Q3 2020 Detroit Real Estate Market Report
The Metro Detroit office market’s vacancy rate rose to 10.3%. Approximately 46,650 SF of office space was delivered this quarter, with almost 3.4 million SF currently under construction. Net absorption is negative at approximately 704,000 SF.
Vacancies in the Metro Detroit industrial market increased slightly to 3.7%. About 24,900 SF of industrial space was delivered this quarter with over 5.9 million SF currently under construction. Absorption was negative at approximately 510,000 SF.
- Both the office and industrial markets in Detroit are seeing large declines and changes in the investment market. This has opened up opportunities for tenants looking to purchase their facilities.
- Detroit’s office market is experiencing uncertainty as companies evaluate work-from-home strategies and determine what the long-term need for corporate office space will be.
- Detroit’s industrial market is still anticipating a demand for new industrial facilities despite the pandemic, with over a third of new deliveries being absorbed and close to 6 million SF under construction.
Read more in the full report.