Market Report
Detroit Retail Market Report
2Q 2024
Standout Multi-Tenant Vacancy and Larger Redevelopment Efforts Brighten Local Outlook
Local metrics retaining favorable momentum. Detroit's retail sector exited the opening phase of 2024 in a strong position, with multiple demand tailwinds. Supported by a strong first quarter for net absorption, the multi-tenant retail vacancy rate was 3.0 percent, one of the lowest recordings among major U.S. retail markets. While somewhat higher, single-tenant vacancy was below its historical average in March — also driven by elevated absorption. This broad demand for space appears to warrant additional construction; however, a pullback in deliveries is expected for the second half, which will lay the groundwork for minimal near-term vacancy adjustment.