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Demand for High-Tech Space Rises in City

DETROIT-While suburban activity is lacking, the area vacancy rate drops for high-tech space, according to a mid-year report from Colliers. Development around Wayne State University is increasing demand in the city, the report notes.

By Dan Heaton | Updated on August 18, 2004

DETROIT-Here’s a switch–positive absorption in the city and a negative number in the suburbs. That’s the case through the first half of the year when it comes to research & development/high-tech industrial space in the city and its suburbs.

According to a mid-year report from Colliers, the city had a year-to-date absorption of R&D/HT space of 71,547 sf, leaving the vacancy rate at 9.82%. The suburbs, meanwhile, saw a negative absorption of the same class of space of 602,690 sf, leaving the suburbs with a 22.15% vacancy rate.

In the city, the asking rate for such space is $8.50 per sf. In the suburbs, landlords are asking $9.79 per sf. For the market as a whole, the overall average asking rate for R&D/HT space is now $9.77 per sf, down from the $10.25 per sf average that had held steady over the past 18 months.

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