DETROIT-Continued double-digit vacancies continue to plague the Southeast Michigan office market across all classes of property, according to the Q4 2005 Metropolitan Detroit Office Market report, recently released by Signature Associates-ONCOR International.
The overall vacancy average across class A, B and C property was 19.35%, with the lowest rate found in the Birmingham/Bloomfield submarket. There, vacancies posted at 11.72%, representing an increase of 1.87% from Q2.
The dubious honor of highest vacancy rate in the area--21.67%--is held by Troy, and represents a 0.31% increase from Q2 2005. Some good news came out of the Rochester Hills/Auburn Hills submarket, though--vacancies in that area declined 1.08% from the second quarter, holding at 17.49%.
Breaking the averages down by class, the reported indicates that average class A vacancy is 17.35%; class B is 24.73% and class C is at 18.19%. Experts postulate that vacancies in the office market are likely to continue steady throughout Q1, 2006, without huge increases or decreases, as the area makes the slow transition from a manufacturing economy to an R&D one.
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