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Metro Detroit's Office Market Remains Steady Research & Forecast Report DETROIT & ANN ARBOR OFFICE Q2 2019 METRO DETROIT’S OFFICE MARKET REMAINS STEADY Amber Goodwin Senior Research Analyst | Detroit & Ann Arbor The vacancy rate in Metro Detroit’s office market was 9.2% in the second quarter 2019. While this represents an uptick MARKET INDICATORS Q2 2019 Q1 2019 CHANGE of 1 basis point compared to the first quarter, the total vacancy rate is down 30 basis points from one year ago. VACANCY 9.2% 9.1% h Detroit is an attractive market to investors and occupiers NET ABSORPTION 871,758 205,117 h due to our deeply driven automotive roots, the driving force behind the regions’ autonomous and tech renaissance. UNDER CONSTRUCTION 2,739,972 2,743,672 i Activity is plentiful this quarter. In the suburb of Troy, RENTAL RATE* $19.81 $19.48 h Sevenco, a coworking space provider based in California, *Asking Rents signed a lease for an entire floor at City Center office building. Once the build-out is complete, Sevenco will offer their clients a variety of coworking spaces, with unique amenities 43 TOTAL OFFICE TRANSACTIONS such as a pet friendly environment and a private balcony. Just north of Troy in the submarket of Auburn Hills, the Palace of Auburn Hills, a multipurpose arena, sold to a joint venture that plans a large redevelopment. The plans call for 1,642,323 the 80 acres of buildable land to be developed into a 1 million SQUARE FOOTAGE IN DEALS square feet mixed-use tech, office and R&D development campus. In Ann Arbor, KLA Corporation announced plans to build a 230,000-square-foot research and development center at Ann Arbor Technology Park. Another exciting $19.81 AVERAGE ASKING RATE announcement came from Google with plans to expand their footprint in Detroit and Ann Arbor from 164,000 square feet to 210,000, an investment valued at $17 million. In Detroit, Quicken Loans leased 41,000 SF at the Fisher Building; $131.00/SF this space was vacated by Molina Healthcare when they AVERAGE SALE PRICE consolidated their operations to Troy in late 2018. *Local sale & lease transactions, Q2 2019 1 Detroit / Ann Arbor Research & Forecast Report | Q2 2019 | Office | Colliers International UBS, a financial services company, opened their first offices OCCUPANCY RATE in Detroit at 1201 and 1217 Woodward. IBM announced OVERALL MARKET plans to relocate from Southfield to the Ally Detroit Center skyscraper in Detroit and will occupy approximately 10,000 square feet. Though construction has slowed across the region, a couple of projects broke ground including Olympia Development of Michigan’s new five-story medical, office and retail building on Woodward Avenue in The District Detroit. The Detroit Medical Center will operate a 50,000-square foot sports medicine facility and Warner Norcross + Judd law firm will occupy 30,000 square feet of new Class A office space. Notes on the Market VACANCY & ABSORPTION The office vacancy rate in the Metro Detroit office market ticked up ever so slightly to 9.2% in the second quarter, representing an increase of 1 basis point from 9.1% in the TOTAL SUBURBAN CBD first quarter 2019. Net absorption was positive with 871,758 square feet absorbed in the second quarter. The overall vacancy in the CBD is 8.8%, and the suburban office market posted a vacancy of 8.7%. The vacancy rate in the submarket QUOTED RENTAL RATES of Ann Arbor is 5.8%. There