Newmark Knight Frank - Detroit Industrial Market Report - 1Q10

Commercial Real Estate Agent

Conditions in the Detroit industrial market continued to weaken during the first quarter of 2010. Total net absorption was negative for the sixth consecutive quarter as nearly 1.7 million square feet were put back on the market.  The vacancy rate increased to 20.0%, the Detroit industrial market high on record since 2000.  The average asking rent fell to its lowest point on record to $4.02/sf from $4.04/sf reported during the fourth quarter of 2009.  Average asking rents in the Detroit industrial market have remained in the $4/sf to $5/sf range for the past eight years.

The Groesbeck submarket was one of the few to post positive absorption during the first quarter as 151,772 square feet were taken off the market.  Total net absorption in this market has remained positive for the past three quarters.  The vacancy rate fell to 14.4% from 14.6% during the fourth quarter of 2009 and remained above 13.3% reported one year ago.  Rents were steady at $3.82/sf in the first quarter, and were down from $4.19/sf reported one year ago.

Click here for a PDF download of Newmark Knight Frank's Detroit INDUSTRIAL Market Report - 1Q10.

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Jason Tucker | Associate Director

Newmark Knight Frank, Inc.
34975 W. Twelve Mile Road | Farmington Hills, MI 48331
Phone: 248-848-4084 | Fax: 248-848-9041 | Cell: 248-431-8138
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