Markets · Grand Rapids–Kentwood, MI MSA
Grand Rapids Industrial Market Report
Bluebird CRE Research · As of 2026 Q1 · Data: CoStar Group, www.costar.com
West Michigan's manufacturing and distribution hub, with furniture, food, and advanced manufacturing tenancy.
Asking Rent / SF
2016–2026Now $7.38 · +2.9% YoY
Vacancy Rate
2016–2026Now 3.3%
Net Absorption (12 mo)
2016–2026Now 1.2M SF
Annual figures through 2026 Q1. Source: CoStar Group, www.costar.com.
Market overview
As of 2026 Q1, Grand Rapids industrial vacancy stands at 3.3% with asking rents near $7.38/SF. The market absorbed 1.2M SF over the trailing year, and investment sale pricing implies roughly a 9.0% cap rate. Those are the figures that frame how we underwrite here.
Bluebird's read
West Michigan's manufacturing and distribution hub, with furniture, food, and advanced manufacturing tenancy. Bluebird targets functional small-bay and IOS product here at a basis below replacement cost, with leasing and mark-to-market as the value-add levers.
Economy
- Population
- 1.2M
- Total employment
- 605,630
- Industrial employment
- 144,429
- Median HH income
- $84,473
Key submarkets
- • Kentwood
- • Walker
- • Wyoming
- • Caledonia
Representative tenants
- • Amazon
- • Steelcase
- • SpartanNash
- • Gentex
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Market data sourced from CoStar Group, www.costar.com (as of 2026 Q1); figures are point-in-time estimates and forecasts are not guarantees. Provided for informational purposes only and not an offer to sell securities. Past performance does not guarantee future results.
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