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rates: Newmark Knight Frank - Detroit Office Market Report - 1Q10 - 06/22/10 02:00 PM

Weakening conditions prevailed in the Detroit office market during the first quarter as the vacancy rate rose to 24.7% from 24.2% in the fourth quarter of 2009.  The vacancy rate has remained above 20.0% for over three years.  Total net absorption was negative for the ninth consecutive quarter as 418,407 square feet were returned to the market.
Average asking rents declined slightly in the first quarter to $19.63/sf from $19.67/sf in the fourth quarter and were down 1.7% from $19.97/sf reported one year ago.  Rents have declined 15.3% from $22.63/sf, the peak during the fourth quarter of 2000.
In the … (0 comments)

rates: Newmark Knight Frank - Detroit INDUSTRIAL Market Report - 2Q09 - 10/01/09 01:55 PM

During the second quarter of 2009, the Detroit industrial market continued to weaken.  The third consecutive quarter of negative net absorption has added 7.3 million square feet of space to the market, 5.1 million square feet of which have been added in 2009.  The vacancy rate increased to 18.0%, its highest level on record, from 17.1% in the previous quarter.  The average asking rental rate fell in the second quarter to $4.25/sf from $4.37/sf reported during the first quarter, and is down 4.0% from $4.43/sf over the last year.  Rents have declined 23.9% from $5.59/sf, the peak during the third … (0 comments)

rates: Newmark Knight Frank - Detroit OFFICE Market Report - 2Q09 - 10/01/09 01:41 PM

A slight reprieve was seen in the Detroit office market in the second quarter of 2009. After six consecutive quarters of negative absorption, 69,244 square feet of space was removed from the market as the vacancy rate held at 22.5% from the first quarter. The vacancy rate is up from 21.5% one year ago and has remained above 20.0% for the past three years. The average asking rental rate fell in the second quarter to $19.75/sf from $19.90/sf at the end of the first quarter, and is down 2.4% from $20.24/sf over the last year. Rents have declined 12.6% from … (0 comments)

 
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Jason Tucker

Richmond, VA

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Address: Richmond, VA, 23294

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Jason is personally committed to a holistic approach for assisting local and international companies with their strategic real estate needs. He provides his clients with targeted real estate market research, industry trend analysis, and logistics solutions that enable them to make well-informed, cost-effective decisions about their businesses.


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