JLL Research Shows Decreasing Vacancy Highlights High Demand for Quality in Ann Arbor
In Ann Arbor’s 2018 spring office market, decreasing vacancies highlight high demand for quality
Ann Arbor, Michigan, June 1, 2018 — New JLL research shows the Ann Arbor office sector continues to trend positively. Average asking rents have been rising while vacancy continues to decrease due to high demand and limited new development. Currently, the average asking rent is $24.09 per square feet and total vacancy is 8.3 percent.
Several new developments are currently under construction with 90,000 square feet of new construction expected to deliver this year and additional projects in the planning stage.
2211 Old Earhart Road is seeing significant leasing activity, including one of the most notable leases of the season by Home Point Financial. They inked a lease for 33,000 square feet of the building, joined by Infor Global Solutions with an 8,000-square-foot lease.
Looking ahead, conditions are not likely to change dramatically until new office inventory is delivered. Vacancies are predicted to drop and rent prices are expected to continue climbing in class A office space.
For more information, please visit www.us.jll.com/en/locations/midwest.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.