2015: A Year in Charts

1. 2015: A Year in Charts
Detroit | 2015

2. CBD fundamentals firming, suburbs to follow?
Detroit
•Downtown Detroit is in the midst of a renaissance, bolstered by a recent series of high-profile lease
announcements, the latest of which was by Fifth Third Bank. Fifth Third announced that it will lease 62,000 square
feet in the One Woodward building to serve as its regional headquarters. As part of the lease agreement, the One
Woodward building will be renamed Fifth Third Bank at One Woodward. The move will take place over two years
and will involve the relocation of over 150 full-time employees. Fifth Third will keep about 20,000 square feet and up
to 40 employees in Southfield, where it currently leases 105,000 square feet.
Source: JLL Research, Crain’s Detroit
Chart of the week: January 12, 2015
28.9% 24.1%
22.2%
19.3%
17.5%
28.2% 28.7% 29.3%
28.2%
27.0%
15%
20%
25%
30%
35%
2010 2011 2012 2013 2014
CBD Vacancy Suburban Vacancy

3. Jobs growth tapers but remains positive
Detroit
• Jobs growth within the office-using employment sectors subsided somewhat in 2014. Still, these sectors did
record incremental expansion which will translate into moderately increased office demand over the coming year.
According to the most recent estimates from the BLS, total non-farm employment in Detroit stood at ~1.9 million
payrolls, representing an annualized increase of 41,600 jobs or 2.2 percent. Meanwhile, unemployment
decreased 3.2 percentage points year-over-year to 6.3 percent. Office-using employment sectors recorded an
annualized net gain of 12,500 jobs. Gains were led by the professional and business services sector, which added
12,100 jobs year-over-year.
Source: JLL Research, Bureau of Labor Statistics
Chart of the week: April 13, 2015
(20.0)
(5.0)
10.0
25.0
2011 2012 2013 2014 Q12015
Government Information Professional & Business Services Financial Activities
Office employment trends
12-monthchange(000’s)

4. Pendulum slowly swings in favor of landlords
Detroit
• Due to significant demand gains in recent years and steadily decreasing vacancy rates, landlords have begun to
push rents. Class A asking rents averaged $22.95 per square foot at the end of Q1, up $0.65 or 2.9 % year-over-
year while Class B asking rents averaged $16.98 per square foot, up $0.24 or 1.5 % year-over-year. Further rent
increases are forecasted over the coming year, particularly downtown and in other key submarkets when demand
is concentrated.
Source: JLL Research
Chart of the week: April 27, 2015
$15.50
$18.50
$21.50
$24.50
2011 2012 2013 2014 Q1 2015
Class A Class B

5. Vacancy rates still high but demand is growing
Detroit
• Total vacancy in Detroit was 24.4 percent at the end of the first quarter, down from a high of 32.9 percent in 2010.
Since that time, more than 4.8 million square feet of office space has been absorbed by local companies growing
operations and expanding footprints. Growth has favored downtown, but has not been limited to it. As a result,
vacancy rates are compressing across submarkets and are forecasted to continue to decrease over the coming
year as the region records further demand growth.
Source: JLL Research
Chart of the week: April 27, 2015
15.0%
21.0%
27.0%
33.0%
2011 2012 2013 2014 Q1 2015
Suburban CBD

6. Foreign Direct Investment In Detroit
Detroit
• FDI in Detroit city and the metro area concentrates heavily in the auto industry. The auto industry alone accounted
for 70.5 percent of all jobs in FOEs in Detroit city, with Chrysler Fiat being the largest employer. Region wide, 41.8
percent of all jobs in FOEs are in the auto industry. Although FDI in both the city and the metro remains heavily
manufacturing focused, services account for a growing share of jobs in FOEs.
Source: Brookings Institution
Chart of the week: May 4, 2015
0 1000 2000 3000 4000 5000 6000 7000
Motor vehicles (38.9%)
Engine & Power Equip (27.9%)
Restaurants ( 5.7%)
Special food services (4.7%)
Motor vehicle parts (3.7%)
Freight Trucking (2.7%)
Investigation & Security (2.6%)
Advertising Services (2.4%)
Pharmaceuticals (1.9%)
Travelers Accommodations (1%)
Rest of the Economy (8.4%)
# of Foreign Owned Establishment Jobs in Detroit
# of FOE Jobs

