JLL’s New Report Shows Opportunities Coming to Grand Rapid’s Skyline
Grand Rapids’ annual Skyline report shows opportunities are coming to downtown
GRAND RAPIDS, MICHIGAN, Sept 21, 2018 — Similar to last year, Grand Rapid’s annual Skyline Review examines the dynamics of the Downtown Grand Rapids office market and address the top trends impacting both tenants and investors. This report also identifies the pricing and availability of space in Downtown Grand Rapid’s largest multi-tenant office buildings.
The report shows that the overall skyline vacancy is 19.0 percent inflated by two buildings under renovation with high vacancy. These two buildings removed, vacancy among the skyline is just 12.1 percent. However, rent growth has begun to taper off, currently at $22.07 per-square-foot, a 2.7 percent increase year-over-year.
“In Detroit, tenants are getting priced out,” said JLL’s Senior Research Analyst Harrison West. “I don’t think we’re there yet for Grand Rapids. Rent growth has kind of slowed. It’ll be interesting to see what happens when that vacuum is created and rental space gets absorbed back.”
Multiple new developments are proposed and will change the Grand Rapids skyline in the coming years.
“A lot of tenants want to be in an urban environment to attract talent. That’s across the board,” West said. “Once renovations are complete, I think it won’t take too long to lease.”
For more information, please visit www.us.jll.com/en/locations/midwest.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.