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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.
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