Detroit industrial market insights
The Detroit industrial market continued to exhibit strong fundamentals throughout the first quarter of 2022 with strong rental growth, leasing activity, and a very healthy development pipeline. With continued increase in demand and concerns with the supply chain, companies have been increasing inventory levels to ensure they have enough product on hand. This shift has led to an increase in their real estate footprint within the market.
Overall vacancy remains low ending the first quarter at 5.6%, remaining a very tight market with limited options.
Escalations have increased approximately 50 basis-points (bps) within the first quarter of 2022.
There is currently 6.7 msf of new industrial space under construction at the end of the first quarter of 2022, with most of the space being constructed on a speculative basis.
A driving force within the Detroit market and currently evolving with the shift to Electronic Vehicles will be vital to the health of the market.
Leasing activity remains quite healthy through 2022 with a total of 1.5 msf having been leased in the first quarter of 2022.
Unemployment in Detroit is now 4.6% as of March 2022, decreasing 220 basis points from the year prior.
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