2023 Office Space Rent & Sales
- $22.56 2023 Avg. Asking Rent
- -1.92% Y-o-Y Avg. Asking Rent Change
- 21.97% 2023 Office Vacancy Rate
Grand Rapids office price per square foot in 2023 was $22.56 on average. This marked a -1.92% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 21.97% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Grand Rapids Class A & A+ Office Space$27.78
- Grand Rapids Class B Office Space$21.54
- Grand Rapids Class C Office Space$16.45
- Michigan Class A & A+ Office Space$22.86
- Michigan Class B Office Space$21.46
- Michigan Class C Office Space$21.50
Grand Rapids, MI Office Asking Rents by Class
Average office rent in Grand Rapids rested at $22.56 per square foot in 2023. 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 Grand Rapids averaged $27.78 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.54 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $16.45 per square foot, on average. Comparably, statewide Michigan average office rents by class in 2023 were: $22.86 per square foot for class A office space; $21.46 per square foot for class B office space; $21.50 per square foot for class C office space.
2023 Office Vacancy Rates in Grand Rapids
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Grand Rapids - North | $25.84 | 12.90% |
| Grand Rapids - Downtown | $23.35 | 22.87% |
| Ada - Forest Hills | $20.32 | 5.31% |
| Grand Rapids - Southeast | $19.77 | 5.84% |
| Grand Rapids - South | $19.30 | 13.36% |
| Grand Rapids - Northeast | $18.70 | 2.33% |
| Kentwood - Caledonia | $13.65 | 54.17% |
Office Spaces for Rent in Michigan
Coworking Spaces in Michigan
- New York City Coworking Space
- Manhattan Coworking Space
- Chicago Coworking Space
- Washington Coworking Space
- Brooklyn Coworking Space
- Philadelphia Coworking Space
- Indianapolis Coworking Space
- Cincinnati Coworking Space
- Columbus Coworking Space
- Pittsburgh Coworking Space
- Alexandria Coworking Space
- Detroit Coworking Space
- Louisville Coworking Space
- Jersey City Coworking Space
- Milwaukee Coworking Space
- Cleveland Coworking Space
- Queens Coworking Space
- Richmond Coworking Space
- Grand Rapids Coworking Space
- Ann Arbor Coworking Space
- Madison Coworking Space
2023 Office Construction in Grand Rapids, MI
- Grand Rapids, MI Total SF under construction in 2024 212,000
| Office building | Address | SF | Completed |
|---|---|---|---|
| Doug Meijer Medical Innovation Building | 109 Michigan Street NW, 49503 | 205,659 | 2022 |
| 430 Monroe | 430 Monroe Avenue NW, 49503 | 126,279 | 2022 |
| Arena Place | 45 Ottawa Avenue SW, 49503 | 111,423 | 2016 |
| Blue35 | 35 Oakes Street SW, 49503 | 56,100 | 2014 |
| 38 Commerce Ave SW | 38 COMMERCE AVE SW, 49503 | 145,000 | 2009 |
| John Widdicomb Building - 665 Seward Avenue NW | 665 Seward Avenue NW, 49504 | 113,950 | 2009 |
| Women's Health Center | 555 Midtowne Street NE, 49503 | 106,806 | 2008 |
| 545 Michigan St NE | 545 Michigan St NE, 49503 | 31,809 | 2005 |
| 2090 Celebration Drive NE | 2090 Celebration Drive NE, 49525 | 54,430 | 2004 |
| 3152 Peregrine Dr NE | 3152 Peregrine Dr NE, 49525 | 24,052 | 2003 |
Worth noting among recent office completions on the Grand Rapids market is Doug Meijer Medical Innovation Building, which is currently the largest new office development in the city, at 205,659 square feet.
See reports for other markets
- Ann Arbor Office Rent Price
- Detroit Office Rent Price
- Lansing Office Rent Price
- Southfield Office Rent Price
- Troy Office Rent Price
- Farmington Hills Office Rent Price
- Livonia Office Rent Price
- Novi Office Rent Price
- East Lansing Office Rent Price
- Chicago Office Rent Price
- San Antonio Office Rent Price
- Denver Office Rent Price
- Miami Office Rent Price
- San Francisco Office Rent Price
- Austin Office Rent Price
- Manhattan Office Rent Price
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 Grand Rapids 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.