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.
- 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.
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.