The Detroit retail market saw positive net absorption in the second quarter. That’s good news. But what’s even better is that this marked the sixth consecutive quarter in which this happened.
And that’s only some of the positive news in Colliers‘ second quarter metropolitan Detroit retail report.
According to Colliers, net absorption in the Detroit-area retail market totaled 268,000 square feet during the second quarter. That activity kept the retail sector’s vacancy rate at 5% during the quarter.
The Macomb submarket saw the most leasing activity with 281,000 square feet. And year-over retail rents grew by 6.1% in the Detroit market.
This good news comes despite the challenges facing retailers across the country: supply chain delays, labor shortages and rising inflation.
Developers are also adding more retail space to the Detroit market, with 689,000 square feet of space under construction as of the end of the second quarter.
The Detroit market saw several large retail transactions during the second quarter, too, including the $4.75 million sale of a Rite Aid in Detroit and the $4.135 million sale of Market Square Plaza in the St. Clair market. Tractor Supply Company closed one of the biggest retail leases in the market, too, leasing 98,000 square feet in Oakland County.