is strong demand for quality, OVERALL MARKET refreshed, and amenity rich office space in our Central Business District and our most prestigious submarkets such as Ann Arbor, Troy, Birmingham, Bloomfield, and Southfield. These submarkets are experiencing tight vacancies and space in these markets commands a premium rent. RENTAL RATES The total market asking rental rate posted at $19.81 per square foot in the second quarter from $19.48 per square foot in the first quarter 2019. The average quoted rental rate for Class A in the second quarter is $22.83. Class B rental rates are $18.48 in the second quarter. The asking rental rate for office in the CBD is $22.95 per square foot and in the TOTAL SUBURBAN CBD suburbs the average asking rental rate is $19.83 per square foot. New leases are being signed at full market asking rents and many tenants are renewing their leases in fear of paying a premium in new space, or worse yet, being without space. NOTABLE OFFICE DEALS SALE & LEASING ACTIVITY LEASES PROPERTY CITY SUBMARKET SIZE OF DEAL TENANT NAME Sales activity in the second quarter outperformed the first Plymouth 41100 Plymouth Road 46,924 URS Midwest quarter 2019. There were 26 office sales totaling 1,265,607 West Wayne square feet, compared to 767,089 square feet sold in the Plymouth FAW U.S. Research 47659 Halyard Drive 38,000 first quarter. This represents $77 million in sales volume, West Wayne & Development compared to $38 million in sales volume in the first quarter. Troy 1650 Research Drive 22,000 Edag, Inc. The average size of offices sold in the second quarter was Troy 50,037 square feet, compared to 30,684 square feet in the first quarter. The average sale price increased to $131.20 SALES CITY SIZE OF per square foot compared to $125 per square foot in the first PROPERTY SUBMARKET DEAL BUYER NAME PRICE quarter 2019. 21700 Northwestern Southfield 251,588 Foster Financial, Inc. $15.90 Highway Southfield In the second quarter, there were 17 leases signed Novi representing 376,716 square feet. The average lease size 41935 W 12 Mile Road W Oakland / 93,558 Hadidi Capital $187.05 was 22,159 square feet and the average asking rent was Livingston 3245 E Jefferson Detroit West Second Street $22.10 per square foot. 45,383 $123.00 Avenue Detroit Eastside Associates 2 Detroit / Ann Arbor Research & Forecast Report | Q2 2019 | Office | Colliers International OFFICE MARKET > Q2 > 2019 BY THE NUMBERS EXISTING INVENTORY VACANCY TOTAL MARKET YTD NET YTD UNDER QUOTED STATISTICS DIRECT ABSORP DELIVERIES CONST SF RATES # BLDS TOTAL GLA DIRECT SF TOTAL SF VAC % ANN ARBOR 890 14,886,884 843,224 859,265 5.8% 171,934 54,200 106,198 $22.48 BLOOMFIELD 789 17,307,556 1,413,060 1,420,078 8.2% 227,569 0 58,332 $21.51 DETROIT/THE POINTES 1,035 46,161,867 4,840,182 4,848,182 10.5% (284,288) 12,000 1,751,032 $22.02 DOWNRIVER 494 3,615,866 252,747 252,747 7.0% 1,215 0 0 $15.12 LIVINGSTON/W OAKLAND 737 9,236,787 537,718 539,235 5.8% (55,033) 41,500 352,000 $22.61 MACOMB 1,656 16,744,125 1,087,429 1,096,671 6.5% 226,172 34,652 112,860 $17.18 NORTH OAKLAND 798 19,051,613 1,240,179 1,252,009 6.6% 186,305 4,500 34,550 $20.35 ROYAL OAK 645 5,375,052 330,612 330,612 6.2% 38,239 0 215,000 $23.68 SOUTHFIELD 588 24,279,882 3,663,787 3,753,390 15.5% 250,658 0 0 $18.04 TROY 337 18,211,642 2,225,576 2,304,215 12.7% 134,825 125,101 0 $20.19 WEST WAYNE 1,731 26,769,170 1,687,728 1,699,097 6.3% (25,838) 21,800 110,000 $17.13 TOTALS 9,700 201,640,444 