Grand River Growth Plan -All Gibbs for City Jan 2 2026 - Flipbook - Page 48
Farmington Retail Real Estate Market Overview
Farmington Market Retail Rents
$14.50
$14.00
$13.50
$13.00
$12.50
$12.00
$11.50
$11.00
$10.50
$10.00
Figure 14: Farmington Market Retail Rent Trends
Retail pricing in Farmington/Farm Hills is estimated at $141 per square foot, which is higher than the
regional average of $131 per square foot. Pricing varies by retail type, with neighborhood centers at
$128/SF, power centers at $130/SF, strip centers at $160/SF, and general retail properties at
$148/SF. The current market capitalization (cap) rate for retail properties in the area is 7.9%, slightly
below the overall market average of 8.2%.
Regional Stakeholders
Corewell Health
The Corewell Health Medical Center is a 330-bed teaching facility with Level II trauma status and a
new birthing center. The medical center represents a major driver for commercial and residential
development in the East Grand River area.
Corewell Health employs 1,400 total staff members and includes a 30-acre medical campus with
40,000 sf of medical office space, a 35,000 sf cancer center and 60,000 sf administrative staff
buildings. Corewell Health provided 57,000 patient days and 10,800 total discharges in 2024.
Healthcare is the corridor’s largest business sector with 110 total businesses employing 5,500 full
and part-time workers, representing 75% of Grand River’s employment. Retail trade and restaurants
are the area’s second largest business categories with 100 establishments employing 1,500, 20% of
Grand River’s labor force.
East Grand River Avenue Retail Market Analysis
Gibbs Group - July 2, 2025
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