue to drive market activity.
•As vacancies tighten, rent levels are likely to increase.
•Local economy continues to remain strong with unemployment at 3.0%.
•Construction activity remains steady with approximately 72,000 sq. ft. of completions in H2 2016.
•More construction activity planned in high-profile areas.
•Kmart closes its doors on 68th St.; Sears announces closure of its Woodland Mall location on 28th St.
•Big box vacancies are few in the market; many absorbed by non-traditional users.