West Michigan’s office market stayed strong in the first quarter of 2018, although rent and vacancy rates are beginning to level off, as Class A tenants either consolidate or leave downtown due to lack of parking.
Colliers International West Michigan recorded an overall market vacancy of 14.61 percent and an average rent of $17.96 per square foot. Downtown vacancy was 10.4 percent with an average rent of $23.39 per square foot.
Colliers also highlighted strong office activity for Kent County in the first quarter. The report said 73 on-market leases and 13 on-market sales were completed, a 19.4 percent increase from the first quarter of 2017.
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