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99 MONROE AVENUE NW 25 OTTAWA AVENUE SW

Class-A average listed rental rate finally cross the $20.00 per square Grand Rapids, MIownership in 111 Lyon Street NW. Some of those buildings have had to
foot (modified gross) mark for the first time and wondered if leases Madison, WIendure temporary vacancies in order to accomplish this, however, we
would be executed at that level in 2016 or if it would serve as a mental Norfolk, NJexpect the downtown Class-A vacancy rate to drop under 10 percent
barrier. We opined that tenants would have to justify crossing this Richmond, VAin 2017 (currently approximately 15 percent), with a total downtown
threshold by comparing our market to larger markets. If talent and Salt Lake City, UTvacancy below 7 percent (currently approximately 9 percent).
client attraction was really paramount, we predicted this mark would St. Paul, MN
be breachable and sustainable. By the end of 2016, after four more -10 0 %
positive quarters of growth, the Class-A downtown average asking
rate stood at a record $22.44 per square foot, showing that our -80%
market continues to exhibit strength at resistance points and
desire to break through the middle-market classification. -60%

Much of the reason rental rates and occupancy continue to -40%
climb downtown is the realization of the need to reposition. Afteryears
of relative stagnation downtown, we continue to see the city’s skyline -20%
significantly change. Franklin Partners’ acquisition and reposition of
99 Monroe Avenue NW really started the ball rolling in 2013. Since then -0%
we have seen TWENTY 5 at 25 Ottawa Avenue SW undergo considerable
redevelopment and subsequent lease-up, improvements to 200 and Walk / Bike / Other
300 Ottawa Avenue NWand 250 Monroe Avenue NW, new construction Public Transportation
such as Arena Place at 45 Ottawa Avenue SW, and a transition of Automobile

Tr a n s p o r t a t i o n

mode split between workers in the CBD

Relative to peer cities, Grand Rapids has room to grow its
alternative transportation usage.
Source: GR Forward Parking Study

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