On average, listings lease in the $20's per square foot per year. The Heartside-Downtown Grand Rapids region is going through a decrease in rates. In the last 3 months, the median rate decreased $5 per sqft per year. That's a 15% decline in rent.
Compared to the rest of the Grand Rapids market, the Heartside-Downtown Grand Rapids submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 29 listings have come on the market, which means new availabilities are probably going fast. You'll want to be prepared to make an offer immediately. 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 2,310 sqft. Most properties in this area are around 5 stories. 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 region. 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.