Detroit Ann Arbor Industrial Market Report Q1 2022
The Metro Detroit industrial market vacancy sits at a near all time low. User demand for modern distribution and warehouse facilities is driving development.
Net absorption totaled 1.6M SF, driven mostly by the Monroe submarket.
Average asking rates continue to climb, up 9.2% year over year to $6.83 per square foot.
3.6M SF of space was delivered in Q1, with an additional 7.4M SF construction underway.
Limited Availability Continues to Drive Demand
The Metro Detroit industrial market continued to experience strong leasing activity in the first quarter, posting a positive net absorption of 1.6 million square feet Leasing momentum has been most robust in the Airport/I-275 submarket, along critical transportation points. As we look ahead, tenant demand is likely to remain strong keeping vacancy rates tight during the remainder of 2022.