Insights
Michigan
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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.
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.