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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 lowest vacancy in the Midwest region, third lowest in the nation.
No vacancy change since Q2 2024 in the Detroit metro.
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 lowest vacancy in the Midwest region, twelfth lowest in the nation.
Vacancy in the Detroit metro drifted downward by 20 basis points.
The Detroit metro had the lowest vacancy level since Q3 2009.

Flex / R&D

The average Vacancy Rate was 6.7% in the Detroit metro

Vacancy in the Detroit metro drifted upward by 10 basis points.
The Detroit metro was among the 20 highest vacancies nationally.
Vacancy is expected to finish 2024 at 6.6% in the Detroit metro.

Office

The average Vacancy Rate was 23.2% in the Detroit metro

Vacancy in the Detroit metro drifted downward by 20 basis points.
The Detroit metro was among the 20 highest vacancies nationally.
Vacancy is expected to finish 2024 at 23.5% in the Detroit metro.

Retail

The average Vacancy Rate was 12.4% in the Detroit metro

Vacancy in the Detroit metro rose by 80 basis points.
The Detroit metro had the highest vacancy level since year-end 2009.
Vacancy is expected to finish 2024 at 11.9% in the Detroit metro.

RENT

Apartment

The average Asking Rent was $1,306 in the Detroit metro

Rent in the Detroit metro was up 0.7% from Q2 2024.
Rent Has risen for six consecutive quarters in the Detroit metro.
Rent is expected to finish 2024 at $1,311 in the Detroit metro.

Distribution / Warehousing

The average Asking Rent was $5.56 in the Detroit metro

Rent in the Detroit metro was up 0.5% from Q2 2024.
Rent has risen in every quarter since Q2 2020 in the Detroit metro.
Rent is expected to finish 2024 at $5.61 in the Detroit metro.

Flex / R&D

The average Asking Rent was $8.62 in the Detroit metro

The Detroit metro remained flat rent since Q2 2024.
Rent is expected to finish 2024 at $8.69 in the Detroit metro.

Office

The average Asking Rent was $20.97 in the Detroit metro

Rent in the Detroit metro was down 0.1% from Q2 2024.
Rent is expected to finish 2024 at $21.06 in the Detroit metro.

Retail

The average Asking Rent was $18.46 in the Detroit metro

Rent in the Detroit metro was up 0.5% from Q2 2024.
Rent Has risen for six consecutive quarters in the Detroit metro.
Rent is expected to finish 2024 at $18.52 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.