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Detroit Market Reports

Detroit Office Market

Average Asking Rent (Price/SF) $19.59
Vacancy Rate (%) 15.2%
Net Absorption (SF) 261,766

Metro Detroit's office market vacancy rate fell 30 basis points to 15.2% during the first quarter of 2019, as just over 261,000 square feet was absorbed. The city of Detroit continues to see new investments in terms of real estate development and tenant migration. In the suburbs, pockets of demand are showing up in the Farmington Hills, Troy and Ann Arbor submarkets, while vacancies are either idle or trending up in the Novi, Livonia and Southfield submarkets.

Detroit Industrial Market

Average Asking Rent (Price/SF) $5.56
Vacancy Rate (%) 4.2%
Net Absorption (SF) 1,239,035

New investments from the Big Three continue to fuel industrial demand in Metro Detroit that will likely carry over into the years ahead. The Metro Detroit industrial vacancy rate remained at 4.2% during the first quarter of 2019, as just over 1.2 million square feet of mostly new construction was absorbed. Fiat Chrysler announced plans to invest $4.5 billion in new assembly plants in Detroit. Part of the plan involves converting the Mack Avenue Engine factory to an assembly plant and expanding production at five factories in Metro Detroit, including Jefferson North Assembly in Detroit and FCA Truck Assembly Plant in Warren, in addition to Sterling Stamping and Warren Stamping plants. The new investment comes on the heels of General Motors and Ford cutting investments into segments of sedan production while expanding truck and next-generation electronic vehicles (EVs). General Motors announced a $300.0 million investment into EV production at its Orion Township plant. Meanwhile, Ford Motor is investing $850.0 million into EV production at Flat Rock Assembly Plant. Already, these investments are spurring demand and creating new high-tech industries around the Detroit area.

Detroit Office Market Report
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Detroit Industrial Market Report
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