Insights
Michigan
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BACK TO INSIGHTSEXPLORE 3 Michigan MARKETSToggle markets
VACANCY
Apartment
Average Vacancy Rate 3.3%
- Fifth lowest in the nation, and the second in the Midwest region, behind only Dayton.
- No change since year-end 2020.
- Expected to finish 2021 at 3.3%.
Distribution / Warehousing
Average Vacancy Rate 9.0%
- Declined by 140 basis points.
- Lowest level since year-end 2009.
- Expected to finish 2021 at 9.4%.
Flex / R&D
Average Vacancy Rate 13.3%
- Fell by 90 basis points.
- Among the 10 highest vacancies nationally.
- Expected to finish 2021 at 14.1%.
Office
Average Vacancy Rate 24.2%
- Drifted upward by 40 basis points.
- Among the 10 highest vacancies nationally.
- Expected to finish 2021 at 25.9%.
Retail
Average Vacancy Rate 12.1%
- Drifted downward by 10 basis points.
- Expected to finish 2021 at 13.6%.
RENT
Apartment
Average Asking Rent $1,071
- Up 0.4% from year-end 2020.
- Expected to finish 2021 at $1,091.
Distribution / Warehousing
Average Asking Rent $4.45
- Up 0.5% from year-end 2020.
- Expected to finish 2021 at $4.54.
Flex / R&D
Average Asking Rent $7.49
- Up 0.1% from year-end 2020.
- Expected to finish 2021 at $7.51.
Office
Average Asking Rent $20.81
- Down 0.3% from year-end 2020.
- Expected to finish 2021 at $20.01.
Retail
Average Asking Rent $18.15
- Up 0.1% from year-end 2020.
- Expected to finish 2021 at $17.09.
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.
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.