The national average bottomed out at 10.06% in the first quarter of 2003.
Detroit, meanwhile, saw its industrial space vacancy rate continue to increase. It climbed more than 50 basis points in the fourth quarter to 11.4%. There is some good news in sight, however, Grubb & Ellis says.
"The Big Three are cutting costs, but the weak dollar may boost demand for space," the report says. "Manufacturers are enjoying a windfall of new orders, production and exports unseen in recent years."
According to the new report, the current average asking price for warehouse and distribution space in the Detroit market is $4.17 per sf. R&D and flex space has an asking rate of $9.79 per sf.
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