With a vacancy rate of 10.90% for the first quarter, 2002 Southfield is only slightly higher than the 10.60% level in the first quarter 2001. Bloomfield Hills' vacancy rate has declined to 9.2% in the first quarter 2002, slightly lower than the 9.90% from the first quarter 2001.
Overall asking rents for class-A space has declined slightly to $26.92 per sf in the first quarter of 2002 compared to $27.26 per sf in the first quarter of 2001.
The report finds property owners increasing leasing incentives to attract tenants.
"We expect that unemployment rates will decline for the state of Michigan and that this will translate into increased demand within the office sector," says Mike Gerard, Grubb & Ellis' managing director.
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