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9Colliers International

The Grand Rapids office market continues to show               1.6 percent total job growth. In a battle for talent, office
momentum heading into 2018 after yet another year of          space is now a key tool for tenants to attract and retain
growth. In each quarter for the past seven years we have      employees.
seen positive office space absorption and rental rates have
steadily pushed upwards as the market continues to mature     Moving into 2018, land acquisitions for new office
and expand.                                                   development should increase, however construction costs
                                                              and available labor will continue to be constraining factors
Once known as a region in which people leave to find           this year. Despite these, new office construction continues
better jobs, Grand Rapids has seen a reversal in that trend,  downtown. Orion Construction is working on building
with many now migrating back home or deciding not to          a new home for law firm Warner Norcross & Judd and
leave in the first place. While wages are still lagging many   Chemical Bank at 150 Ottawa Avenue NW in the heart
comparable cities, opportunities for employment and           of the city, and Rockford Construction is set to deliver a
quality of life are high, and cost of living is relatively    mixed-use building at 234 Market Street SW, which will
low.                                                          include approximately 30,000 square feet of ground floor
                                                              office space.
The office sector houses a large and growing part of the
U.S. economy. Office job growth is strong, expanding by        The 171,000-square-foot Calder Plaza Building at
2.2 percent on average in this recovery as compared with      250 Monroe Avenue NW has undergone significant
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