IRR-Detroit Mid-Year Viewpoint 2015 Local Market Report - Office
The auto industry is having a near record year in terms of number of units sold and profitability. This factor indirectly drives demand for office space as evidenced by the continued absorption of space. However, rental rates have not experienced upward pressure and have generally remained flat. Modest increases in rent are anticipated as supply and demand fall into equilibrium.
Overall, the office market has experienced an increased volume in transactions. The stabilization of this market sector, fueled by employment growth has created a less risky environment for office ownership. The prices are still attractive in comparison to national office pricing, making the Metro Detroit office market very active in terms of transactions.
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IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.