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You can download the data tables below by selecting the file on the side of the page. After adding your data, click “Your PDF” to view, add or download your file.

For a visual look at the region, check out our Regional Snapshot , an infographic with some of the region’s most important statistics.

According to the Council for Community and Economic Research (C2ER), the Detroit region’s cost of living at 96.4 is 3.6 percent below the national average. Compared with other major metropolitan areas throughout the United States, the Detroit region is a very affordable place to live.

Demand for housing in the city of Detroit has created a flurry of renovations and new residential construction. In all there are more than 1,000 new units under construction in the city of Detroit and should be delivered to the market in early 2017. From lofts in the Cultural Center, to townhouses near Comerica Park, to single-family residences in the suburbs, the Detroit region offers a variety of high demand housing at affordable prices.

The Detroit region is also a very affordable place to do business. Whether your company requires industrial or office space, metro Detroit offers rental rates that are lower than some of the country’s most popular metropolitan areas and vacancy rates that decreased steadily throughout 2015.

 

Cost of Living Index for Select Metro Areas, 2017 Average Data

Metro AreaIndex
Memphis, TN83.3
Columbus, OH89.7
St. Louis, MO90.6
Detroit, MI96.9
Atlanta, GA99.0
Pittsburgh, PA99.6
Buffalo, NY100.2
Cleveland, OH101.2
Dallas, TX102.1
Minneapolis, MN104.9
Denver, CO112.0
Baltimore, MD117.0
Philadelphia, PA117.2
Chicago, IL123.6
Boston, MA148.2
Seattle, WA149.0
Washington-Arlington-Alexandria, DC-VA155.7
San Francisco, CA192.9
Manhattan, NY238.6
Source: C2ER

Industrial and Office Real Estate

The Detroit region offers more than 583 million square feet of industrial space and 209 million square feet of existing office inventory.

Market Trends, Industrial

Rental Rates. The average quoted asking rental rate for available Industrial space in Detroit market area was $5.82 per square foot per year at the end of the fourth quarter 2017. This represented a lower rate than the national rate of $6.26. The average quoted rate within the Flex sector was $9.57 per square at the end of the fourth quarter 2017, while warehouse rates stood at $5.34.

Vacancy Rates. Vacancy rates in the Detroit region continue their trend downward to 3.0% for the fourth quarter of 2017. It is lower than the national average at 4.9%. Flex space reported a vacancy rate of 6.3% at the end of the fourth quarter 2017, down from 6.7% at the end of the fourth quarter 2016. Warehouse space reported a vacancy rate of 2.6% at the end of the fourth quarter 2017, down from 2.7% at the end of the fourth quarter 2016.

Market Trends, Office

Rental Rates. The average quoted asking rental rate for available office space, all classes, was $19.20 per square foot per year at the end of the fourth quarter 2017 in the Detroit market area. It was 24% lower than the national average of $25.15.

The average quoted rate within the Class-A sector was $21.83 at the end of the fourth quarter 2017, while Class-B rate stood at $18.73, and Class-C rates was $16.03. At the end of the fourth quarter 2016, Class-A rate was $21.31 per square foot, Class-B rate was $18.62.

The average quoted asking rental rate in Detroit’s CBD was $21.09 at the end of the fourth quarter 2017, and $19.04 in the suburban markets.

Vacancy Rates. Detroit region’s office vacancy rates are declining at a faster rate than the national average and they are approaching the national average vacancy rates for 2017. The office vacancy rate in the Detroit market area decreased to 10.2% at the end of the fourth quarter 2017, down from 12.4% at the end of the first quarter 2016.

Class-A projects reported a vacancy rate of 11.9% at the end of the fourth quarter 2017, down from 13.8% at the end of the first quarter 2016. Class-B projects reported a vacancy rate of 11.2% at the end of the fourth quarter 2017. Class-C projects reported a vacancy rate of 6.3% at the end of the fourth quarter 2017.

The overall vacancy rate of office in Detroit’s CBD at the end of the fourth quarter 2017 dropped dramatically to 7.8% from 14.2% in 2015.

