2018 Year-End Vacancy Report

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ANN ARBOR OFFICE/FLEX MARKET

As of December 31, 2018, the total market vacancy rate for office and flex space is 6.4%, a decrease from the 7.2% vacancy rate one year ago.

FLEX

In the past year, flex vacancy rates increased from 4.6% to 5.6%. (1.0%)

OFFICE

The office vacancy rate decreased from 8.1% to 6.6%. (-1.5%)

TOTAL VACANCY RATE PER YEAR

––– Office

––– Flex

––– Total

STATISTICAL SUMMARY
Area # Blds Gross sf Vacant sf YE 2018 Vac % YE 2017 Vac % % Chg.
OFFICE
Downtown 64 1,621,912 110,689 6.8% 3.6% 3.2%
North 35 2,516,300 34,996 1.4% 1.6% -0.2%
East 35 633,974 63,087 10.0% 9.7% 0.3%
CGMA 10 501,543 6,380 1.3% 3.5% -2.2%
South 70 3,478,234 337,169 9.7% 14.2% -4.5%
West 20 433,755 54,930 12.7% 17.2% -4.5%
Total 234 9,185,718 607,251 6.6% 8.1% -1.5%
FLEX
South 49 2,345,478 124,652 5.3% 4.2% 1.1%
West 19 644,848 44,092 6.8% 6.2% 0.6%
Total 68 2,990,326 168,744 5.6% 4.6% 1.0%
TOTAL
Downtown 64 1,621,912 110,689 6.8% 3.6% 3.2%
North 35 2,516,300 34,996 1.4% 1.6% -0.2%
East 35 633,974 63,087 10.0% 9.7% 0.3%
CGMA 10 501,543 6,380 1.3% 3.5% -2.2%
South 119 5,823,712 461,821 7.9% 10.1% -2.2%
West 39 1,078,603 99,022 9.2% 10.7% -1.5%
Total 302 12,176,044 775,995 6.4% 7.2% -0.8%

ASSUMPTIONS

1. AREA
Downtown includes Ann Arbor, Scio/Pittsfield/Ann Arbor Twps. North includes Plymouth Road corridor. East includes Washtenaw, Packard and Carpenter Rds. South includes S. Industrial, S. Main, S. State, Briarwood and airport areas. West includes W. Liberty and Jackson Road areas. CGMA is the Clark-Golfside Medical Area, St. Joseph Mercy Hospital campus and the Huron River Drive/Golfside-Clark area.
2. BUILDINGS
Includes all identified non-owner-occupied buildings over 5,000 sf.
3. FLEX
Defined as high-bay type buildings, often combining office, high-tech, research, warehouse & similar.
4. % CHANGE
A negative denotes a decreasing vacancy rate. Calculation is YE 2018 rate less the YE 2017 rate.