Why implement your industrial space in Detroit?
Detroit offers a diverse range of industrial spaces for lease, making it an appealing destination for businesses in need of industrial facilities. With its rich manufacturing history and ongoing revitalization, the city provides ample opportunities to find the perfect industrial space. Whether you're looking for modern warehouses, distribution centers, or manufacturing facilities, Detroit offers a variety of options to suit different needs.
Detroit's strategic location and excellent transportation infrastructure, including access to major highways, rail lines, and the international border, make it an ideal hub for logistics and distribution operations. The city's skilled workforce and supportive business environment further enhance its appeal for industrial leasing. From renovated historic buildings to purpose-built facilities, Detroit's industrial spaces cater to a wide range of industries and present exciting possibilities for businesses looking to establish or expand their operations in this dynamic city.
How much does it cost to rent an industrial space in Detroit?
The cost of renting an industrial space in Detroit can vary depending on several factors, such as the location, size, condition, and specific features of the property. The average asking rent for industrial spaces in Detroit ranged from $4 to $8 per square foot per year.
To read: our Detroit MarketBeat Industrial report analyzes quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.
Are industrial space rents likely to increase in Detroit?
Detroit has been experiencing a revitalization and resurgence in recent years, attracting businesses and investments across various sectors. This increased interest in the city's industrial market can contribute to a rise in demand for industrial space.
Several factors can influence industrial rental prices, including market conditions, economic growth, supply and demand dynamics, and the overall business climate in the area. If the positive trajectory of Detroit's economic development continues and the demand for industrial space remains strong, it is conceivable that industrial rents could increase over time.
Popular neighborhoods in Detroit
Detroit offers several popular neighborhoods for leasing industrial space, each with its own unique characteristics and advantages. Here are a few notable neighborhoods in Detroit known for their industrial leasing options:
- Southwest Detroit: Located near the border with Canada, Southwest Detroit is a hub for manufacturing and industrial activity. It offers a range of industrial spaces, including warehouses and manufacturing facilities. The area's proximity to major highways and international trade routes makes it a strategic location for businesses involved in logistics and cross-border operations.
- Eastside Industrial District: Situated on the east side of Detroit, this district is known for its industrial parks and manufacturing facilities. It offers a mix of industrial spaces, ranging from smaller warehouses to large-scale industrial complexes. The area provides convenient access to major transportation routes and is home to a variety of industrial businesses.
- New Center: Although primarily known for its commercial and office spaces, New Center also offers industrial leasing options. It features a mix of historic and modern industrial buildings that have been repurposed for various industrial uses. Its central location and proximity to major highways make it an attractive choice for businesses seeking industrial space.
- Corktown: While known for its vibrant residential and commercial scene, Corktown also offers industrial leasing opportunities. The neighborhood features a mix of converted industrial buildings and newer industrial developments. Its close proximity to downtown Detroit and accessibility to major transportation routes make it an attractive location for industrial businesses.
- Grandmont Rosedale: Located on Detroit's northwest side, the Grandmont Rosedale neighborhood offers industrial spaces in a more suburban setting. It features industrial parks and commercial areas that provide a range of leasing options for businesses. The neighborhood offers easy access to major highways and a supportive community.
Getting to and from Detroit
Detroit, as a major city, offers various transportation options for getting to and from the area:
- Air Travel: Detroit Metropolitan Wayne County Airport (DTW) is the primary airport serving the region. It is located in Romulus, about 20 miles southwest of downtown Detroit. The airport offers domestic and international flights, with numerous airlines operating from there.
- Public Transportation: The Detroit Department of Transportation (DDOT) operates bus services throughout the city, providing convenient transportation within Detroit. The Suburban Mobility Authority for Regional Transportation (SMART) offers bus services that connect Detroit with the surrounding suburbs. Additionally, the QLine is a streetcar system that operates along Woodward Avenue, connecting downtown Detroit with Midtown.
- Car: Detroit is easily accessible by car, with major highways including I-75, I-94, and I-96 passing through the city. It is well-connected to other major cities in the region, such as Chicago, Cleveland, and Toronto. Rental car services are available at the airport and throughout the city.
- Amtrak: Detroit is served by an Amtrak station located in the New Center neighborhood. The station offers train service on the Wolverine line, connecting Detroit with cities like Chicago and Pontiac.
- Ride-Sharing and Taxis: Ride-sharing services like Uber and Lyft operate in Detroit, providing convenient transportation options within the city. Traditional taxi services are also available.
Commercial Real Estate Services in Detroit, Michigan