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Office Absorption Turns Positive in Detroit Region

DETROIT-Strong activity in Troy, where 199,405 sf was taken off the market, helps the Detroit region post positive office absorption in the first quarter 2004, according to two reports.

By Dan Heaton | Updated on April 23, 2004

DETROIT-The area office market had a positive absorption of more than 230,000 sf in the first quarter, with Troy leading the way. Lear Corp. Oxford Automotive and Northwestern Mutual Insurance all signed substantial leases in that submarket.

The market’s 21.1% vacancy rate for office space, as reported by the Detroit office of CB Richard Ellis, is down about half a percentage point from year end. Asking rates held steady from the fourth quarter at about $20.37 per sf.

According to CBRE’s first quarter report, the Troy market absorbed a total of 199,405 sf in the first quarter. Even with that volume, however, the city still has a vacancy rate of 19.4%.

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