noteworthy: Newmark Knight Frank - Detroit INDUSTRIAL Market Report - 2Q09
- 10/01/09 06:55 AM
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)
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