The Class A bulk warehouse market overview vacancy rate fell 30 basis points to 6.5% during the second quarter of 2024 as 130,700 SF was absorbed. Over the past year, available bulk warehouse space climbed 660% in Metro Detroit on account of new speculative construction. Eight Class A speculative bulk warehouse buildings were completed in 2024 alone, adding 2.79 MSF of new inventory. Over the past 10 years, developers built 45 speculative distribution facilities totaling over 16.8 MSF with absorption, for the most part, matching new supply. However, the gap between supply and demand is growing as new inventory is beginning to exceed user demand. Vacant space has climbed from 486,017 SF to 3.7 MSF over the past four quarters.

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