7. Foreign direct investment heavily favors auto
Detroit
• Foreign direct investment in the city of Detroit and surrounding metropolitan area is concentrated heavily in the
automotive industry. The auto industry alone accounted for 70.5 percent of all jobs in foreign owned
establishments in the city of Detroit, with Chrysler Fiat being the largest employer. Across the region, 42.6 percent
of all jobs in FOEs are in the auto industry. Although FDI in both the city and the metro remains heavily
manufacturing focused, services account for a growing share of jobs in FOEs.
Source: JLL Research, Brookings Institution
Chart of the week: May 11, 2015
0 1,000 2,000 3,000 4,000 5,000 6,000
Motor vehicles (38.9%)
Engine & Power Equip (27.9%)
Restaurants ( 5.7%)
Special food services (4.7%)
Motor vehicle parts (3.7%)
Freight Trucking (2.7%)
Investigation & Security (2.6%)
Advertising Services (2.4%)
Pharmaceuticals (1.9%)
Travelers Accommodations (1%)
Rest of the Economy (8.4%)
# of Foreign Owned Establishment Jobs in Metro Detroit

8. Rate vs Jobs, Moving in a Healthy Direction
Detroit
• According to the most recent estimates from the BLS, total non-farm employment in Detroit stood at ~1.9 million
payrolls, representing an annualized increase of 38,200 jobs or 2.0 percent. Meanwhile, unemployment decreased
3.4 percentage points year-over-year to 6.0 percent.
Source: JLL Research, Bls
Chart of the week: May 18, 2015
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
1,600,000
1,650,000
1,700,000
1,750,000
1,800,000
1,850,000
1,900,000
1,950,000
2,000,000
2008 2010 2012 2014
unemployment rate
total jobs

9. Professional & Business Services Ramping Up
Detroit
• Office-using employment sectors have experienced substantial employment expansion over the last year, recording
an annualized net gain of 9,500 jobs across the metro. Employment gains were led by the professional and
business services sector, which added 8,900 jobs year-over-year.
Source: JLL Research, Bureau of Labor Statistics
Chart of the week: May 25, 2015
(25.0)
(15.0)
(5.0)
5.0
15.0
25.0
2011
2012
2013
2014
2015
Professional & Business Services Information Government Financial Activities

10. Increased demand compresses Skyline vacancy
Detroit
• The Detroit Skyline has experienced an upsurge in demand over the last five years. Since 2010, net absorption has
topped 1.4 million square feet, reducing vacancy from 26.0 percent to 11.9 percent at the start of 2015. Planned
expansions and additional demand growth will place the Detroit’s Skyline vacancy rate near 8.9 percent by the end
of 2016. With vacancy dipping below 10.0 percent, a common threshold for development, talk of new office
construction in downtown Detroit may become a reality in the near future.
Source: JLL Research
Chart of the week: June 1, 2015
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Detroit Skyline Vacancy

11. Ann Arbor landlords hold leverage, raise rents
Detroit
• Ann Arbor, as a result of its diverse economic base and prestigious Big Ten university, is showing a positive overall
economic outlook. Fueled by strong market fundamentals and increased office demand, the Ann Arbor office
market continues to tighten. The average asking rent for Class A office space has escalated towards $29.00 per
square foot while Class B rents have recorded a slight uptick towards $21.00 per square foot and Class C rents
have remained level at $15.00 per square foot.
Source: JLL Research
Chart of the week: June 8, 2015
$5.00/fs
$15.00/fs
$25.00/fs
$35.00/fs
Q2 2015201420132012201120102009200820072006
Class A Class B Class C
Ann Arbor office rents

