Insights

Michigan

BACK TO INSIGHTS

Market Overview

BACK TO INSIGHTS

EXPLORE 3 Michigan MARKETSToggle markets

Detroit
Grand Rapids
Toledo

Detroit

Learn more about the Michigan markets from one of our professionals

VACANCY

Apartment

Average Vacancy Rate 3.3%

Fifth lowest in the nation, and the second in the Midwest region, behind only Dayton.
Drifted upward by 10 basis points.
Highest level since Q1 2014.

Distribution / Warehousing

Average Vacancy Rate 10.7%

No change since Q1 2020.
Expected to finish 2020 at 12.4%.

Flex / R&D

Average Vacancy Rate 14.8%

Drifted upward by 40 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2020 at 16.2%.

Office

Average Vacancy Rate 23.5%

Drifted downward by 10 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2020 at 26.2%.

Retail

Average Vacancy Rate 12.0%

No change since Q1 2020.
Highest level since Q2 2012.
Expected to finish 2020 at 14.3%.

RENT

Apartment

Average Asking Rent $1,064

Up 0.1% from Q1 2020.
Has risen in every quarter since Q1 2017.
Expected to finish 2020 at $1,041.

Distribution / Warehousing

Average Asking Rent $4.39

Down 0.2% from Q1 2020.
Expected to finish 2020 at $4.11.

Flex / R&D

Average Asking Rent $7.48

Second fastest rent growth in the nation, behind only Columbus.
Has risen in every quarter since Q3 2013.
Expected to finish 2020 at $7.04.

Office

Average Asking Rent $20.68

Down 0.2% from Q1 2020.
Expected to finish 2020 at $19.71.

Retail

Average Asking Rent $18.11

Down 0.5% from Q1 2020.
Expected to finish 2020 at $16.59.

Learn more about the Michigan markets from one of our professionals

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

Grand Rapids

Learn more about the Michigan markets from one of our professionals

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

Learn more about the Michigan markets from one of our professionals

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.