2019 Q3 Detroit Market Report
The Metro Detroit office market’s vacancy rate has stayed the same at 9.3%. Approximately 31,200 SF of office space was delivered this quarter, with 2.2 million SF currently under construction. Net absorption is negative at approximately (7,000) SF. Vacancies in the Metro Detroit industrial market have risen to 3.2%. About 460,000 SF of industrial space was delivered, with about 5.3 million SF currently under construction. Absorption was positive at approximately 739,000 SF.
- Strong leasing, coupled with conversions and renovations, has office vacancies remaining low.
- Detroit’s office market is seeing the healthcare industry become one of the largest tenant providers in lease transactions.
- Detroit's industrial landscape continues to be encouraged by competition among tenants in the natural resources, mining, and construction sectors.
Read more in the full market report.