Commercial Real Estate Market in Grand Rapids, MI
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
757 active listings and 9,809 off-market properties in Grand Rapids, MI. Commercial property asks $107/SF to buy and $17.63/SF/Yr to lease.
Market Trends
Grand Rapids, MI spans 197.1 square miles in Kent County, Michigan. Figures below refresh monthly; last updated 31 August 2026.
Office
Office space in Grand Rapids, MI asks $14.56/SF/Yr to lease and $147/SF to buy. Vacancy runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Industrial
Industrial vacancy in Grand Rapids, MI runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily space in Grand Rapids, MI asks $162/SF to buy. Vacancy runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Market overview
Demographics & Economy
Grand Rapids, MI has 434,060 residents in 180,056 households. Density runs 2,202 people per square mile. Median household income here is $74,219 and median gross rent $1,189 a month.
434,060
Population
180,056
Households
2.4
Avg Household Size
34
Median Age
38%
College-Educated
90%
High-School Grad
197.1 sq mi
ZIP Area
2,202
Density / Sq Mi
$74,219
Median Household Income
$41,348
Median Earnings
$1,189
Median Rent
$247,153
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Comstock Park | — | $14.68 |
| Belmont | — | $19.49 |
| Ada | — | $17.67 |
| Cannonsburg | — | — |
Commercial property in Grand Rapids, MI asks $107/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Grand Rapids?
Commercial property in Grand Rapids, MI asks an average of $107 per square foot. The 3 most recent recorded sales traded at a median of $18/SF, so asking sits 499% above the achieved median. Retail carries the highest asking price at $206/SF.
How much does it cost to lease commercial space in Grand Rapids?
Asking lease rates in Grand Rapids, MI average $17.63 per square foot per year. Office asks $14.56/SF/Yr as of Q1 26, down from $18.38/SF/Yr in Q4 25.
Where does Realmo's Grand Rapids market data come from?
Realmo compiles Grand Rapids, MI figures from 3 recent recorded sales, 499 active sale listings, 258 active lease listings, 9,809 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 499 active for-sale and 258 active for-lease listings in Grand Rapids, MI. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, industrial vacancy is reported at Midwest region level, multifamily vacancy is reported at Midwest region level and asking prices run materially above recent closed pricing.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
