Michigan's industrial sector continues navigating economic challenges as rent growth slows for the 10th consecutive quarter, extending its downward trend. Industrial markets in Michigan recorded record-high rent growth rates starting in 2021, but after reaching 7.4% midway through 2022, they have been on a downward trajectory, compressing by roughly 370 basis points to 3.7%.
Industrial rent growth in Michigan continues to decelerate
Annualized rent growth is below historical averages in many markets
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