Why Grand Rapids
Fastest Growing Region in Michigan
Greater Grand Rapids is at the core of the Midwest, and is the state’s fastest growing region. Greater Grand Rapids boasts population of over 1.3 million, over half being between the age of 18 and 44.
Grand Rapids ranks in Top 10: 351,840 Grand Rapids-Muskegon-Holland, MI (Top 10 MSA Absolute Population Growth 1980-2000)
A Look at 2020: Grand Rapids ranks #21 in the Top 40
Grand Rapids-Muskegon-Holland, MI (MSA) 538,939 at 69% projected population increase (Top 40 MSA Absolute Population Growth & Percentage Population Growth 2007-2020)
Growth in Life Sciences Sector
The Greater Grand Rapids market has overcome a declining manufacturing presence and a stagnant office market with a powerful boost from the medical services industry. Despite the challenges in the automotive industry, there is a substantial amount of medical construction occurring which is expected to propel growth in West Michigan.
The West Michigan market has been energized and fueled by the amazing growth of the medical services industry.
Approximately $700 million of new projects are either recently completed or under construction:
• 187,000 SF/$98 million addition to Blodgett Hospital
• 284,000 SF/$92 million Spectrum Hospital Cancer Center
• 440,000 SF/$200 million DeVos Children’s Hospital
• 240,000 SF/$170 million addition to the VanAndel Research Institute
• 180,000 SF/$90 million Michigan State University Medical School
• 120,000 SF - Women’s Health Center
• 175,000 SF/$50 million Saint Mary’s Healthcare’s Lacks Cancer Center
• 145,000 SF/$60 million Hauenstein Center
West Michigan continues to work hard adapting to the changing economy, slowly moving away from its dependence on the auto industry. Despite the decline in manufacturing jobs, West Michigan is a fundamentally strong real estate investment as it remains a regional provider of education, professional, banking, consulting and health services.