Detroit industrial market report
Q4 2024
The Detroit industrial market showed consistent activity throughout 2024, even though the annual leasing volume was lower than the post-COVID averages. The fourth quarter saw the highest leasing activity of 2024, with 1.85 msf leased, exceeding the quarterly average. The overall vacancy increased slightly up to 4.4%, still well below the national average of 7.3%. Construction activity has slowed, with 2.87 msf under development, which will further help keep overall vacancy rates stable.
4.4%
Overall vacancy
Overall vacancy remains extremely tight, recorded at 4.4% at year-end 2024, well below the national average of 7.3%.
6.97 msf
Leasing activity
A total of nearly 7 msf leased throughout 2024, with a quarterly average of 1.74 msf.
2.9 msf
Construction activity
Construction activity continues to decline, with 2.9 msf currently under development the lowest level since Q2 2019.
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