Detroit industrial market report

Q2 2023

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

Overall vacancy remains stable, down 20 basis points from the prior quarter.
5.9 msf

Leasing activity

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.
6 msf

Construction activity

Construction activity remains healthy with 6 msf currently being developed and of that only 2.6 msf is available.
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