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Grand Rapids, Michigan

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

Market Research provided by NAI West Michigan
Last Updated: 23-Oct-2009		 Market Overview
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Market Research

* Click on each category for a detailed definition.
Low High Effective Avg. Vacancy Investment Yield
Downtown Office
New Construction (AAA) $ 15.00 $ 25.00 $ 20.00 20.0% N/A
Class A (Prime) $ 14.00 $ 24.00 $ 19.00 20.0% N/A
Class B (Secondary) $ 5.00 $ 12.00 $ 8.50 25.0% N/A
 
Suburban Office
New Construction (AAA) $ 12.00 $ 18.50 $ 15.25 25.0% N/A
Class A (Prime) $ 10.00 $ 17.00 $ 13.50 20.0% N/A
Class B (Secondary) $ 5.00 $ 11.00 $ 8.00 20.0% N/A
 
Industrial
Bulk Warehouse $ 2.00 $ 3.50 $ 2.75 12.0% N/A
Manufacturing $ 2.00 $ 3.50 $ 2.75 12.0% N/A
High Tech / R&D $ 3.00 $ 6.00 $ 4.50 12.0% N/A
 
Retail
Downtown $ 7.50 $ 20.00 $ 13.75 N/A N/A
Neigborhood Service Centers $ 7.00 $ 20.00 $ 13.50 15.0% N/A
Community Power Center $ 9.00 $ 23.00 $ 16.00 4.0% N/A
Regional Malls $ 14.00 $ 35.00 $ 25.00 2.0% N/A

Development Land Low (Price/Acre) High (Price/Acre)
Office in CBD $ 1,100,000 $ 5,000,000
Land in Office Parks $ 100,000 $ 180,000
Land in Industrial Parks $ 50,000 $ 125,000
Office/Industrial Land - Non-park $ 30,000 $ 130,000
Retail/Commercial Land $ 100,000 $ 400,000
Residential $ 5,000 $ 30,000

 

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