Regional Detroit Industrial Real Estate, Q4 2017

ClassExisting Inventory
(million sf)
Net Absorption
(million sf)
Vacancy Rate
(%)
Lease Rate
(usd psf)
Detroit582.74.23.0$5.82
Airport/I-275 Ind127.51.72.8$5.57
Detroit Area Ind87.80.33.8$4.22
Downriver Ind50.20.1
3.5$4.20
East Area Ind123.50.91.6$5.58
I-96 Corridor Ind57.00.33.1$7.44
Oakland County NW Ind53.40.34.6$7.21
Royal Oak/Southfield Ind20.30.34.9$6.20
Troy Area Ind31.00.02.1$6.84
Washtenaw Ind31.90.32.5$9.22
Source: CoStar Detroit Industrial Market Report

National Industrial Real Estate, Q4 2017

MarketExisting Inventory
(million sf)
Net Absorption
(million sf)
Vacancy Rate
(%)
Detroit582.74.23.0
Chicago1.2 B 17.96.5
Cleveland492.21.73.9
Columbus268.85.94.5
Dallas878.722.96.4
Indianapolis331.22.75.7
Memphis257.26.65.9
Milwaukee325.83.54.1
Minneapolis387.90.74.1
Pittsburgh184.7(0.2)6.2
United States22.4 B310.84.9
Source: CoStar National Industrial Market Report

National Industrial Real Estate, Lease Rates, Q4 2017

MarketLease Rate
(usd psf)
Warehouse Space
(usd psf)
Flex
(usd psf)
Detroit$5.82$5.34 $9.57
Chicago$6.05$5.64 $10.98
Cleveland$4.29 $3.93 $9.58
Columbus$3.93$3.72 $8.98
Dallas$5.60 $4.75 $9.80
Indianapolis$4.50 $4.15 $9.71
Memphis$3.49$3.30$7.91
Milwaukee$4.57 $4.20 $7.97
Minneapolis$6.66 $6.01 $8.75
Pittsburgh$6.16 $5.19 $12.17
United States$6.46 $5.72$12.43
Source: CoStar National Industrial Market Report

Regional Detroit Office Real Estate, Q4 2017

MarketExisting Inventory
(million sf)
Net Absorption
(million sf)
Vacancy Rate
(%)
Lease Rate
(usd psf)
Detroit CBD26.00.67.8$21.09
Detroit Suburban182.71.210.5$19.04
Ann Arbor/Washtenaw15.10.07.5$22.89
Bloomfield17.4(0.1)9.9$21.99
Detroit/The Pointes46.30.79.2$20.07
Downriver3.40.013.7$16.48
Flint8.80.13.4$17.40
Livingston/W Oakland9.00.65.9$20.94
Macomb16.60.18.2$16.51
North Oakland18.8(0.1)10.2$19.32
Royal Oak5.20.06.5$18.59
Southfield23.80.019.9$18.46
Troy18.10.214.2$19.47
West Wayne26.20.47.3$16.88
Source: CoStar Detroit Office Market Report

National Office Real Estate, Q4 2017

MarketExisting Inventory
(million sf)
Net Absorption
(million sf)
Vacancy Rate
(%)
Lease Rate
(usd psf)
Detroit208.71.810.2
$19.20
Detroit CBD26.00.67.8$21.09
Detroit Suburban182.71.210.5$19.04
Chicago474.63.913.0$23.71
Cleveland147.80.79.5$17.36
Columbus99.81.46.4$18.07
Dallas370.75.614.7$25.01
Indianapolis104.41.17.0$18.35
Memphis53.10.312.2$17.45
Milwaukee83.71.6 7.1$16.56
Minneapolis194.60.17.3$19.47
Pittsburgh130.3(0.4)8.6$21.30
United States11.0 B76.69.4$25.15
US CBD2.5 B8.49.5$32.82
US Suburban8.5 B68.29.4$23.45
Source: CoStar National Office Market Report

Contact
    • Angela
    • Ladetto
    • Director, Business Research
    • aladetto@detroitchamber.com
    • Christyn
    • Lucas
    • Business Research Analyst
    • clucas@detroitchamber.com
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Contact
    • Angela
    • Ladetto
    • Director, Business Research
    • aladetto@detroitchamber.com
    • Christyn
    • Lucas
    • Business Research Analyst
    • clucas@detroitchamber.com
How Can We Help?
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