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Grand Rapids Economic Forecast 2009, Hari Singh, Nancy Boese

Seidman Business Review

The survey for the greater Grand Rapids economy (Kent, Ottawa, Muskegon, and Allegan Counties) was conducted in November 2008.

• Business confidence index has dipped below 50%for the first time in 14 years

• Employment is expected to decline by 1% in 2009

• Overall nominal sales are expected to fall by 0.5% for 2009

• Exports continue to be a bright spot; expected growth is 5% during 2009

• The sharp decline in regional confidence, employment, and sales reflect the impact of a prolonged recession

West Michigan-Grand Rapids Commercial Real Estate Review And Forecast, Gary Albrecht

Seidman Business Review

The Grand Rapids industrial market started slow and steady in the first quarter of 2008 but made up for lost time during the remainder of the year. The vacancy rate decreased from 9.4 percent during the first quarter of 2008 to 7.5 percent at year-end. The consolidation, relocation, and expansion of three companies in the Grand Rapids area, which absorbed nearly 2.5 million square feet, significantly impacted the overall vacancy rate during 2008. One of the companies consolidated their operations from multiple West Michigan locations, while the second company relocated operations from three locations outside of the market and the …