On average, listings lease in the $20's per square foot per year. The Heartside-Downtown Grand Rapids region is going through a decline in rates. In the last 3 months, the median rate decreased $2 per sqft per year. That's a 9% decrease in rent.
Compared to the rest of the Grand Rapids market, the Heartside-Downtown Grand Rapids region has smaller rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 16 listings have been made available, which means office spaces are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 81% of the office spaces in the Heartside-Downtown Grand Rapids are subleases, so you might be able to find a shorter term or below market rent. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 2,480 sqft. Most buildings in this area are close to 5 floors. Most buildings in this market were built in 1890 and are Class Class B.
A large portion of this market is residential, but there's plenty of office_space. Manufacturing is the dominant industry in this area. Commute by car is the most popular way to get to work amongst Heartside-Downtown Grand Rapids folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.