房地产 -2025年第四季度底特律工业数据 Detroit Industrial Figures Q4 2025

CBRE

FIGURES|DETROITINDUSTRIAL|Q42025

Resilienceinabsorptionandvacancy,despite

reducedconstructionandleasingvolume

3.4%

VacancyRate

849,191

SFNetAbsorption

431,492

SFConstructionDelivered

1.8M

SFUnderConstruction

$7.85

NNN/YRDirectLeaseRate

Note:Arrowsindicatechangefrompreviousquarter.

SUMMARY

-TheDetroitmarketpostedanabsorptionof848,191sq.ft.inQ4.Thisfigureisa2.2%

increasefromthe5-yearaverageof831ksq.ft.ofabsorptionperquarter.Theyear-to-datetotalabsorptionis756,916sq.ft.

-TheconstructionpipelinehasslightlydecreasedinQ4withatotalof1.8Msq.ft.innew

developmentsunderway.Theyear-over-yeardeliveryvolumedecreasedby58%,witharound900ksq.ft.expectedtobedeliveredinQ126.

-Themarketvacancyratewas3.4%,down10bpsfromthepreviousquarterandthethirdconsecutivequarterofdecline.Down30bpsfromthemarket5-yearpeakof3.7%inQ125.

-LeasingactivityslowedinQ4with1.6Mtransacted,inclusiveofallsizes.Transactionvolumeondealsgreaterthan50,000sq.ft.hada43.1%declinefromthepreviousquarteranda39%declineyear-over-year.

-Therewere2leaseslargerthan300,000sq.ft.and2leasesbetween100,000and200,000sq.ft.Those4leasescontributed51%oftheQ4totalleasingvolume.

FIGURE1:HistoricalAbsorption,Deliveries,andVacancy

Sq.Ft.millionsVacancy%

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

3.0

2.5

2.0

1.5

1.0

0.5

0.0(0.5)

(1.0)

(1.5)

(2.0)

NetAbsorptionDeliveriesVacancyRate

Source:CBREResearch,Q42025

1CBRERESEARCH©2025CBRE,INC.

FIGURES|DETROITINDUSTRIAL|Q42025

2CBRERESEARCH©2025CBRE,INC.

NetAbsorption

Therewaspositive849,191sq.ft.absorbedinQ4,anincreasefrompositive442,714sq.ft.

absorbedinthepreviousquarter.Thisfigureisa424.8%increaseyear-over-year.Itisalsoa2.6%increasefromthe5-yearaverageof827ksq.ft.ofabsorptionperquarter.

Theyear-to-dateabsorptionvalueispositive756,916sq.ft.aftertheactivitythisquarter.Thatfigureisthelowestannualabsorptionsince2020.Distribution/Logisticsledthemarketwith

910ksq.ft.absorbed.Lightmanufacturingpostedpositive55ksq.ft.inabsorption.ColdStorageandR&D/Flexwerebothnegativethisquarter,posting(41k)and(76k),respectively.

TheDetroit,Downriver,I-75Corridor,andNorthwestSuburbsallabsorbedover100ksq.ft.,

combiningfor1.3Msq.ftinpositiveabsorption.Incontrast,WesternWaynerecorded(440k)innegativeabsorptionfollowedbyMacombwithnegative(85k)sq.ft.inQ4.

Buildingscompletedsince2023contributed751ksq.ft.ofnetabsorptioninQ4and2.5Msq.ft.year-to-date.Bysizecategory,buildingsbetween300,000and500,000sq.ft.ledabsorptionwith832ksq.ft.,followedbybuildingsbetween100,000and200,000sq.ft.,whichabsorbed384ksq.ft.Thistrendhighlightsstrongdemandforlargerspaces.

ConstructionActivity

InQ4therewere9projectsunderway,totaling1.8Msq.ft.Underconstructionactivity

deceleratedquarter-over-quarterby14.2%,andincreasedyear-over-yearby1.6%.InQ4therewere4speculativeprojectsunderwayforatotalof198ksq.ft.Therealsowere5build-to-suitprojectsunderwayfortheremaining1.6Msq.ft.

Therewasatotalof431ksq.ft.acrosstwoprojectsdeliveredthisquarter.OneofthemwastheZFNorthAmericaExpansioninWashington,an82ksq.ft.build-to-suitproject.TheotherwastheRomulusTradeCenterBuilding5,a349kspeculativeprojectintheDownriversubmarket.

