The Detroit suburban industrial real estate market continued its strong rebound throughout 2012, according to the latest data from Signature Associates.
This market saw 12 million square feet of absorption last year, a record. This led to falling vacancy rates, with many submarkets seeing their vacancies drop below 10 percent for the first time since 2006.
Signature officials pointed to the health of the auto industry for much of this success. According to Signature, vehicle sales hit an annual rate of almost 14.5 million units in 2012. In 2013, vehicle sales are expected to exceed 15 million units.
And best of all? The suburban industrial market is poised to see an increase in new construction.
“We expect new construction to start later in the year and pick up in 2014,” said John Boyd, executive vice president/principal at Signature Associates, in a written statement.
