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Office, Industrial Markets Seen As Weakening

DETROIT-"Local and state tax based incentive programs are helping real estate activity moving forward," says CB Richard Ellis' Marianne Evans, as the office and industrial sectors take occupancy and sales hits.

By Robert Carr | Updated on November 07, 2001

DETROIT-The prognosis for both the office and industrial markets in the metropolitan area near-term is poor, according to a recent report by CB Richard Ellis of Southfield, MI. According to the company, the Southeast Michigan markets for both office and industrial are stable but getting weaker due to the slowing economy and world events.

Net absorption has decreased in office space, availability has increased in warehouses and construction activity has stalled across the board.

The only thing that has saved the area has been incentives, says Marianne Evans, spokeswoman for the company.

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