Insights
Michigan
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VACANCY
Apartment
The average Vacancy Rate was 2.7% in the Detroit metro
Distribution / Warehousing
The average Vacancy Rate was 3.1% in the Detroit metro
- Vacancy in the Detroit metro drifted downward by 10 basis points.
- The Detroit metro had the lowest vacancy level since Q3 2009.
Flex / R&D
The average Vacancy Rate was 6.1% in the Detroit metro
Office
The average Vacancy Rate was 23.7% in the Detroit metro
Retail
The average Vacancy Rate was 11.3% in the Detroit metro
- Vacancy in the Detroit metro drifted downward by 10 basis points.
- The Detroit metro had the lowest vacancy level since year-end 2015.
RENT
Apartment
The average Asking Rent was $1,287 in the Detroit metro
- Rent in the Detroit metro was up 0.9% from Q3 2023.
- Detroit metro had its fastest rent rate of increase in four quarters.
Distribution / Warehousing
The average Asking Rent was $5.48 in the Detroit metro
- Rent in the Detroit metro was up 0.6% from Q3 2023.
- Rent has risen in every quarter since Q2 2020 in the Detroit metro.
Flex / R&D
The average Asking Rent was $8.58 in the Detroit metro
- Rent in the Detroit metro was up 0.4% from Q3 2023.
- Rent has risen in every quarter since Q3 2020 in the Detroit metro.
Office
The average Asking Rent was $20.91 in the Detroit metro
Retail
The average Asking Rent was $18.32 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.