The new buildings will include Willow Office Center, a 40,000-sf facility on Big Beaver Road and 5151 Corporate Drive, a 483,000-sf facility being built for Flagstar Bank, which will have 90,000 sf available for lease on a five-year term.
Although Troy's inventory is the second largest among suburban markets, it has one of the lowest vacancy rates at 6.1%. The average overall asking rental rate is $23.04 psf, which is an increase of $3 psf from third quarter 1999.
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