Insights

Michigan

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Market Overview

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EXPLORE 3 Michigan MARKETSToggle markets

Detroit
Grand Rapids
Toledo

Detroit

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VACANCY

Apartment

The average Vacancy Rate was 2.7% in the Detroit metro

The Detroit metro had the sixth lowest vacancy in the nation and the fifth lowest in the Midwest.
Vacancy in the Detroit metro drifted downward by 10 basis points.
The Detroit metro had the lowest vacancy level since Q2 2017.

Distribution / Warehousing

The average Vacancy Rate was 3.1% in the Detroit metro

The Detroit metro had the fifth lowest vacancy in the nation and the fourth lowest in the Midwest.
No vacancy change since Q1 2023 in the Detroit metro.
The Detroit metro had the lowest vacancy level since Q3 2009.

Flex / R&D

The average Vacancy Rate was 6.6% in the Detroit metro

Vacancy in the Detroit metro drifted upward by 20 basis points.
The Detroit metro was among the 20 lowest vacancies nationally.
Vacancy is expected to finish 2023 at 6.4% in the Detroit metro.

Office

The average Vacancy Rate was 23.9% in the Detroit metro

Vacancy in the Detroit metro drifted upward by 40 basis points.
Vacancy is expected to finish 2023 at 24.2% in the Detroit metro.

Retail

The average Vacancy Rate was 11.4% in the Detroit metro

Vacancy in the Detroit metro drifted downward by 10 basis points.
The Detroit metro was among the 20 lowest vacancies nationally.
Vacancy is expected to finish 2023 at 11.4% in the Detroit metro.

RENT

Apartment

The average Asking Rent was $1,273 in the Detroit metro

Rent in the Detroit metro was up 0.1% from Q1 2023.
Rent is expected to finish 2023 at $1,288 in the Detroit metro.

Distribution / Warehousing

The average Asking Rent was $5.37 in the Detroit metro

Rent in the Detroit metro was up 1.9% from Q1 2023.
Rent has risen in every quarter for the past three years in the Detroit metro.
Rent is expected to finish 2023 at $5.54 in the Detroit metro.

Flex / R&D

The average Asking Rent was $8.40 in the Detroit metro

Rent in the Detroit metro was up 0.6% from Q1 2023.
Rent Has risen for eleven consecutive quarters in the Detroit metro.
Rent is expected to finish 2023 at $8.64 in the Detroit metro.

Office

The average Asking Rent was $21.06 in the Detroit metro

Rent in the Detroit metro was up 0.2% from Q1 2023.
Rent is expected to finish 2023 at $21.19 in the Detroit metro.

Retail

The average Asking Rent was $18.30 in the Detroit metro

Rent in the Detroit metro was up 0.2% from Q1 2023.
Rent is expected to finish 2023 at $18.35 in the Detroit metro.

Learn more about the Michigan markets from one of our professionals

Learn more about the Michigan markets from one of our professionals.

Grand Rapids

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VACANCY

Distribution / Warehousing

Average Vacancy Rate 9.1%

Declined by 90 basis points.
Expected to finish 2019 at.

RENT

Distribution / Warehousing

Average Asking Rent $3.32

Up 0.9% from year-end 2018.
Expected to finish 2019 at.

Learn more about the Michigan markets from one of our professionals

Learn more about the Michigan markets from one of our professionals.

Toledo

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VACANCY

Distribution / Warehousing

Average Vacancy Rate 16.0%

Declined by 70 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2019 at.

RENT

Distribution / Warehousing

Average Asking Rent $2.98

Up 1.0% from year-end 2018.
Fastest rate of increase in six quarters.
Expected to finish 2019 at.

Learn more about the Michigan markets from one of our professionals

Learn more about the Michigan markets from one of our professionals.