Page 12 - 2019 Colliers Forecast Book
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12   Colliers International | West Michigan































                                                                RCA Commercial Property Price Index
                                                                Source: Real Capital Analytics

                                                                 15000
                                                                 140 00
                                                                 130 000
                                                                 120 00
                                                                 Index Rating  110 00
                                                                 100 00
                                                                 90
                                                                 80
                                                                 70
                                                                 60
                                                                    2002  2004  2006  2008  2010  2012  2014  2016  2018
                                                                    Retail  Industrial  Office - CBD  Office - Suburban  Office
                                                View up Lyon Street

                                                                Vacancy Rates
          West Michigan Center for Arts and Technology has also   Source: Colliers International | West Michigan Research
          moved from 98 Fulton Street E to 614 First Street NW, part of
          the new Rockford Construction development that includes the   30%
          Bridge Street Market. In 2019, we look to see who will fi ll the
          balance of the offi ce portion of that development, which still   25%
          has nearly 30,000 square feet available.

          The overall vacancy and absorption trends in Grand Rapids   20%
          are very similar to what we are seeing nationwide. We predict           Suburban
          2019 will show similar signs of growth, albeit at a slightly   Vacancy Rates  15%
          slower rate. As companies continue to ride out the positive                                   Combined
          economic wave, offi ce real estate should reap some benefi ts      Downtown
          this year, despite some challenges and a bit of potential   10%
          economic uncertainty. Regardless of some obstacles, we
          envision 2019 being a prosperous year and foresee the West   5%
          Michigan offi ce market continuing to mature and compete with        4Q15     2Q16     4Q16     2Q17     4Q17     2Q18     4Q18
          larger regional cities.
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