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Detroit Industrial Leads Midwest for Rent Growth, Vacancy Declines
Detroit ended 2018 with the highest year-over-year rent growth and lowest vacancy of any Midwest market, according to CBRE’s Industrial MarketView. In particular, the vacancy rate has fallen below 2% for four consecutive quarters, and now represents an all-time low for the market at 1.9%.
Y-O-Y industrial rent growth in Detroit increased 9.4% for the largest growth in the Midwest. Columbus came in second with 8.9%, and Minneapolis at 8.4%.
In the fourth quarter of 2018, the market saw 3,604,676 square feet of absorption, marking Detroit’s 31st consecutive quarter of positive absorption.
“It’s no surprise that Detroit is leading the Midwest in several major market statistics,” said Eugene Agnone, CBRE SVP. “We have seen a historic level of activity in the last two years. Investors have taken notice, and now Detroit is drawing a lot of interest from major capital institutions as they see ample opportunity in the market.”
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