12. Limited availability a reflection of robust demand
Ann Arbor
• Ann Arbor’s office market is in the midst of transition. Google’s recent relocation and expansion within the Ann
Arbor submarket, from the CBD to the suburbs, has increased downtown’s availability by 85,000 square feet,
representing 5.3 percent of downtown’s total office inventory. However, there is no need to ring the alarm for
downtown, as the owners of the property have already received extensive interest. Home to the University of
Michigan and 45 minutes from Detroit, Ann Arbor appeals to a wide audience.
Source: JLL Research
Chart of the week: June 15, 2015
0.0%
15.0%
30.0%
45.0%
Q2 2015201420132012201120102009200820072006
Class A Class B Class C
Ann Arbor submarket availability

13. •The market is becoming increasingly bullish on Downtown Detroit, with firms such as Ally Financial and Fifth
Third, signing long term leases in 2015 for 322,000 square feet and 55,000 square feet, respectively - ensuring
them space needed to grow, reversing a trend where many corporate tenants were only interested in baby steps
like short-term leases or small-space deals.

14. Detroit
• With an improving economy and increasing space needs by office tenants, total vacancy is expected to continue its
downward trend through 2015. Albeit Detroit’s improving economic condition, fundamentals are unlikely to justify
any speculative construction for the short term. Consequently, demand growth will continue to translate almost
entirely into vacancy improvements.
Source: JLL Research, U.S. Bureau of Labor Statistics
Chart of the week: June 29, 2015
600
630
660
690
15.0%
20.0%
25.0%
30.0%
2010 2011 2012 2013 2014 2015 YTD
Total Office Employment (000s) Vacancy %
Job growth spurs office demand in Detroit

15. Differential between urban and suburban rents
Detroit
• A range of determinants will come into play when large tenants consider urban versus suburban leasing. When a
tenant looks at the downtown market versus the suburban market, the difference between asking rates is typically
$4 to $6 per square foot and at times can reach a spread of $9 to $11 because of the city income tax and other
factors. However, companies seeking to lure a highly skilled workforce and position themselves within a cluster of
economic activity are reaping the benefits of downtown. This shift has already upended some long-standing
dynamics of city versus suburban leasing prices and occupancy rates.
Source: JLL Research
Chart of the week: July 6, 2015
$17.00
$20.00
$23.00
2010 2011 2012 2013 2014 2015 YTD
Urban asking rents Suburban asking rents

16. Detroit’s CBD vacancy steadily declines
Detroit
• The market is becoming increasingly bullish on downtown Detroit, with firms such as Ally Financial and Fifth Third
signing long term leases for 320,000 square feet and 62,000 square feet, respectively. Class A vacancy in the CBD
continues to decline from a recent high of 24.9 percent in 2010 to 9.6 percent at the end of Q2 2015. The CBD will
continue to creep near capacity in the near-term as demand growth outpaces supply additions.
Source: JLL Research
Chart of the week: July 13, 2015
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
2010 2011 2012 2013 2014 2015
Detroit CBD Class A Vacancy

17. Detroit
• Industrial employment sectors have experienced substantial employment expansion over the last year, recording
an annualized net gain of 32,200 jobs across the metro. Employment gains were led by the manufacturing sector,
which added 14,200 jobs year-over-year, suggesting continued growth in demand for warehouse space.
Source: JLL Research
Chart of the week: July 27, 2015
-10.0
5.0
20.0
35.0
2011
2012
2013
2014
2015
Mining, Logging & Construction Trade,Transportation & Utilities
Manufacturing Other Services
Manufacturing is driving Detroit’s job market

