BY THE NUMBERS
DETROIT—The Detroit industrial market tightened even more in the second quarter of 2017 as the availability rate dropped from 4.8% to just 4.4% percent, according to CBRE's latest Industrial MarketView. As a result, developers see opportunities, and under construction square footage hit 4.2 million square feet, the most since 2002. Overall, the vacancy rate remained unchanged at 2.4%, one of the lowest rates in the nation, and the market experienced 43,630 square feet of positive absorption, marking the 25th consecutive quarter of such activity. Furthermore, the average asking lease rate rose from $5.66 to $5.95. “With vacancy historically low and availability decreasing, we expect to see more construction starts this year,” says Peter Rogers, vice president, CBRE. “It's a very tight market for tenants right now and as lease rates continue to increase, developers are poised to capitalize on new opportunities.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
