Industrial construction near lowest level since 2022 in Grand Rapids, Michigan

The Grand Rapids, Michigan, area has approximately 1.3 million square feet underway, with the final months of 2024 in sight. Logistics facilities constitute roughly 68% of the space underway, but Grand Rapids has experienced a balanced completion schedule among industrial subtypes, with manufacturing space composing 57% of industrial completions during 2023. For example, some regional peers, like Indianapolis, experienced logistics properties constituting 75% of completions last year, and the space underway in Indianapolis is composed of 93% logistics space, indicating the potential for weakened market fundamentals through the near term.