Detroit industrial market report
Q2 2022
The first half of 2022 has been extremely positive for the overall market fundaments showing no signs of slowing or softening within Detroit. The markets growth is driving increased construction activity and overall vacancy to remain low. The market is distressed with the shortage of available quality space as demand continues to be very active.
Unemployment rate
Unemployment as of May 2022 was 4.9%, decreasing 160 basis-points from one year ago, however still higher than the national rate of 3.4%.
Vacancy rate
Year-over-year vacancy decreased 30 basis points at the end of the second quarter down to 4.5%.
Supply
3.6 msf of new inventory has delivered to the market during the first half of 2022 with 7 msf still being developed.
Leasing activity
3.9 msf leased in the second quarter of 2022, up 62% from the prior quarter highlighting the strong demand within the Detroit market.
Largest transaction
The largest lease transaction of the quarter was signed by Renaissance Global Logistics who will occupy 741,993 sf in Wixom Assembly Park.
Absorption
Year-to-date a total of 1.8 msf of positive net absorption has been recorded within the Detroit industrial market another strong indicator of the overall health of the market.
Your source for the latest Detroit industrial real estate reports
Stay on top of current trends affecting the industrial real estate sector in Detroit. Gain an overall better understanding of Detroit's industrial real estate market conditions, so you can better formulate strategies to overcome any obstacle and know how to best invest in industrial real estate in Detroit.
Here, you’ll always find the latest industrial real estate market news so you can stay ahead. Come back often to see expert insights on the current and future of Detroit industrial real estate market.