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.
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