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Little Change Expected in Ann Arbor Vacancies

ANN ARBOR, MI-More commercial space opening in Ann Arbor means vacancy rates are unlikely to improve, according to Swisher Commercial's survey.

By Dan Heaton | Updated on January 28, 2004

ANN ARBOR, MI-Don’t expect any improvements in commercial real estate vacancy rates in the Ann Arbor area over the short-term. Vacancy rates for commercial properties in and around Ann Arbor will likely remain high in the near term, according to Swisher Commercial’s 11th annual survey of office and multi-use commercial space in the Ann Arbor area.

The Ann Arbor-based commercial realty company surveyed the owners and managers of some 282 properties, which have a total of 10.2 million sf, in December in order to prepare the report. As of Dec. 31, the market vacancy rate was 10.3%, compared to 9.9% at the end of 2002.

Swisher reports that the office vacancy rate in the Ann Arbor area remained essentially flat at 8.76%. Flex space usage, however, saw vacancies at 14.6% at year’s end, compared to 13.2% in 2002. The most dramatic changes were on the north side of Ann Arbor, where the vacancy rate halved to 3%, and downtown, where the rate almost doubled to 12.9%.

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