Indianapolis apartment demand reaches decade high during 2024
Renter demand nearly matches massive supply wave
Apartment demand and the completed construction of new units in Indianapolis both reached a decade-high level in 2024. Net absorption, or the change in the number of occupied units...
Midwestern markets top national rent growth
Modest construction pipelines limit oversupply
National rent growth has slowed significantly since the first quarter of 2022, from 9.9% to just 1.0% for 2024's fourth quarter. Weakness in national rent growth stems largely from...
Industrial construction in Detroit approaches lowest level in nearly a decade
Few construction projects have begun since mid-2024
As of early 2025, only 2.7 million square feet of industrial space is under construction in Detroit, nearly the lowest level over the past 10 years. Meanwhile, construction starts ...
Near year's end, mid-priced apartments track more move-ins than luxury, workforce housing in Detroit
Recovery continues from previous two years' tepid demand
Due to shifting renter preferences and less supply-side competition, Detroit's multifamily sector continues to rebound from weakened demand over the past few years through 2024, pr...
Commercial investment pulls back near decade-long average in Grand Rapids, Michigan
Industrial and retail sectors lead investment volume for 2024
With only a few weeks left in 2024, commercial property sales in Grand Rapids, Michigan, have reached $864 million, marking a 53% decline from the 2022 peak of $1.8 billion. Althou...
Commercial investment in Indianapolis at lowest in a decade
Industrial, multifamily deals drove sales volume
As the new year approaches, commercial investment in Indianapolis continues to decline from its peak in 2022, when sales volume reached a record-breaking $5.4 billion.
Indianapolis' industrial sublet space rises, nearing all-time high
Plainfield market sees highest concentration of available square footage
More than 5.9 million square feet of industrial space is on the market for subleasing in Indianapolis so far this quarter, just under the all-time high reached during the second qu...
Detroit commercial investment continues to cool
Industrial sales dominate total sales volume
Nearing the final days of 2024, the sales volume of commercial properties in the Detroit area continues to decline from the record-setting levels of a few years ago, falling back t...
Office users power Indianapolis leasing levels
Downtown dominated volume this year
Office users in Indianapolis continue to lease space tenaciously, even as overall tenant demand for office space struggles to match pre-pandemic levels.
Industrial rent growth in Michigan continues to decelerate
Annualized rent growth is below historical averages in many markets
Michigan's industrial sector continues navigating economic challenges as rent growth slows for the 10th consecutive quarter, extending its downward trend. Industrial markets in Mic...
Apartment construction pipeline in Detroit tapers off
Amount of units underway at lowest level in a decade
Detroit experienced a record-breaking year for apartment construction in 2023, with 3,502 units completed. So far, in 2024, an additional 2,063 units have been completed, reflectin...
Indianapolis industrial rent growth could recover back to pre-pandemic levels in 2025
Fresh supply kept vacancies elevated this year, driving rent growth lower
The Indianapolis industrial sector's annual rent growth is now 3.7% following a decline by nearly 400 basis points since the beginning of the year. Rent growth was driven downward ...
Office sublet space in Detroit remains elevated
Since beginning of year, office attendance has increased but still below typical historical usage
Just over 2.2 million square feet of Detroit office space is on the market for subleasing after pulling back 19% from the all-time high reached during the third quarter of 2023. Th...
Indianapolis renters continue to prefer upscale apartments
Four- and five-star units garner majority of renter demand this year
Luxury apartments in Indianapolis continued to attract more renters this year than other apartment subtypes, with absorption, or the change in the number of occupied units, among t...
Detroit industrial construction near lowest level since 2016
Space underway is almost evenly split between logistics and specialized
At the start of the fourth quarter, approximately 3.7 million square feet of industrial space is underway in Detroit. Home to the Big Three automotive manufacturers, specialized sp...
Industrial construction near lowest level since 2022 in Grand Rapids, Michigan
Subtypes experienced balanced development over the past few years
The Grand Rapids, Michigan, area has approximately 1.3 million square feet underway, with the final months of 2024 in sight. Logistics facilities constitute roughly 68% of the spac...
Indianapolis industrial construction near lowest level since 2022
After record-setting deliveries in 2023 things calm down
Heading into the final months of 2024, approximately 6.2 million square feet of industrial space is underway in Indianapolis, with logistics space comprising 93.5%. The space under...
Retail leasing continues near historical levels in Grand Rapids, Michigan
Experiential, fitness and sports categories drive demand
Heading into the final months of 2024, the amount of retail leasing in Grand Rapids, Michigan, is closely aligned with historical activity through the end of the third quarter over...
Mid-priced apartments gain popularity in Detroit
Lower-priced properties move into positive territory
Entering the final months of 2024, apartment demand in Detroit continues to be concentrated at the three-star level and above. While luxury four-and-five-star apartments have been ...
Grand Rapids experiences weakened investing in 2024
Multifamily investing leads in recent years
With three months left in 2024, commercial real estate investing in Grand Rapids totals just over $307 million this year. This represents a sizeable decline in sales volume after r...