Detroit Office Market
Average Asking Rent (Price/SF) | $20.92 |
Vacancy Rate (%) | 21.9% |
Net Absorption (SF) | (250,637) |
The Metro Detroit office market vacancy rate decreased by 50 basis points to 21.9% during the fourth quarter of 2024, with 437,595 square feet absorbed. This represents the first instance of positive absorption in the office market since the second quarter of 2022. Over the year, the office market recorded negative absorption of 250,637 square feet. In comparison, the market experienced negative absorption of 2 million square feet in 2023 and 1.2 million square feet in 2022. Positive absorption was attributed to users taking large blocks of space at discounted prices
Download Detroit Office Market Report 4Q24Detroit Industrial Market
Average Asking Rent (Price/SF) | $7.72 |
Vacancy Rate (%) | 4.6% |
Net Absorption (SF) | (1,118,384) |
The industrial vacancy rate in Metro Detroit increased by 40 basis points to 4.6% in the fourth quarter of 2024, with an addition of over 688,100 square feet in net vacancies. Negative absorption was observed in three out of four quarters throughout 2024, resulting in a total of 1,118,384 square feet of net vacancies for the year. Meanwhile, available sublease space decreased by 10%, now totaling just over 2.9 million square feet. The Class A speculative bulk warehouse market experienced a positive turn as leasing demand rebounded in the fourth quarter, with users absorbing just over 1.5 million square feet. This surge accounted for 87% of the total Class A Bulk Warehouse absorption for the year. Construction deliveries totaled 678,460 square feet during the fourth quarter, bringing the annual total to 4.7 million square feet. Additionally, 2.2 million square feet are currently under construction and slated for completion in 2025.
Download Detroit Industrial Market Report 4Q24
