Insights
Michigan
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VACANCY
Apartment
The average Vacancy Rate was 3.1% in the Detroit metro
- The Detroit metro had the second lowest vacancy in the nation, behind only Central New Jersey.
- Vacancy in the Detroit metro drifted downward by 10 basis points.
- The Detroit metro had the lowest vacancy level since Q3 2019.
Distribution / Warehousing
The average Vacancy Rate was 4.7% in the Detroit metro
- The Detroit metro had the second lowest vacancy in the nation, behind only Lexington.
- Vacancy in the Detroit metro has been in decline for six consecutive quarters.
- 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
- The Detroit metro had the eighth lowest vacancy in the nation and the ninth lowest in the Midwest.
- Vacancy in the Detroit metro has been in decline for six consecutive quarters.
- The Detroit metro had the lowest vacancy level since Q3 2009.
Office
The average Vacancy Rate was 23.7% in the Detroit metro
- Vacancy in the Detroit metro increased by 100 basis points.
- Vacancy is expected to finish 2022 at 23.7% in the Detroit metro.
Retail
The average Vacancy Rate was 11.8% in the Detroit metro
- Vacancy in the Detroit metro drifted upward by 10 basis points.
- The Detroit metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2022 at 11.7% in the Detroit metro.
RENT
Apartment
The average Asking Rent was $1,205 in the Detroit metro
- Rent in the Detroit metro was up 0.8% from year-end 2021.
- Rent Has risen for eight consecutive quarters in the Detroit metro.
- Rent is expected to finish 2022 at $1,227 in the Detroit metro.
Distribution / Warehousing
The average Asking Rent was $4.73 in the Detroit metro
- Rent in the Detroit metro was up 1.5% from year-end 2021.
- Rent Has risen for seven consecutive quarters in the Detroit metro.
- Rent is expected to finish 2022 at $4.86 in the Detroit metro.
Flex / R&D
The average Asking Rent was $7.68 in the Detroit metro
- Rent in the Detroit metro was up 0.7% from year-end 2021.
- Rent Has risen for six consecutive quarters in the Detroit metro.
- Rent is expected to finish 2022 at $7.94 in the Detroit metro.
Office
The average Asking Rent was $20.89 in the Detroit metro
- Rent in the Detroit metro was up 0.8% from year-end 2021.
- Detroit metro had its fastest rent rate of increase since Q1 2001.
- Rent is expected to finish 2022 at $20.74 in the Detroit metro.
Retail
The average Asking Rent was $18.21 in the Detroit metro
- Rent in the Detroit metro was up 0.1% from year-end 2021.
- Rent is expected to finish 2022 at $18.28 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.