(To read more on the industrial market, click here.)
(Natalie Keith is a contributing writer to GlobeSt.com.)
DETROIT-With demand in the automotive industry continuing to soften, the metro Detroit area industrial market saw a jump in vacancies in the fourth quarter of 2005, according to a market report issued by Grubb & Ellis Co's Southfield office.
With more than 2.2 million sf of industrial space returning to the market over the quarter, the vacancy rate for the market jumped to 11.2% from 10.7% in the third quarter. Asking rents averaged $4.65 per sf, for manufacturing space, $4.16 per sf for warehouse space and $9.72 per sf for research and development space.
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