With the Metro Detroit industrial inventory standing at 34.6 million square feet (msf), the overall vacancy rate closed the quarter at 12.9%. This is a significant decrease of 3.2 percentage points. Currently, the average asking rental rate is $4.61 per square foot (psf), compared to $4.52 this same time last year. One indicator of the improving vacancy rate is the decrease in the unemployment rate. The State of Michigan’s unemployment rate continues to dip. It was recorded at 8.8%, a decrease of 0.2 percentage points compared to one year ago. This is the lowest recorded rate in 4 years. In addition, the automotive industry is positioning itself for a strong 2013, which will in turn spur job growth throughout southeastern Michigan.
Source : Cushman & Wakefield