The Metro Detroit Office market recorded 306,879 sq. ft. of net positive absorption in Q2 2018, primarily in Class A and B buildings.
Quarter-over-quarter, the Metro Detroit average asking lease rate for Class A properties increased $0.19. Year-over-year, the average asking lease rate for Class A properties grew by $1.31, or 6.2%.
Year-over-year, the vacancy rate for Class A properties in Metro Detroit fell 176 basis points, reaching just 12.2%.
Since Q1 2015, the Metro Detroit market has absorbed nearly 5.9 million sq. ft., while vacancy and availability rates have declined by 23.6% and 16.3%, respectively.