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Regional Summaries

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Detroit, MI

Apartment
The vacancy rate stayed close to zero in the 216,104-unit market-rate, investment grade Detroit apartment market, but rent gains slowed. The first quarter 2017 vacancy rate was just 2.4%, up 10 basis points over the quarter and 10 from a year earlier. The rate was also 2.4% in April. In the first quarter, both the average asking rent and the average effective rent decreased 0.2%, reducing the year-over-year gains to 3.1% and 3.2%, respectively. April saw the asking average rise 0.2% to $963 per month while the effective average unchanged at $914 per month. VIEW APARTMENT LISTINGS >
Industrial
The 211-million-square-foot metro Detroit warehouse/distribution space market slowed with 509,000 square feet of negative net absorption for 2017 through April, and the vacancy rate increased 20 basis points to 11.2% that month. But the average asking rent increased 0.5% during the first quarter to $4.05 psf, and the average effective rent rose 0.3% to $3.68 psf. The April gains were 0.2% and 0.3%, respectively. Reis reports two Flex/R&D projects with 200,000 square feet completed construction in the first four months of 2017, leaving 361,000 square feet under construction. But the April vacancy rate for the 37.8-million-square-foot market, though high at 15.3%, was down 10 basis points year-to-date. The average asking rent increased 0.6% over the quarter to $6.91 psf, with the average effective rent up 0.5% to $6.17 psf. The April gains were 0.1% asking and 0.2% effective. VIEW INDUSTRIAL LISTINGS >
Office
The 74.3-million-square-foot general purpose, multi-tenant Detroit office market would be considered strong if not for the hole it is in. Net absorption totaled nearly half a million square feet in the first four months of 2017, and the vacancy rate fell 60 basis points. It was still 23.9%, however. Rents have been rising moderately. Both the average asking rent and the average effective rent were up 0.5% in the first quarter and 0.1% in April to $19.80 psf and $14.82 psf, respectively. VIEW OFFICE LISTINGS >
Retail
The 34.4-million-square-foot Detroit area community-neighborhood shopping center market continues to go sideways. The market had 22,000 square feet of net absorption in the first four months of 2017, and the vacancy rate edged down 10 basis points to 11.3%. During the first quarter of 2017, the average asking rent increased 0.2% to $17.63 psf with the average effective rent up 0.3% to $15.44 psf. The year-over-year gains were just 0.5% and 0.6%, respectively. There was no change in April. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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