The SOA vacancy rate dropped for the second consecutive year, decreasing from 9.7% to 6.3%. (-3.4%)
Three SOA buildings had significant office leasing success, due in part to the relocations from the NOA mentioned aforehand. Continued demand decreased the available space in the SOA from 337,000 square feet in 2018 to just over 200,000 square feet. Only four SOA buildings have contiguous blocks of space measuring over 20,000 square feet.
Small professional office suites available. Open floor plans. Well maintained multi-tenant suburban office building, located in Ann Arbor mailing address (48108) but midway between Ann Arbor and Ypsilanti, just south of Washtenaw Ave. (next to Red Lobster restaurant). Easy access to US-23, approximately a block away. At the door parking.
Suite 102 C: 77 sf, $225 monthly (gross)
Suite 102 A: 266 sf, $675 monthly (gross)
Suite 201 B3: 90 sf, $200 monthly (gross)
Suite 201 B4: 200 sf, $500 monthly (gross)
The CGMA Office Area vacancy rate increased from 1.3% to 6.5% after two consecutive years of decreasing vacancy. (+5.2%). This change is primarily due to a McAuley Campus building now showing 20,000 square feet available to third party tenants.
The EOA vacancy rate increased slightly from 10.0% in 2018 to the current rate of 10.9%. (+0.9%).
There was a consistent flow of small office leases in the EOA this year. Similar to last year, the most common tenants were those providing personal services; and practitioners in mental health therapy, family health and social services. The EOA buildings provide an important niche of smaller and more economical office suites.
The NOA vacancy rate jumped from 1.4% to 6.8%. (+5.4%)
There are two NOA office buildings with newly vacant large blocks of office space resulting from businesses relocating to the SOA. Another factor in the increased vacancy rate is a building now marketing 63,000 square feet as a potential redevelopment for office users. The NOA has not exceeded a 6% vacancy rate since measuring 10.9% in the 2011 Swisher Commercial Vacancy Report. Based on historical demand for NOA space and the limited number of large vacant blocks of space in Ann Arbor, we see the space being promptly absorbed.
Proposed new construction in Pittsfield Township. Two story Class A office building with abundant at the door parking, suites ranging from 1,200 sf to 8,000 SF. Generous leasehold allowance for office suite build out.
Suite 1: 7,749 sf, $26.50 psf (plus utilities)
Suite 2: 3,875 sf, $26.50 psf (plus utilities)
Suite 3: 1,778 sf, $26.50 psf (plus utilities)
Suite 4: 1,204 sf, $26.50 psf (plus utilities)
Easy access to I-94 at Ann Arbor Saline Road interchange, M-14 and US-23.
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