Grand Rapids Business Journal 10.04.21

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CITY approves affordable housing fund.

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OCTOBER 4, 2021 VOL. 39, NO. 20

The Business Newspaper of Metro Grand Rapids, Holland, Muskegon & West Michigan

THIS WEEK

MALL OWNER STRIKES BALANCE Nancy Quero Ramirez’s store, Guelaguetza Designs, is a hub of cultural activity. Page 13

Downtown office space rent increases Report also indicates more companies will be moving to the suburbs. Danielle Nelson

dnelson@grbj.com

Housing start Whitmer’s $2.1B proposal earmarks $550M to build homes, invest in underserved areas, including West Michigan. PAGE 3

Inching up Comerica Bank’s economic index improves for eighth consecutive month. PAGE 3

NEW HQ Disability Advocates kicks off $750K public phase of fund drive to move to Special Olympics campus. Page 14

THE LISTS

The area’s top home health and hospice agencies Page 6 The area’s top urgent care facilities Page 9

According to JLL’s Grand Rapids 2021 Skyline report, the rent for office spaces in high-rise buildings in downtown Grand Rapids is increasing after two years of stagnation. The direct average asking rent per square foot is $22.22, which is a 1.7% year-over-year increase, surpassing the previous high in 2018. One of the reasons the average asking price for rent has increased is because of the new construction of Doug Meijer Medical Innovation Building, Studio Park and also the ongoing construction

Rental rates for office space in downtown Grand Rapids, like that shown here at 99 Monroe, are up 1.7% over last year. Courtesy Vision Real Estate Investment

of Perrigo’s new 125,00-squarefoot North American headquarters at 430 Monroe Ave. NW in downtown Grand Rapids. “Some of the increase in rent is because of the movement of tenants in downtown,” said Jeff

Karger, senior vice president of JLL. “There is new inventory on the market such as the Perrigo’s new corporate headquarters so the asking rate for new construction for those spaces ticked up because of new inventory. New

construction of buildings is much more expensive than second generation space so the cost to lease that space is typically not the same that it is for historical buildings.” CONTINUED ON PAGE 10

Partners look to close economic gender gap Project 257 launches with PNC funding nonprofit’s zero-interest loans to women, nonbinary customers. Rachel Watson

rwatson@grbj.com

PNC Bank recently launched an initiative designed to help close the economic gender gap and expand on the bank’s support for female financial decision makers. “Project 257: Accelerating Women’s Financial Equality” launched in mid-September with a name derived from the World Economic Forum’s 2020 Global Gender Gap Report that found

that at the current pace of progress, it will take 257 years for women to catch up to men from an economic perspective. “I don’t know anyone who thinks this is an acceptable timeline,” said Beth Marcello, director of PNC Women’s Business Development. “As a financial institution that prospers when our customers prosper, it makes perfect sense that we would want to help tackle the economic gender gap. Project 257 aligns with our brand purpose — when we accelerate women’s financial equality, we are making a positive difference, leveraging the power of our resources to help all move forward financially.” Coinciding with the launch of Project 257 is PNC Bank’s partnership with SheEO, a global

nonprofit whose mission addresses one of the major factors driving the 257-year gap: women’s lack of access to capital. SheEO provides interest-free loans to businesses, or “ventures,” owned and led by individuals who identify as women or nonbinary and crowdfunds capital from “activators” who fund the loan pool and play an active role in evaluating and selecting the ventures. To date, SheEO has crowdfunded $7 million to support more than 100 ventures in the U.S., Canada, Australia, New Zealand and the United Kingdom. PNC Bank’s three-year, $1.257 million commitment to SheEO is the largest contribution the nonprofit has received from a U.S. company, SheEO said. Through the partnership, PNC will work with

GRBJ.COM Vol. 39, No. 20 $3.00 a copy. $59 a year © Entire contents copyright 2021 by Gemini Media. All rights reserved.

Inside Track ...... 13 Guest Columns.. 16 Health care disparities Change-Ups ..... 20

BASEBALL, softball lead sports tourism rally.

Calendar .......... 20 Public Record .... 21 Street Talk ...... 22

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SheEO to drive awareness and help increase the number of activators who support SheEO ventures. Fifty PNC employees who identify as women or nonbinary have Welsh been chosen to serve as activators on behalf of PNC — one per market in which PNC has a presence — and they will play a significant role in the selection, mentorship and success of SheEO ventures. Sean Welsh, West Michigan regional president for PNC, said his team in the local market is CONTINUED ON PAGE 10


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