(To read more on the net lease market, click here.)
PLYMOUTH, MI-Two office leases come to the rescue of a slow office market in the Detroit area. Ed Wujak, a broker with the Detroit office of CB Richard Ellis arranges two deals totaling 6,815 sf. Wujak tells GlobeSt.com that "product isn't moving vary quickly. Vacancy rates throughout the Detroit area range from 17.5% to nearly 24%."
The Michigan Education Association signed a long term lease for approximately 6,259 sf at 40500 Ann Arbor Rd. in Plymouth. The deal was signed in the I-275 submarket of the Detroit office market.
Wujak represented both the tenant and the landlord, Plymouth Office Plaza LLC. Wujak says the asking price for office space in much of suburban Detroit currently ranges from $16 to $17 per sf."
The second deal was a short-term lease for 556 sf of space at Carriage Park Office Center, 2200 Canton Center Rd. N. in Canton. Wujak represented both the tenant, Transcription Unlimited LLC, and the landlord, Skyline Management Co., in the transaction.
The Detroit market has incessantly experienced blows to its local economy. With the automotive industry's massive shakeup, several properties have gone vacant and unemployment rates continue to rise.
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