18. Michigan manufacturing leads nation in
job growth
Detroit
• Out of more than 2,700 counties across the U.S., four counties in the top 10 with the best manufacturing
economies in terms of creating jobs were in Michigan: Wayne and Macomb counties in Detroit and Kent and
Ottawa counties in Grand Rapids. Stimulated by a confluence of factors-including public and private initiatives,
high-tech incubators, philanthropic funding and an influx of venture capital, Metro Detroit has the fourth largest
advance industries sector in the country. This confirms Metro Detroit is still a vibrant manufacturing hub, only its
more technology advanced and agile than it was.
Source: JLL Research
Chart of the week: August 3, 2015
0
20,000
40,000
60,000
80,000
100,000
Wayne
County, MI
Macomb
County, MI
Kent County,
MI
Oakland
County, MI
Ottawa
County, MI
2013 Jobs 2014 Jobs

19. Modern space requirements spur new warehouse
construction
Detroit
• Warehouse construction has been developers focus of late, representing about two thirds of construction activity.
Of the product currently under construction, 511,000 square feet is being built speculative while 340,000 square
feet is set for owner-occupancy and the remaining 81,000 square feet is build to suit. Looking forward, a focus on
quality space and convenient location, rather than price, will drive location decisions for Metro Detroit’s industrial
tenants.
Source: JLL Research
Chart of the week: August 17, 2015
0.0
0.4
0.8
1.2
Completions YTD Under Construction Pipeline
m.s.f

20. Advance industries accelerate, leading jobs revival
Detroit
• Metro Detroit’s economic recovery is relying largely on the marrying of its industrial past to a digital future. Detroit
has the fourth largest advanced industries sector among the largest 100 metropolitan areas in the U.S., contributing
279,350 jobs to the regional economy and representing 14.8 percent of total employment. Due to a paradigm shift
in the market, landlords and tenants are finding creative ways to house the growing and adapting advance
industries in everything from trendy loft style offices to high tech manufacturing facilities.
Source: JLL Research
Chart of the week: August 24, 2015
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
Motor Vehicle
Parts
Manufacturing
Architectural,
Engineering, and
Related Services
Motor Vehicle
Manufacturing
Computuer
Systems Design
and Related
Services
Managements,
Scientific and
Techinical
Consulting
Services
Total jobs by

21. New Center: Detroit’s next hot neighborhood
Detroit
• The New Center area has the “bones” that many developers look for. Its main thoroughfare is West Grand
Boulevard - home to the former General Motors long-time headquarters. Meanwhile, the Fisher building is 82
percent full, with tenants including the Fisher Theater - a 2,000 seat site for pre-Broadway production and
Broadway touring companies. HFZ and Redico paid $12.2 million for the Fisher Building with plans to convert the
office building into a multifamily project. Peter Allen & Associates is expected to begin on their $14 million project in
the fall, with completion by the time the M-1 Rail project is completed in 2017.
Source: JLL Research
Chart of the week: August 31, 2015
Fisher Kahn building sold for
$12.2 million at auction to HFZ
Capital of New York and Redico
of Detroit
Central Detroit Christian Community
Development Corporation will invest $10.2
million to redevelop the donated Casamira
Apartments building in Detroit.
Former General Motor
headquarters. The building, now
called Cadillac Place, houses state
offices.
The St. Regis. is currently under
contract to be sold to a local
investor for $10 million.
Grand Boulevard is the last
stop on phase 1 of the
$170 million M1 Rail.
Amtrak; Detroit to
Chicago in 6 hours
or less
Peter Allen &
Associates
are planning a
$14 million
mixed use
development

22. Detroit
• Last week was proof Detroit’s CBD continues to sizzle. Bedrock announced it paid $40 million for the Book Tower
skyscraper on Washington Boulevard, which is intended for mixed-use; Lear Corporation purchased a 50,000
square foot building in Harmonie Park for its satellite headquarters; and AT&T is currently shopping a sale-lease
back for its 461,000 square foot Michigan headquarters. With downtown’s Class A vacancy at 9.6 percent, rents
north of $22.00 per square foot and ever-increasing demand, one must ask how much longer before the shovels hit
the dirt?
Source: JLL Research
Chart of the week: September 7, 2015
Lear Corps
Satellite
Headquarters
AT&T is seeking a
sale-leaseback for
its 461,000
square foot
headquarters
The Book Tower is
being converted into
$140 million mixed-
used development
New Red Wing
Arena
A $70 million planned
development in Brush Park
would include 337 residential
units and retail space.
District Detroit, The $650
million development is to be
funded with a mix of $365.5
million in private investment and
an estimated public investment of
$284.5 million.
Smart money is investing in Downtown Detroit

