Search
 

Office, Industrial Markets Begin Slow Recovery

BINGHAM FARMS, MI-Leasing activity in Metropolitan Detroit's office and industrial markets increases slightly in first quarter as property owners offer incentives, says the local branch of Colliers International.

By Robert Carr | Updated on April 15, 2002

BINGHAM FARMS, MI-The local branch of Colliers International says signs of slight improvement are beginning to surface in Metropolitan Detroit’s office and industrial markets. Leasing activity has increased since year-end 2001 but remains sporadic and will not soon return to levels experienced 12 months ago, company officials say.

The statistics are slow to reflect this momentum as tenants proceed with caution before closing a deal. Lead times have nearly doubled in office leasing, where brokers report some transactions taking six to nine months to solidify.

Although most asking rental rates remain unchanged, effective rents have decreased because of concessions offered to tenants who have become wise to current market conditions, Colliers says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.