Developers started nearly 280,000 sf of new construction inFarmington Hills, the I-275 corridor, Bingham Farms and AuburnHills. "The scarcity of vacant, buildable land for sale persists inall submarkets except Auburn Hills, which limits new construction,"he says. The report also said: o Tenants continued to lease vacantspace, absorbing nearly 540,000 sf of space in the thirdquarter.
o Technology-based companies, such as telecommunication firms,software companies and application providers, continue to make upmuch of the demand for space.
o Rental rates remained stagnant, averaging $24.72 psf forsuburban class A space and $20.88 psf for class B.
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