Detroit industrial rents set records as industrial sector thrives during pandemic
Asking rents across the Detroit industrial market reached an all-time high in the fourth quarter, rising to $6.65 per square foot (psf) and increasing 6.6% yearover- year. The market recorded more than 2.8 million square feet (msf) of net absorption for the year, which is the best annual performance since 2016. Vacancy levels fell for the second consecutive quarter to 7.6% this period and have dropped 30 basis points (bps) over the course of 2021. While space options are tight by historical measure, opportunities exist for tenants seeking space, due in part to 8 msf of deliveries in 2021, along with more than 10 msf of new product currently under construction.