Detroit’s industrial vacancy rate declined 20 basis points from the previous quarter, down to 3.7% at the end of Q2 2023. Detroit has benefited from recent legislation including reshoring, the inflation reduction act and EV commitments, which are all having a positive effect on industrial market fundamentals. Construction activity remains healthy with the majority of buildings being built having smaller footprints as flight to quality for tier 2 & 3 suppliers are driving this activity.
Overall vacancy remains stable, down 20 basis points from the prior quarter.
Leasing activity has slowed, year-to-date a total of 5.9 msf has been leased. Transactions are still occurring however taking longer than normal to close as companies are more cautious in decision making.
Construction activity remains healthy with 6 msf currently being developed and of that only 2.6 msf is available.
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