Detroit industrial market report
Q3 2024
The Detroit industrial market experienced a slight increase in overall vacancy, reaching 4.1% by the end of Q3 2024, still well below the national average of 8.3%. Leasing activity has continued to soften, and the market saw negative absorption for the first time in seven quarters. Construction activity remains modest, with 3 million square feet currently under development.
4.1%
Overall vacancy
Overall vacancy increased slightly during Q3 2024, following six consecutive quarters of remaining below 4%.
$183 M
Sales activity
Sales activity increased 102% in Q3 2024 when compared to the year prior, potentially indicating renewed investor confidence within the market.
6.5 msf
Leasing activity
Leasing activity continues to soften, with a total of 3.5 msf leased throughout the first three quarters of 2024, compared to 8.5 msf during the same period in 2023.
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