Detroit Industrial Figures Q4 2023

January 2, 2024 10 Minute Read

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The market showed a positive trend with an increase in occupancy, following a quarter of significant positive absorption of 1,139,859 sq. ft.
The Detroit submarket witnessed a positive absorption of 461,035 sq. ft., significantly contributed by Thai Summit America, who occupied 297,000 sq. ft. at the Eastland Commerce Center.
1,109,332 sq. ft. of industrial product was added to the Detroit market in Q4 with 3 projects delivering.
The construction pipeline includes 14 properties under construction totaling 3,800,793 sq. ft., of which 1,893,784 sq. ft. have been pre-leased.
Average lease rates decreased to $7.50 per sq. ft. in Q4. However, due to steady demand, the rates are expected to stay within this range into 2024.
Over the past 12 months, vacancy has remained stable and relatively low. Q4 closed with a vacancy rate of 2.4%.