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Firm Departures Hurt Industrial Market

DETROIT-Industrial vacancies in the metro area are running between 10.6% and 13.9%. The decline in the number of firms--many by bankruptcy or smaller firms that simply faded away--equates to a shortage of jobs, and there is little relief on the horizon.

By Dan Heaton | Updated on August 23, 2005

(To read more on the industrial market, click here.)

DETROIT-The doldrums in the industrial sector for commercial real estate brokers is unlikely to ease any time soon. According to recently released state data, the tri-county Detroit area has lost almost 1,000 industrial employers in the first half of this decade.

With industrial companies going under, the area’s largest brokerage firms are reporting industrial vacancy rates ranging from 10.6% reported by Grubb & Ellis for the second quarter of 2005, to the 13.9% reported by Signature Associates. According to the Michigan Department of Labor & Economic Growth, the metro-area counties of Wayne, Oakland and Macomb had 7,442 locations where people were employed in some type of manufacturing position in 2000. By 2004, that number had dropped to 6,445.

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