Detroit industrial market report
Q2 2024
The Detroit industrial market’s vacancy rate remains notably low at 3.5%, indicating a tight market with limited availability. Leasing activity has softened significantly with a total of 2.4 million square feet (msf) having been leased during the first half of 2024, down 69% when compared to the year prior. Construction activity has decreased significantly, with just 1.1 msf currently under development. This reduction in new development could lead to a considerable shortage in new inventory options.
3.5%
Overall vacancy
Overall vacancy remains extremely low, down 30 basis points from the prior quarter.
1.9 msf
Net absorption
Net absorption remains positive totaling 1.9 msf at the end of the second quarter of 2024.
3.2 msf
Delivered to market
A total of 3.2 msf delivered to the market year-to-date, with another 1.1 msf currently under development.
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