Thedeliveryvolumetotalis58%lessinQ4year-over-year.

Ofthe9projectscurrentlyunderway,RomulusTradeCenterBuilding4wastheonlyoneto

startconstructioninQ4,followingthecompletionofBuilding5.Building4willspan312ksq.ft.

FIGURE4:NetAbsorptionTrend

Sq.Ft.millions

2.5

2.0

1.5

1.0

0.5

0.0(0.5)

(1.0)

(1.5)

(2.0)

NetAbsorptionRolling4QAvg.

Source:CBREResearch,Q42025

FIGURE5:ConstructionActivity

Sq.Ft.millions

10.0

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

UnderConstructionDeliveries

Source:CBREResearch,Q42025

FIGURES|DETROITINDUSTRIAL|Q42025

3CBRERESEARCH©2025CBRE,INC.

AvailabilityandVacancyRates

InQ42025theDetroitIndustrialmarketreportedatotalavailabilityrateof4.9%,up20bpsquarter-over-quarterandup20bpsyear-over-year.Directavailabilityremainedconsistentat4.1%inQ4.Subleaseavailabilityrateincreased20bpsinQ4reaching0.8%.

DetroitIndustrialrecordedaQ4vacancyrateof3.4%,down10bpsfromthepreviousquarterand30bpsfromthe5-yearmarketpeakof3.7%.Vacancyhasconsistentlybeendroppinginsmallincrementssincethestartoftheyear.Washtenawhasthelowestvacancyoutofall

submarkets,at1.8%.SoutheastOaklandhasthehighestvacancyrateat5.2%,withDetroitcominginsecondat4.9%.

Buildingsconstructedbetween2020and2022experienceda250bpsdecreaseinvacancy,droppingfrom2.7%to0.2%,underscoringthevalueofqualityassetsintheDetroitmarket.

Similarly,propertiesdeliveredsince2023recordedanotableimprovement,endingQ4withavacancyrateof6.1%,adeclineof410bps.Incontrast,buildingsbuiltpriorto2000sawnochange,remainingat3.6%vacantinQ4.

AskingRent

DemandforIndustrialspaceintheDetroitmarkettickedupinQ4.Averageaskingratesrose2.3%quarter-over-quarter,settlingat$7.85,a7.8%increaseyear-over-year.Thisrateisdown$0.03fromthe5-yearmarketpeakof$7.88inQ22025.

Byproducttype,R&D/Flexhasthehighestrateandroseagainto$11.77inQ4.Thisrateis0.8%lowerthantheQ1peakof$11.87.Manufacturingheldastagnantrateof$8.13.Higherthanthepreviousquarterby$0.02.Distribution/LogisticspricingrecoveredfromtheQ3low,reaching$6.98inQ4.

InQ4,theNorthwestSuburbsmaintainedthehighestaveragerentsat$10.22,thisrepresentedaslightdeclineof$0.07fromthepreviousquarter.TheDownriversubmarketrecordedthe

strongestrentgrowth,rising10.2%to$7.01.Macombalsopostednotablegains,increasing2.2%to$7.94.TheI-75Corridorwastheonlyothersubmarkettoexperienceadecrease,slipping

$0.02to$8.15inQ4.

FIGURE2:AvailabilityRates

AvailabilityRate(%)

6

5

4

3

2

1

0

一OverallDirectSublease

Source:CBREResearch,Q42025

FIGURE3:Avg.DirectAskingRate(NNN/YR)

9.008.508.007.507.006.50

6.00

$/SF

Source:CBREResearch,Q42025

FIGURES|DETROITINDUSTRIAL|Q42025

4CBRERESEARCH©2025CBRE,INC.

LeasingActivity

InQ4,totalleasingactivityamountedto1.6Msq.ft.acrossallsizes.Newleasesrepresented88.5%ofallleasingactivityduringthisperiod.Leasesof50ksq.ft.andabovecomprised1.3Msq.ft.,indicatingasubstantialdeclineof43.1%quarter-over-quarterand39%year-over-year.

