Search
 

Detroit Area Office Market Remains Strong

DETROIT-Lease rates went up while construction was down in the third quarter, says CB Richard Ellis in its third quarter market report. Absorption is up 10% from the same quarter a year ago.

By Robert Carr | Updated on November 01, 2000

DETROIT-The Detroit Metropolitan office market is strong, and should remain healthy,according to the third quarter Market Index report by CB Richard Ellis ofSouthfield, MI.

The report states:· Vacancy rates remained stable, and have increased over the last year;· Net absorption is increasing while construction activity has decreased;· Average asking lease rates for the Detroit market increased this quarter;to $19.99, and rent inflation over the last 12 months stands at 8.4%;· Asking rates for the Detroit submarket are up $3 to $22.19 in the quarter:· The market posted a positive 701,581 sf of absorption for the thirdquarter, up 10% from the same quarter last year.The prognosis for the market in the near term is good, given the job growthforecast relative to current and pending supply, the company says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.