As we approach the end of 2024, we sat down with Elliot Muller to reflect on the past year in commercial real estate and gain insights into the future. In this Q&A session, Elliot covers everything from local market trends to industry challenges and shares advice for aspiring commercial real estate professionals. Let’s dive in!

How have you seen the Grand Rapids area grow or evolve in commercial development?

“The suburbs have seen quite a bit of new attention versus downtown CBD,” Elliot explains. “Near neighborhoods to downtown, like Creston Heights, Fulton Heights, and the West Side, have really started to establish unique identities. A few years back, the unique neighborhoods were limited to a few (Cherry Street and Wealthy Street), but through a mix of redevelopment and new construction these neighborhoods have seen a resurgence as of late.” 

What types of businesses will drive the most demand in the coming year?

“Fitness has been a busy sector,” Elliot explains. “In the past, you’d go to a single club for everything. Now, there’s a studio for every niche—yoga, stretching, Pilates, barre, and more. Health has become a bigger priority for Americans.”

Another notable trend is the coffee market. “In Grand Rapids alone,” Elliot notes, “four or five new coffee chains are entering the market, all competing for the same spaces.”

Elliot also highlights the rise of international cuisine: “Quick-service restaurants (QSRs) are making waves with diverse offerings like Indian, Mediterranean, and Greek food.”

Overall, Grand Rapids continues to see a flow in distinctive retail businesses, keeping the business area dynamic and full of fresh options.

From fitness studios to coffee chains and globally inspired QSRs, these categories are driving demand both locally and nationally. Elliot emphasizes that businesses catering to people’s growing desire for health, convenience, and unique food experiences are gaining traction, opening doors for innovative concepts in the retail industry.

How has technology changed the leasing and buying process?

“Technology has been a part of our industry for some time now,” Elliot shares. “We were the first real estate company in Grand Rapids to have a fax machine and a computer. Now, we’re in the world of AI, where national retailers can look at a site in Grand Rapids from their desktop in Tallahassee, Florida. By entering an address, their proprietary algorithm can churn out demographics, comparables, and even projected sales.”

Regardless of these advances, Elliot clarifies that “Local retailers still rely on experts to say, ‘This is a good fit for you, and here’s why.’” He also notes how “Technology has streamlined processes and are now the standard for transactions, whereas everything used to require copious amounts of paperwork.”

Experiential retail trends and standout tenants

“Experiential retail has taken off,” Elliot notes. “With the younger generation, it’s all about entertainment-driven spaces. For example, we’ve seen concepts like The Main Event at Woodland Mall and heard discussions about Topgolf and indoor driving arenas at Patterson Farms. Indoor putt putt is also popping up. These kinds of venues create excitement and generate interest in the market.”

When asked about his favorite tenant or deal in 2024, Elliot adds with a laugh, “Personally, my favorite tenant is one that pays rent. But I’ll say there are some exciting tenants entering the market, and a few big announcements are coming in 2025.” At the end of the day, he emphasizes that it’s about bringing in the right tenants who will serve the Grand Rapids market well. 

What advice would you give to aspiring commercial real estate professionals?

“You need thick skin to handle rejection,” Elliot advises. “In our business you hear a lot of ‘no’s,’ and you can’t take it personally.” He also noted that hard work pays off: “The more you work, the more successful you’ll be.”

For landlords, Elliot offers a word of caution: “Don’t follow trends too closely. Trends are like high-risk stocks—hot until they’re not. Having a long term is key to success.”

Closing Thoughts

As we look ahead to 2025, Elliot’s reflections provide perspectives into the commercial real estate landscape in Grand Rapids and beyond. From suburban growth to the rise of experiential retail and wellness, there’s no shortage of opportunity—but it’s clear that adaptability and a steady approach remain critical to success. With 2025 on the horizon, we’re excited to continue exploring new possibilities, strengthening partnerships, and contributing to the growth of our community. Here’s to an exciting year ahead, full of potential and promise!