Breakingdowntransactionsbysize,leasesof300ksq.ft.orlargeraccountedfor49.2%ofthetotalvolume,whilethoseunder50ksq.ftmadeup19.8%.Notably,foursignificantleases,twoexceeding300ksq.ft.andtworangingfrom100kto200ksq.ft.,collectivelycontributed64.8%tothetotalQ4leasingvolume.

BoththeDownriverandDetroitsubmarketsdemonstratedstrongperformance,eachrecordingover400ksq.ft.inleasingactivity.ThemostprominenttransactionsincludedDQS’ssubleaseat13901JoyRoadandDTE'sleaseatRomulusDistributionCenter5,thelatterbeinganewlyconstructedfacilitydeliveredinQ4.

Theyear-to-dateleasingvolumetotaled8.7Mafterthisquarter.Thisisa15.2%decreasefromtheaverageleasingvolumeofthepastthreeyears.

I-75Corridor

50,367

104,391

Macomb

201,950

NorthwestSuburbs

448,642

Detroit

497,000

Downriver

FIGURE6:LeasingActivitybySubmarket–Leases50,000sq.ft.andup

Source:CBREResearch,Q42025

FIGURE6:LeasingActivityTrend–Leases50,000sq.ft.andup

Sq.Ft.millions

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

Source:CBREResearch,Q42025

FIGURE8:KeyLeaseTransactions

Tenant

Sq.Ft.Leased

TransactionType

Address

Submarket

DQS

448,642

NewLease

13901JoyRd

Detroit

DTEElectric

349,492

NewLease

00WickRd

Downriver

ExportCorp.

150,000

NewLease

54363GrandRiverAve

NorthwestSuburbs

LogosLogistics

104,391

NewLease

23500MoundRd

Macomb

Seven-Eleven

70,000

NewLease

27651HildebrandtSt

Downriver

PropakSolutions

51,950

NewLease

10850HallRd

NorthwestSuburbs

GMWarrantyPartsCenter

50,367

Renewal

45NorthpointeDr

I-75Corridor

Source:CBREResearch,Q42025

FIGURES|DETROITINDUSTRIAL|Q42025

5CBRERESEARCH©2025CBRE,INC.

MarketStatisticsbySize

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(NNN/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

Under100,000sq.ft.

155,413,457

2.7

4.0

3.5

0.6

8.06

(44,951)(631,872)

82,000

281,816

100,000-199,999sq.ft.

81,206,199

2.6

4.0

3.4

0.6

7.73

384,250821,336

0

0

200,000-299,999sq.ft.

42,199,556

6.0

7.5

6.4

1.1

6.54

(547,367)(561,951)

0

533,250

300,000-499,999sq.ft.

40,914,011

7.9

10.1

8.7

1.4

7.09

832,237793,147

349,492

312,500

500,000-749,999sq.ft.

31,024,644

2.8

5.9

5.7

0.1

6.75

(28,606)640,534

0

715,000

750,000sq.ft.

85,074,453

2.0

3.0

2.0

1.0

12.38

253,628(304,278)

0

0

Total

435,832,320

3.4

4.9

4.1

0.8

7.85

849,191756,916

431,492

1,842,566

MarketStatisticsbyProductType

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(NNN/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

Distribution/Logistics

177,933,081

4.0

6.2

5.1

1.2

6.97

868,1481,271,549

431,492

638,124

Manufacturing

203,538,847

2.7

3.7

3.3

0.4

8.13

55,562(468,843)

0

1,121,064

R&D/Flex

43,391,512

3.3

4.7

3.8

0.8

11.77

(76,752)(68,471)

0

83,378

OtherIndustrial

10,968,880

4.6

5.4

4.8

0.6

5.58

2,23322,681

0

0

Total

435,832,320

3.4

4.9

4.1

0.8

7.85

849,191756,916

431,492

1,842,566

MarketStatisticsbyClass

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(NNN/YR)

CurrentQuarterNet

AbsorptionYTDNetAbsorption

Deliveries

UnderConstruction

ClassA

61,937,279

2.3

5.5

4

1.3

8.52

874,1283,090,672

349,492

1,842,566

AllOtherBuildings

373,895,041

3.5

4.8

4.1

0.7

7.76

-24,937-2,333,756

82,000

0

Total

435,832,320

3.4

4.9

4.1

0.8

7.85

849,191756,916

431,492

1,842,566

FIGURES|DETROITINDUSTRIAL|Q42025

6CBRERESEARCH©2025CBRE,INC.