18,122,242 18,355,501 9.2% 871,758 293,753 2,739,972 $19.81 EXISTING INVENTORY VACANCY CLASS A MARKET YTD NET YTD UNDER QUOTED STATISTICS DIRECT ABSORP DELIVERIES CONST SF RATES # BLDS TOTAL GLA DIRECT SF TOTAL SF VAC % ANN ARBOR 20 3,050,456 114,141 114,141 3.7% 162,529 33,000 30,000 $31.81 BLOOMFIELD 39 4,328,507 505,179 505,179 11.7% (14,023) 0 23,508 $24.14 DETROIT/THE POINTES 36 12,102,161 1,227,851 1,235,851 10.2% (218,742) 0 1,629,288 $26.09 DOWNRIVER 0 0 0 0 N/A 0 0 0 $0.00 LIVINGSTON/W OAKLAND 16 1,846,192 176,409 176,409 9.6% (11,815) 0 352,000 $25.40 MACOMB 11 796,835 16,486 16,486 2.1% 6,448 0 0 $23.01 NORTH OAKLAND 16 6,575,056 93,173 93,173 1.4% 595 0 0 $24.98 ROYAL OAK 1 55,000 0 0 0.0% 0 0 140,000 $34.81 SOUTHFIELD 29 7,684,587 1,166,981 1,193,108 15.5% 135,279 0 0 $20.28 TROY 37 7,160,953 1,018,109 1,078,967 15.1% 9,679 0 0 $21.44 WEST WAYNE 35 6,927,786 451,587 451,587 6.5% (17,181) 0 110,000 $18.53 TOTALS 240 50,527,533 4,769,916 4,864,901 9.6% 52,769 33,000 2,284,796 $22.83 EXISTING INVENTORY VACANCY CLASS B MARKET YTD NET YTD UNDER QUOTED STATISTICS DIRECT ABSORP DELIVERIES CONST SF RATES # BLDS TOTAL GLA DIRECT SF TOTAL SF VAC % ANN ARBOR 404 9,042,223 659,442 675,483 7.5% (23,866) 21,200 76,198 $21.24 BLOOMFIELD 389 10,185,475 721,830 728,848 7.2% 240,551 0 34,824 $20.50 DETROIT/THE POINTES 295 25,376,041 2,522,029 2,522,029 9.9% 93 12,000 121,744 $15.24 DOWNRIVER 124 1,777,168 157,442 157,442 8.9% (429) 0 0 $22.32 LIVINGSTON/W OAKLAND 292 5,341,859 274,080 275,597 5.2% (40,518) 41,500 0 $17.31 MACOMB 514 8,905,167 760,669 767,211 8.6% 124,479 34,652 112,860 $20.27 NORTH OAKLAND 274 8,392,240 974,314 986,144 11.8% 146,392 4,500 34,550 $20.73 ROYAL OAK 172 2,765,953 175,662 175,662 6.4% 29,473 0 75,000 $17.30 SOUTHFIELD 199 12,342,119 1,995,265 2,052,941 16.6% 106,677 0 0 $19.22 TROY 181 9,628,135 1,118,862 1,136,058 11.8% 142,937 125,101 0 $19.22 WEST WAYNE 430 10,858,135 867,540 878,909 8.1% 78,556 21,800 0 $17.34 TOTALS 3,274 104,614,515 10,227,135 10,356,324 9.9% 804,345 260,753 455,176 $18.48 3 Detroit / Ann Arbor Research & Forecast Report | Q2 2019 | Office | Colliers International REVIEW » Medical occupiers expand as Beaumont, Henry Ford Health Systems and Health Alliance Plan grow in our region » Detroit’s vibrant, active and walkable community draws top office tenants like Google & LinkedIn, both of which recently opened offices in Detroit for the first time » Residential population continues to grow, pushing demand for new residential and retail services » The old becomes cool again as adaptive reuse of iconic skyscrapers and old offices and factories gains popularity 2019 STATISTICS OUTLOOK » Limited vacancy and high rents in the CBD push office occupiers look to the suburbs and neighborhoods outside the downtown core such as Corktown, Midtown, and New Center » Competitive owners and landlords are focused on controlling costs and increasing occupancy rates through improved amenities » New construction slows as rising construction costs and shortage of skilled trades workers create challenges » Positive fundamentals such as national and local economic growth, affordable cost of living, and a favorable business climate positions Metro Detroit as an attractive location to office occupiers DEVELOPMENT PROJECTS TO WATCH PROJECT NAME LOCATION SIZE PROPERTY MIX INTERNATIONAL COLLIERS All statistics are for 2019, are in U.S.
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