Grand River Growth Plan -All Gibbs for City Jan 2 2026 - Flipbook - Page 81
Research Methodology
This analysis begins with a discussion of the context locale, evaluated in terms of a variety of factors
influencing suitability of office development. Local and regional demographic and economic factors likely
to affect the current and future office market are collected, including specific competitive supply
conditions such as occupancy, rents, construction activity and absorption. GPG also conducted
interviews with Farmington businesses, property owners, residents, the Chamber of Commerce and
other stakeholders.
After describing the existing market, a variety of sources are used to arrive at reasonable projections for
growth in market area employment. With these forecasts, office sector penetration and space needs per
employee are compared to determine the demand for new office space across the identified market
area (including any pent-up demand). Informed by past trends, the subject study area evaluation and
intelligence gathered on planned and proposed projects; this study arrives at a range of office absorption
that can be reasonably attained at the study area by 2030.
Data sources used in the above analysis include publicly available governmental sources such as the U.S.
Census, Bureau of Labor Statistics, Mackinac Center for Public Policy, Oakland County, the State of
Michigan Labor Market Information, subscription demographic and commercial real estate data
providers ESRI and Costar, as well as other published and online commercial real estate brokerage
statistics.
Figure 21
Farmington Hills Market Area Demographic Comparison
Demographic Category
Grand River
Trade Area
Farmington
Hills
Oakland
County
Detroit DMA
Michigan
2024 Population
104,000
83,000
1,270,000
4,930,000
10,200,000
2029 Population
102,000
83,000
1,270,000
4,900,000
10,000,000
2024-29 Annual Pop. Growth
-0.49%
-0.18%
-0.03%
-0.15%
-0.09%
2024 Households
45,500
36,000
537,000
2,010,000
4,000,000
2024 Bachelor's Deg. or Higher
30%
60%
50%
35%
30%
2024 Households with Children
55%
60%
60%
60%
62%
2024 Median Age
39.9
42.0
41.5
40.2
40.5
2024 Population Aged 25-54
40%
40%
40%
40%
37%
2029 Population Aged 55+
35%
36%
35%
35%
35%
Limits of Study
This study is designed as objective third-party research and GPG does not recommend that any or all the
supportable office space be developed in the Grand River Avenue study area.
This report is based on information that was current as of December 2024, and GPG has not undertaken
any update of its research effort since such date.
Grand River Corridor Office Market
Analysis Gibbs Planning Group
July 2, 2025
17.
