Developers started nearly 280,000 sf of new construction in Farmington Hills, the I-275 corridor, Bingham Farms and Auburn Hills. "The scarcity of vacant, buildable land for sale persists in all submarkets except Auburn Hills, which limits new construction," he says. The report also said: o Tenants continued to lease vacant space, absorbing nearly 540,000 sf of space in the third quarter.
o Technology-based companies, such as telecommunication firms, software companies and application providers, continue to make up much of the demand for space.
o Rental rates remained stagnant, averaging $24.72 psf for suburban class A space and $20.88 psf for class B.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
