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West Michigan

Metropolitan Area Economic Overview
Calculations for all indices were provided by SRC, LLC

Market Research provided by NAI West Michigan
Last Updated: 2-Feb-2008		 Market Overview
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Market Research

* Click on each category for a detailed definition.
 
Population   Employment
Total Est. 2007 780,936   Total Est. 2007 495,189
Est. Growth Rate - 2012 0.66   Office Index 0.99
Income Index 0.93   Health Services Index 0.92
Affordability Index 1.10   Government Index 0.56
Education Index 1.04   Retail Services Index 0.96
Age Index 0.95   Wholesale Index 1.62
(Rent/square foot/year) Low High Effective Avg. Vacancy Investment Yield
Downtown Office
New Construction (AAA) $ 15.00 $ 25.00 $ 20.00 9.0% N/A
Class A (Prime) $ 12.00 $ 24.00 $ 18.00 10.0% N/A
Class B (Secondary) $ 8.00 $ 16.50 $ 12.00 15.0% N/A
 
Suburban Office
New Construction (AAA) $ 10.00 $ 20.00 $ 16.00 12.0% N/A
Class A (Prime) $ 13.00 $ 22.00 $ 16.00 17.0% N/A
Class B (Secondary) $ 8.00 $ 14.00 $ 12.00 15.0% N/A
 
Industrial
Bulk Warehouse $ 2.00 $ 4.00 $ 3.00 12.0% N/A
Manufacturing $ 2.00 $ 4.00 $ 3.00 9.0% N/A
High Tech / R&D $ 4.00 $ 6.00 $ 5.00 13.0% N/A
 
Retail
Downtown $ 7.50 $ 28.00 $ 17.75 N/A N/A
Neigborhood Service Centers $ 7.00 $ 25.00 $ 12.80 35.7% N/A
Community Power Center $ 9.00 $ 25.00 $ 14.80 2.0% N/A
Regional Malls $ 14.00 $ 35.00 $ 25.00 4.0% N/A

Development Land Low (price/acre) High (price/acre)
Office in CBD (per buildable acre) $ 1,100,000 $ 3,600,000
Land in Office Parks $ 100,000 $ 180,000
Land in Industrial Parks $ 50,000 $ 90,000
Office/Industrial Land - Non-park $ 30,000 $ 130,000
Retail/Commercial Land $ 200,000 $ 400,000
Residential $ 15,000 $ 30,000

 

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