The document provides a market report from NAI Wisinski of West Michigan summarizing commercial real estate trends in the West Michigan area for the fourth quarter of 2016. It includes statistics on industrial, office, and retail properties such as construction levels, vacancy rates, asking rental rates, and net absorption. Real estate transactions completed in the fourth quarter of 2016 are also listed.

1. 100 Grandville Ave SW Suite 100
Grand Rapids, MI 49503
616. 776. 0100 www.naiwwm.com
*Also serving the Kalamazoo & Southwest Michigan
areas from our Kalamazoo office*
Wisinski of
West Michigan
Office • Industrial • Retail • Multi-Family
NAI Wisinski of West Michigan
Market Report
West Michigan Q4 - Year End 2016

2. * The information contained herein has been given to us by sources we deem reliable. We have
no reason to doubt its accuracy, however, we do not make any guarantees. All information
should be verified before relying thereon.
* Source: NAIWisinskiofWestMI, CoStar Property®
, U.S. Bureau of Labor Statistics
GRAND RAPIDS, MI
The Market
Personalized service
collaborative teamwork.
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Your business is our business. Personalized service and collaborative teamwork form the core of our
philosophy. We provide custom solutions focused on your business objectives, taking a fiduciary position
with your asset to maximize value at each point of the process.
We will listen, take a holistic view of your business and apply our commercial knowledge to maximize
potential, guide your investment and add value. When appropriate, we are eager to push the boundaries
and do things differently, as our singular purpose is to achieve better outcomes for our clients. We are lo-
cal and we are global. Our diversified platform spans from Grand Rapids across North and South America
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ful selection of seasoned professionals who are deeply rooted in their markets, we have developed our
business to support yours over the long-term. And as you look at growth markets, so do we—with more
offices globally than any other commercial real estate firm, we are actively expanding in strategic locations
so we can help you stay ahead of your competition.

3. Company
Done Deals
Q4 2016Commercial Real Estate Services, Worldwide.
Wisinski of
West Michigan
3910 Roger B Chaffee Blvd.
43,572 SF
7.74 acres
SOLD
1090 36th Street SE
25,176 SF
Etna Supply Company
LEASED
1239 Comstock Street
40,930 SF
7.74 acres
SOLD
4140 East Paris Ave. SE
187,558 SF
Vetitiv Operating Company
LEASED
168 Louis Campau
3,960 SF
SOLD
171 Monrow Ave. NW
2,956 SF
The Private Bank and Trust Co.
LEASED
5251 Clyde Park Ave. SW
200,732 SF 2.31 acres
SOLD
1000 East Paris
3,540 SF
Donald P Condit , MD
LEASED
Sattler Square Shopping Center
95,000 SF
SOLD
52 Monroe Center NW
3,535 SF
Ali’s Bridal
LEASED
4696 Lake Michigan Ave. NW
14,469 SF
SOLD
29 8th Street W.
2,745 SF
Cherry Republic
LEASED
Industrial
Office
Retail

4. West Michigan
Industrial Submarket Snapshot
Industrial Statistical Changes
CONSTRUCTION
CONSTRUCTION
ASKING RATES
ASKING RATES
VACANCY RATE
VACANCY RATE
NET ABSORPTION
NET ABSORPTION
4Q15vs. 4Q16
3Q16 vs. 4Q16
2016 Q4 Snapshot
Submarket Total RBA Vacant
Available SF
Vacancy
Rate
Total Average
NNN Rate ($/SF/Yr)
Total Net
Absorption (SF)
Lakeshore
Warehouse 9,905,606 146,833 1.5% $4.60 -5,500
Manufacturing 24,196,695 889,319 3.7% $2.40 -122,341
Hightech Flex 1,002,287 0 0 - 7,523
Total 35,104,588 1,036,152 3.0% $2.95 -120,318
Northeast
Warehouse 4,859,792 56,340 1.2% $4.60 15,494
Manufacturing 7,159,112 152,643 2.1% $3.72 175,262
Hightech Flex 565,606 8,250 1.5% $7.25 -
Total 12,584,510 217,233 1.7% $4.22 190,756
Northwest
Warehouse 4,647,427 70,975 1.5% $3.36 116,040
Manufacturing 12,750,264 364,415 2.9% $3.61 72,525
Hightech Flex 1,208,188 0 0 $7.25 0
Total 18,605,879 435,390 2.3% $3.78 188,565
Southeast
Warehouse 21,915,963 414,516 1.9% $3.49 55,388
Manufacturing 25,817,047 919,127 3.6% $4.15 117,968
Hightech Flex 3,038,832 178,292 5.9% $5.80 -23,430
Total 50,771,842 1,511,935 3.0% $3.96 149,926
Southwest
Warehouse 7,651,600 98,007 1.3% $3.14 -26,317
Manufacturing 21,810,764 84,448 0.4% $3.73 97,244
Hightech Flex 763,625 17,600 2.3% $6.99 1,080
Total 30,225,989 200,055 0.6% $3.68 72,007
Total Overall 147,292,808 3,400,765 2.3% $3.66 480,936
Last Quarter vs. This Quarter
Last Year vs. This Year
*Disclaimer: Historical data figures are subject to change based upon the timing of when CoStar receives market
information. NAIWWM uses the numbers available at the time each quarterly report is published.
-500,000
0
500,000
1,000,000
1,500,000
2011 2012 2013 2014 2015 2016
RBA Delivered Warehouse RBA Delivered Manufacturing RBA Delivered Hightech Flex
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
2011 2012 2013 2014 2015 2016
Vacancy Rate
Vacancy Rates- Warehouse Vacancy Rates- Manufacturing Vacancy Rates- Hightech Flex

