Detroit industrial market report

Q4 2023

The Detroit industrial market has experienced a slight slowdown compared to its peak performance in 2021 and 2022.  Overall vacancy continues to decrease, down 50 basis points (bps) year-over-year, recorded at 3.6% at the end of q4 2023. Throughout 2023, the market saw 12.5 msf of leasing activity, returning to pre-pandemic levels.  Construction activity has slowed with 3.5 msf currently being developed, down 43% from the year prior.


Overall vacancy

Overall vacancy at the end of 2023 was recorded 50 basis points lower year-over-year.


Leasing activity

Leasing activity in 2023 totaled 12.5 msf, down 38% from the year prior, yet only down 12.5% the pre-boom average.



Deliveries in 2023 declined nearly 44% from the record high in 2022 of 7.8 msf.

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