On average, listings lease in the $20's per square foot per year. The Heartside-Downtown Grand Rapids submarket is seeing a decline in rates. In the last 3 months, the median rate decreased $2 per sqft per year. That's a 9% decline 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 depreciated submarket.
In the last 90 days, 16 listings have come on the market, which means new listings most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 81% of the available space in the Heartside-Downtown Grand Rapids are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet posted, 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 properties in this region are approximately 5 floors. Most buildings in this region 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 occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.