2019 Q1 Detroit Real Estate Market Report
The Metro Detroit office market’s vacancy rate has risen to 9.4%. Approximately 27,000 SF of office space was delivered this quarter, with 2.6 million SF currently under construction. Net absorption is positive at just over 51,000 SF. Vacancies in the Metro Detroit industrial market has remained at 3.0%. About 49,000 SF of industrial space was delivered, with about 4.4 million SF currently under construction. Absorption was negative at approximately (715,000) SF.
- Strong leasing, coupled with demolitions and conversions, has office vacancies heading toward all-time lows.
- Detroit’s office market is becoming an increasingly popular landing spot for corporate relocations.
- Fundamentals suggest a strong outlook for industrial buildings in Detroit as demand continues to outpace supply.
Read more in the full market report.