MarketStatisticsbySubmarket

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Avg.DirectAsking

Rate(NNN/YR)

CurrentQuarterNet

Absorption

YTDNetAbsorption

Deliveries

UnderConstruction

Detroit

78,288,729

4.9

6.4

6.1

0.3

7.94

203,963

62,037

0

0

Downriver

66,547,063

2.8

6.1

3.5

2.6

7.01

815,596

940,197

349,492

312,500

I-75Corridor

64,448,926

2.9

4.0

3.4

0.5

8.15

207,117

202,227

0

1,047,728

Macomb

83,030,110

2.2

2.6

2.4

0.2

7.2

(85,927)

152,762

82,000

361,813

NorthwestSuburbs

41,025,528

4.1

5.0

4.2

0.8

10.22

138,102

252,324

0

0

SoutheastOakland

10,917,300

5.2

8.3

8.0

0.2

7.52

6,914

9,357

0

0

Washtenaw

19,595,465

1.8

3.1

2.3

0.8

8.94

3,900

(93,482)

0

0

WesternWayne

71,979,199

3.7

5.2

4.8

0.4

7.71

(440,474)

(768,506)

0

120,525

Total

435,832,320

3.4

4.9

4.1

0.8

7.85

849,191

756,916

431,492

1,842,566

FIGURES|DETROITINDUSTRIAL|Q42025

7CBRERESEARCH©2025CBRE,INC.

NationalEconomicOverview

TheU.S.economyissendingsomemixedsignals.Financialmarketsarefocused

ontheupside,particularlyAI’ssizablecontributiontogrowthinrecentquarters.

Someindicatorsofbusinessactivity,suchascapitalgoodsorders,areimproving,andstrengtheningcreditmarketsarehelpingtousherrealestateintoanewcycle.Thepicturegetsmoremelancholywhenlookingathouseholds.Consumer

confidenceremainsweak,withspendingreportedlydrivenbyasmallersegmentofaffluenthouseholds.

ThismosaicofdatasuggeststhatannualaverageGDPgrowthwillbesteadyin

2026,at2%,butatouchsofterthanin2025.Akeycatalystisasofterlabor

market,ascompaniesare‘slowtohire,slowtofire’—atrendthatislikelytolastafewquarters.Aconsequenceofthisoutlookissofterinflationandlong-termbondyieldstrendingjustbelow4%byH22026.

DetroitEmploymentUpdate

4.8%

UnemploymentRate

2.2M

LaborForce

537.6k

OfficeUsingJobs

631.9k

IndustrialUsingJobs

281.8k

RetailUsingJobs

EmploymentChangebySector–Yearly+MonthlyBarsindicateyearlytrend,arrowsindicatemonthlytrend

Note:Arrowsindicatemonth-over-monthchange.

DetroitUnemploymentRateandLaborForceTrends

Source:USBLS,September2025

Source:USBLS,September2025

FIGURES|DETROITINDUSTRIAL|Q42025

CBRE

8CBRERESEARCH©2025CBRE,INC.

MarketAreaOverview

Definitions

•AvailableSq.Ft.:Spaceinabuilding,readyforoccupancywithinsixmonths;canbeoccupiedorvacant.

•AvailabilityRate:TotalAvailableSq.Ft.dividedbythetotalbuildingArea.

•AverageAskingLeaseRate:Acalculatedaveragethatincludesnetandgrossleaserate,weightedbytheircorrespondingavailablesquarefootage.

•BuildingArea:Thetotalfloorareasq.ft.ofthebuilding,typicallytakenatthe“dripline”ofthebuilding.

•GrossActivity:Allsaleandleasetransactionscompletedwithinaspecifiedtimeperiod.Excludesinvestmentsaletransactions.

•GrossLeaseRate:Renttypicallyincludesrealpropertytaxes,buildinginsurance,andmajormaintenance.

•NetAbsorption:ThechangeinOccupiedSq.Ft.fromoneperiodtothenext.

•NetLeaseRate:Rentexcludesoneormoreofthe”net”costs(realpropertytaxes,buildinginsurance,andmajormaintenance)typicallyincludedinaGrossLease