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Detroit Market Reports

Detroit Office Market

Average Asking Rent (Price/SF) $19.98
Vacancy Rate (%) 14.6%
Net Absorption (SF)  348,535

Metro Detroit's office market vacancy rate fell 30 basis points to 14.6% during the fourth quarter of 2019, as just over 348,000 square feet was absorbed. The metro office market posted just over 691,000 square feet of absorption in 2019, compared with 1.7 million square feet for all of last year, when large office users such as United Shore Financial Center, Henry Ford Health Systems, Mortgage Center, LC, MSX International, Inc. and General Motors were in the market. Large office users continued to boost the submarkets of Southfield, Troy and Detroit CBD in 2019, although to a lesser degree than they had last year. Looking ahead to 2020, major companies are set to take up a significant amount of space in Detroit's CBD, in a continued boost to the city's office market.

Detroit Industrial Market

Average Asking Rent (Price/SF) $5.99
Vacancy Rate (%) 4.1%
Net Absorption (SF) 2,230,281

The Metro Detroit industrial vacancy rate climbed 10 basis points to 4.1% during the fourth quarter, as just over 1.5 million square feet of new speculative construction came online. In addition, more than 1.0 million square feet of build-to-suit developments were completed and accounted for nearly 50% the metro's absorption total for the quarter. The positive performance of newly completed speculative developments and continued groundbreaking for build-to-suit facilities are indicators that Metro Detroit industrial market remains strong. Since 2014, there have been 113 completed construction projects totaling 18.5 million square feet. By the end of 2020, another 28 industrial buildings totaling 5.3 million square feet of both speculative and build-to-suit developments will be completed. In terms of square feet, speculative developments will make up 56% of overall active construction, while the other 44% will consist of build-to-suit developments.



Detroit Office Market Report
4Q19
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Detroit Industrial Market Report
4Q19
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