jll grand rapids full circle report 2017

© JLL 2017 1

Full circle: Grand RapidsAn in-depth look at how residential demand, corporate

growth, and development activity sparked the resurgence

of downtown Grand Rapids

© JLL 2017 2

Grand Rapids is attracting

national attentionGrand Rapids is the fastest growing metropolitan area in

Michigan. The city is positioned as a regional leader for

healthcare advancement, higher education, and the brewing

industry. Dubbed “Beer City, USA” – Grand Rapids is home

to over 40 breweries. As people and businesses have

migrated into the Grand Rapids community, the downtown

core has experienced rapid growth in development and

activity. A wave of new construction is underway, as

developers seek to add thousands of new multifamily units -

condo and apartments - in the near future to meet the

demand of incoming residents. As Grand Rapids continues

to grow in terms of economy and population, the downtown

core will become the focal point of this delightful city.

Downtown Grand Rapids

2© JLL 2017

© JLL 2017 3

Downtown Grand Rapids by the numbers

39%Percent Millennials

48,000Total employment

17Office tenants

2016 Business attraction and retention

51# of investment projects (2012-planned)

$1.2BTotal investment

87%Private investment

2.7Square miles

14,000Residential population

27%Population growth since 2000

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Demographics

24%

39%

18%

15%

Nearly two thirds of the downtown

population is younger than 36, providing a

solid base for economic growth.

Generation Z (0-19)

Millennials (20-36)

Generation X (37-52)

Baby Boomers (53-71)

The Silent Generation (72+)

2017 downtown population by age 3,000

5,000

7,000

9,000

2000 2010 2017

Residential developmentApartment and condo numbers are on the rise in

the downtown area, as developers aim to vastly

increase residential options in the city center.

5.8K

6.8K

8.2K

700,000

900,000

1,100,000

10,000

12,500

15,000

2000 2010 2017

Population growth

Grand Rapids is the fastest growing region in

the state, and the downtown area is absorbing

a significant portion of this incoming population.

0.9M

1.0M

1.0M

11.1K

11.9K

14.0K

People

Downtown population Metro population Downtown housing units

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Largest employers

Downtown Grand Rapids largest employers

are a diverse mix of public and private sector

industries.

Spectrum Health

Mercy Health

Fifth Third Bank

Kent County

City of Grand Rapids

22,000*

2,500

2,300

1,600

1,300

Amway Hotels

Huntington Bank

American Seating Company

Founders Brewing Company

Wells Fargo Bank

1,300

900

400

300

170

Business attraction and retention

Downtown Grand Rapids retained many key

tenants while also attracting other businesses

of note in 2016.

Greenleaf Trust

Honigman

Insight Global

JLL

Vision Real Estate Investment

Barfly Ventures

Independent Bank

JP Morgan Chase

McGarry Bair

McShane & Bowie

Miller Canfield

Modustri

Northern Trust

PNC

Regus

Robert Half

Spectrum Health

Retention or expansion

Attraction

Employment by industry

Professional and business services

Hospitality, leisure and retail

Government

Construction, manufacturing and transportation

Downtown employment by industry

Information

Education and healthcare

Other

Downtown Grand Rapids has a thriving 21st

century economy with significant employment

in the education and healthcare industries.

35%

18%14%

12%

7%

4%10%

Business


* Total regional employment

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32%

27%

41%

Investment by project status

Investment has been steady over the

past five years, with a robust pipeline

continuing into 2017.

Completed (2012-16)

Under construction

Planned

$386.5M

$334.2M

$497.0M

26

12

13

Status Investment

# of

projects

Investment by funding type

Public funding has been instrumental in kick

starting a number of developments, however,

private funding has driven the majority of

investment activity downtown.

87%

13%

Private investment dollars

Public investment dollars

$0

$200

$400

$600

$800

Education,infrastructure,

public use

Entertainment,retail

Hotel Office Residential

Investment by property type

The majority of downtown development dollars

have gone into residential projects, driven by

the lack of inventory and growing demand.

5

projects

34

projects

13

projects3

projects

4

projects

($M)

Investment


© JLL 2017 7

7 Embassy Suites by Hilton

8 Gateway at Belknap

9 Market Ave Apartments

10 MSU Research Center

11 River’s Edge

12 Trowbridge Flats

1 123 Division

2 20 Fulton

3 250 Monroe

4 601 West

5 B.O.B. Venue Tower

6 Consumers Energy

Training Center

1 10 Ionia

2 363 State Street

3 50 Monroe

4 Bond Apartments

5 Clancy Lofts

6 Coit Square Condos

7 Firestone Lofts

8 Grand River Restoration

9 Grand View Place

10 GVSU Health Sciences

11 Meijer Development

12 Ottawa & Lyon

13 Studio C!

9 Founder’s Brewery Expansion

10 Fulton Place

11 Klingman Lofts

12 Morton

13 New Holland – Knickerbocker

14 The Rowe

15 Waters Center

1 25 Ottawa

2 300 Monroe

3 616 Lofts at 820 Monroe

4 616 Lofts on Alabama

5 7th Street Lofts

6 Arena Place

7 Barley Flats

8 Creston Plaza Apartments

Investment map

Significant projects under construction

Significant projects completed in 2015-16

Notable proposed projects

Completed in 2015-16 Under construction Proposed
