The report says vacancy rates remained stable during the last three months of 2000 but have increased over the last year. Net absorption decreased sharply, however, along with construction activity. Average asking lease rates for the market remained stable this quarter, and rent increases over the last 12 months have averaged 5.4%.
The office market posted a positive 632,511-sf of absorption for the fourth quarter, down 16.4% from the same quarter last year. The average asking lease rate stood at $20.16 per sf, according to the report.
Auburn Hills is the fastest growing submarket in the Detroit area, with 321,000 sf of new construction in 2000 and another 297,000 sf expected to be complete by September 2001, expanding the city's office space total to 882,000 sf.
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