Detroit industrial rents swell as demand remains elevated, quality options continue to be limited
Asking rents across the Detroit industrial market reached another all-time high in the first quarter, rising to $6.76 per square foot (psf) and increasing 8.9% year-over-year. Vacancy levels increased slightly to 7.9% this period, an increase of 40 basis points (bps) from a year prior. The bump in vacancy is largely a result of almost 4 million square feet of newly delivered product hitting the market this quarter. While space options remain tight, the flurry of new product delivered across Southeastern Michigan over the past two years has alleviated pressure and has helped to provide options for large and small users alike seeking space.