The Detroit CBD accounts for only 22.5 percent of available inventory. In Minneapolis, Cleveland and Pittsburgh, the CBD accounts for a respective 47.2, 53.3, and 53.7 percent of available inventory. The vacancy rate in Detroit for CBD properties is comparable to other cities. Average asking rent is lower for Detroit than other cit- ies. Cleveland, Minneapolis and Pittsburgh have average asking rent of $19.27, $25.37 and $23.26 per square foot, respectively, compared with Detroit at $19.08. In the suburban market, vacancy rates have increased to 27 percent in Q4 2014 from 23.1 percent in Q2 2009, and the average rent has declined to $18.18 from $20.42. Compared with other cities, the suburban Detroit market has a high vacancy rate and low average ask- ing rent. Suburban vacancy rates for Q4 2014 in Atlanta, Chicago, Cleveland, Minneapolis and Pittsburgh are 20.2, 22.6, 14.8, 15.9, and 18 per- cent respectively, compared with 27 percent in Detroit. The average asking rent in the same suburban markets is $20.97, compared with $17.30 for Detroit. Industrial Grade: B Substantial improvement in vacan- cy rates and average asking price are comparable to other cities. Average asking price is on the rise. Industrial vacancy rates declined to 7.9 percent in Q4 2014 from 12.9 percent in Q2 2009. The peak of vacancy rates was in Q3 2010 at 14.2 percent. Over this period of time, average asking rent also declined to $4.19 from $4.39. The year-over-year increase in average asking rent is 3.8 percent. Compared with other cities, Metro Detroit's industrial vacancy rate of 7.9 percent and average ask- ing rent of $4.19 are in the medium range. By comparison, the vacancy rate and average asking rent for Cleveland, Milwaukee, Minneapolis and Pittsburgh are a respective 10.8 percent and $3.48, 6.4 percent and $3.99, 9.3 percent and $4.71, and 7.3 percent and $4.96. ❑ Jonathan Silberman is a professor of economics at Oakland University. He writes a monthly column on the economy for the JN. You can contact him at silberma@oakland.edu. The Royal Oak Office of Jones Lang LaSalle provided the office and industrial real estate data. g nolia by the Lakes -4111(--•-- The Gold Standard of Senior Living c4n C9rtsis or eniors in OakiandWounty In the Heart of Oakland County... From Birmingham to Rochester Hills From Bloomfield Hills to Waterford From Rochester to West Bloomfield From Troy to Clarkston Come Visit Us Be Amazed illagnolia by die ekes A Luxury Senior Assisted Living and Respite Care Resort A Limited Number of Studios and 1 Bedroom Villas Available Views of Cass Lake Up to $3,500 in promotional discounts for a limited time only! NOW OPEN Tours and Reservations offered 7 days a week: (248) 681-8000 1701 Cass Lake Road, Keego Harbor, MI 48320 www.magnoliabythelakes.com 1997100 ern nrr5 From Our Family to Yours A Zissen Pesach! "A Sweet Passover" Allen Olender, CIMA Managing Director-Investment Officer Certified Investment Management Analyst AAMS, CRPS Financial Advisor Teddie Olender, Accredited Asset Management Specialist Chartered Retirement Plans Specialist The Olender Group of Wells Fargo Advisors 31440 Northwestern Hwy, Suite 110, Farmington Hills, MI 48334 248-737-8459 248-737-8477 800-537-4509 allen.olender@wellsfargoadvisors.com teddie.olender@wellsfargosdvisors.com WELLS FARGO Wells Fargo Advisors, LLC, Member S1PC, is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company. ©2013 Wells Fargo Advisors, LLC 85508 0713-00966 7/13 1898500 April 2 • 2015 45