5. West Michigan
Office Submarket Snapshot
Office Statistical Changes
CONSTRUCTION
CONSTRUCTION
ASKING RATES
ASKING RATES
VACANCY RATE
VACANCY RATE
NET ABSORPTION
NET ABSORPTION
4Q15 vs. 4Q16
3Q16 vs. 4Q16
2016 Q4 Snapshot
Submarket Total RBA Vacant
Available SF
Vacancy
Rate
Total Average
Rate ($/SF/Yr)
Total Net
Absorption (SF)
Total Under
Construction SF
Downtown
Class A 1,496,576 127,746 8.5% $21.31 0 0
Class B C 7,657,172 508,802 6.6% $16.41 -5,484 162,800
Total 9,153,748 636,548 7.0% $17.21 -5,484 162,800
Northeast
Class A 373,679 6,830 1.8% $17.39 0 0
Class B C 3,166,641 187,594 5.9% $13.40 -30,478 30,000
Total 3,540,320 194,424 5.5% $13.90 -30,478 30,000
Northwest
Class B C 2,475,620 176,044 7.1% $11.47 -23,117 0
Southeast
Class A 1,091,208 34,422 3.2% $15.60 6,629 0
Class B C 9,707,547 914,669 9,4% $11.23 1,701 19,816
Total 10,798,755 949,091 8.8% $11.67 8,330 19,816
Southwest
Class B C 2,905,642 300,688 10.3% $9.74 -30,032 35,000
Overall Total 28,874,085 2,256,795 7.8% $12.77 -80,781 247,616
*Disclaimer: Historical data figures are subject to change based upon the timing of when CoStar receives market
information. NAIWWM uses the numbers available at the time each quarterly report is published.
Last Quarter vs. This Quarter
0
200,000
400,000
600,000
2011 2012 20132 014 2015 2016
RBA Delivered Class A RBA Delivered Class BC
2
0.00%
5.00%
10.00%
15.00%
20.00%
20112 012 2013 2014 2015 2016
Vacancy Rates
Vacancy Rates Class A Vacancy Rates Class BC
2
Last Year vs. This Year

6. West Michigan
Retail Submarket Snapshot
CONSTRUCTION
ASKING RATES
VACANCY RATENET ABSORPTION
3Q16vs. 4Q16
4Q15 vs. 4Q16
CONSTRUCTION ASKING RATES
VACANCY RATENET ABSORPTION
*Disclaimer: Historical data figures are subject to change based upon the timing of when CoStar receives market
information. NAIWWM uses the numbers available at the time each quarterly report is published.
Retail Statistical Changes
Last Quarter vs. This Quarter
22
-100,000
0
100,000
200,000
300,000
2011 2012 2013 2014 2015 2016
RBA Delivered Neighborhood RBA Delivered Community RBA Delivered Strip
2
0.00%
5.00%
10.00%
15.00%
20.00%
20112 012 2013 2014 2015 2016
Vacancy Rate Across All Submarkets
Vacancy Rates- Neighborhood Vacancy Rates- Community Vacancy Rates- Strip
2
2016 Q4 Snapshot
Submarket Total RBA
Vacant
Available SF
Vacancy
Rate
Total Average
NNN Rate
($/SF/Yr)
Total Net
Absorption (SF)
Lakeshore
Community 1,476,132 51,553 3.5% $8.38 8,910
Neighborhood 1,476,132 51,553 3.5% $8.38 8,910
Strip 1,024,876 64,350 6.3% $11.31 9,033
Total 3,977,140 167,456 4.2% $9.14 26,853
Northeast
Community 445,573 112,920 25.3% $4.89 28,936
Neighborhood 1,124,622 60,024 5.3% $10.78 17,995
Strip 682,033 50,872 7.5% $9.89 -2,537
Total 2,252,228 223,816 9.9% $8.76 44,394
Northwest
Community 465,640 30,939 6.6% $15.95 0
Neighborhood 726,480 111,097 15.3% $7.21 -45,459
Strip 555,660 47,188 8.5% $11.33 -423
Total 1,747,760 189,224 10.8% $12.36 -45,882
Southeast
Community 740,015 4,800 0.6% $10.75 0
Neighborhood 445,573 112,920 25.3% $10.34 28,936
Strip 1,701,747 102,830 6.0% $11.54 9,601
Total 2,887,335 220,550 7.6% $11.15 38,537
Southwest
Community 1,651,066 228,027 13.8% $10.56 0
Neighborhood 966,819 71,962 7.4% $8.91 7,419
Strip 945,897 62,881 6.6% $11.70 -9,247
Total 3,563,782 362,870 10.2% $10.41 -1,828
Overall Total 14,428,265 1,163,916 8.1% $7.62 62,074
Last Year vs. This Year

7. Submarket Map
Office
Southwest
Northeast
Southeast
Northwest
Lakeshore
Methodology | Definitions | Submarket Map
NortheastNorthwest
SoutheastSouthwest
Downtown
Retail Industrial
Marketing Matters
Whether you require a simple property brochure or a comprehensive advertising and PR campaign, our marketing team
at NAI Wisinski of West Michigan will work side by side with our brokerage, property management, and research teams
to develop an innovative marketing strategy tailored for our brokers and client’s asset. Our office maintains relationships
with local and regional press, providing PR services and guidance when appropriate. Our job is to make an impression, to
stand out from the crowd and, most importantly, to make our company and client’s properties look outstanding.
Allison Seeley
Marketing Director
Savannah Herrmann
Marketing Assistant
Bailey Aivars
Marketing Assistant

8. 100 Grandville Ave SW Suite 100
Grand Rapids, MI 49503
616. 776. 0100 www.naiwwm.com
facebook.com/naiwwm
@naiwwm
nai-wisinski-of-west-michigan
Office • Industrial • Retail • Multi-Family