What the Suburban Office Vacancy Rate Isn’t Telling You
If you’ve looked at recent office market data for suburban Detroit, Michigan, the headline number isn’t encouraging. Vacancy across the suburban office market is hovering around 22 percent, a figure that suggests a market still working through years of post-pandemic recalibration. Talk to a broker who’s actually in these buildings every week, though, and the picture gets more specific and more useful.
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The term real estate usually conjures up images of buildings, whether residential, commercial, or industrial. However, the newest trend in industrial real estate doesn’t involve buildings at all. Now you can sell large plots of land, even if you don’t plan to ever build on them. This trend is called industrial outdoor storage, and it’s making good use of land that can’t be developed but is essential to the real estate business.
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All eyes are on the U.S. 10-year Treasury yield and what its rapid ascent could mean for the ongoing recovery in CRE. A much-talked-about “ceiling” of 4.5% has been reached. Above this level, analysts say the market may at least be forced to reckon with a new lending environment. At worst, it may face a sustained period of repricing. How long the current yield increase will stick is anyone’s guess, but with the 10-year Treasury hitting a 16-month high this week, market participants are taking a longer look at the implications.
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