The Grand Rapids Skyline has a concentration of vacancies in only a handful of buildings, but next year you will see a significant change...

1. The Trophy market is defined as core office buildings that consistently achieve rents in the top 10.0 percent of the
Grand Rapids CBD and are superiorly managed. Trophy inventory excludes owner-occupied properties. Based on
the competitive nature of the market, buildings are added and removed from this segment based on development
patterns and prevailing market conditions.
Grand Rapids Skyline
12.7%Total direct vacancy
6.3%Year-over-year vacancy
decrease
118,000Square feet delivered in
2019
-1.5%Year-over-year
rent growth
$21.73Direct average
asking rent ($ p.s.f.)
105,000Square feet future
inventory
Skyline analysis
Occupied Direct vacant Sublease vacant Other use
Warner T
Floor 25
20
15
10
5
Bridgewater Place Calder Plaza Fifth Third Center 99 Monroe
Ave NW
171 Monroe
Ave NW
37 Ottawa
Monroe
Ave NW
Arena
Place
50 Louis
St NW
77 Monroe
Center St
NW
40 Pearl St
NW
Riverfront Plaza Chase
Building
300 Ottawa
Ave NW
McKawy Tower Warner TowerBridgewater Place Calder Plaza Fifth Third Center 99 Monroe 171 Monroe 37 Ottawa Arena Place 50 Louis St
77 Monroe
Center
40 Pearl Riverfront Plaza Chase Building 300 Ottawa McKay Tower Warner Building
RBA (s.f.) 410,000 157,400 218,000 187,000 91,500 87,500 144,000 66,000 64,000 116,500 168,500 122,500 88,000 133,000 118,000
Percent
leased
91.8% 49.5% 100.0% 94.9% 100% 13.8% 100.0% 98.4% 72.1% 86.2% 98.9% 84.2% 70.7% 100% 100%
Year built/
renovated
1994 1980 / 2016 1965 1983 1980 1890 / 2019 2016 1895 / 2014 1929 1891 / 1999 1903 / 2006 1950 1967 / 2016 1923 2019
The Grand Rapids Skyline has a concentration of
vacancies in only a couple of buildings, but next year you
will see a significant change. With Acrisure announcing
that they will be moving their corporate headquarters
downtown, the office impact south of Fulton will be
substantial. Also, the fifth third building will see a
significant increase in vacancy when Warner moves
over to Warner Tower. The move will leave a significant
vacancy at 111 Lyon.
-
Jeff Karger
“ “
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Skyline average asking rent
Skyline total vacancy %