First quarter closed with an overall vacancy rate of 24%, a significant decrease of 1.2 percentage points from first quarter 2012. Currently, the average asking rental rate is $16.41 per square foot (psf), compared to $16.42 psf one year ago. The Metro Detroit office market continues to rebound at a moderate pace as the overall vacancy rates continue to decrease, yet the asking rental rate remains competitive as landlords continue to fill vacant space. All signs point to an improving market.
Source : Cushman & Wakefield