23. Detroit & Michigan economies both record
year-over-year improvements
Detroit
• State officials announced in August that Michigan's statewide unemployment rate decreased 1.7 percentage points
year-over-year to 5.3 percent, the lowest it has been since August 2001. Metropolitan Detroit’s unemployment rate
has also shown improvement, decreasing 2.9 percentage points year-over-year to 7.0 percent. Detroit’s economy
added 46,900 net new jobs over the last year, representing a 2.5 percent increase. With steady employment gains
across the metro, look for further improvement in Detroit’s office and industrial property sectors.
Source: JLL Research, Bureau of Labor Statistics
Chart of the week: September 14, 2015
0%
4%
8%
12%
16%
20%
1.6
1.7
1.8
1.9
2.0
2.1
2005 2007 2009 2011 2013 2015
Nonfarm employment Unemployment
Metropolitan Detroit employment picture
Employment
(000,000s)
Unemployment

24. Office construction is on the upswing in Metro
Detroit
Detroit
• Detroit’s office development is beginning to move beyond the rehabbing of old buildings. Increasing rents, positive
absorption and limited availability are determining factors needed to give developers the confidence to start new
construction. In the third quarter of 2015, 897,825 square feet was under construction, up from 669,522 square feet
in the previous quarter. As of now, new construction is primarily owner-occupied and build to suit, however, we
project speculative construction will increase as inventory continues to tighten across the submarkets.
Source: JLL Research
Chart of the week: September 21, 2015
0
200,000
400,000
600,000
800,000
1,000,000
2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3
Square feet of office product under construction

25. Landlords are beginning to refinance downtown
properties
Detroit
• Downtown Detroit is beginning to show its credit worthiness to the capital markets. Just this past week, a deal
closed for the First National Building, owned by a Dan Gilbert affiliated entity, to get a $70 million loan, which was
brokered by Bernard Financial. It was purchased in August 2011 for $8.1 million by 660 Woodward Associates. It is
the largest commercial mortgage-backed securities loan on a Detroit building since Bedrock and Meridian Health
purchased the former Compuware Corporation headquarters building last year for $142 million. The pie chart
represents the aggregate value of refinancing activity in the CBD.
Source: JLL Research, Real Analytics
Chart of the week: September 28, 2015
First National Building
One Woodward Building
1001 Woodward
fmr United Way Bldg
719 Griswold
$51.5 million
$37 Million$41 Million
$10.1
Million
$70 Million
Aggregate Value of refinancing in CBD 2013-2015

26. Urban submarkets continue to outperform
suburban submarkets
Detroit
• Detroit’s submarkets are in the midst of a tug of war. In the urban submarkets, the average asking rent currently
stands at $20.08 per square foot, up 5.1 percent from this time last year. Meanwhile, vacancy has steadily
decreased year-over-year from 17.9 percent to 14.4 percent today. In the suburban submarkets, although rents are
improving, they are appreciating at a slower pace than they are downtown. Suburban rents have increased 3.8
percent year-over-year to $17.91 per square foot.
Source: JLL Research
Chart of the week: October 5, 2015
$15
$18
$21
0%
15%
30%
Q3 2012 Q3 2013 Q3 2014 Q3 2015
Urban Rents Suburban Rents Urban Vacancy Suburban Vacancy

27. Philanthropy’s impact on Grand Rapids real estate
Detroit
• Grand Action, a non-profit organization made of the city’s wealthiest benefactors, led the way on three major
projects that transformed downtown Grand Rapids. The three projects were the Van Andel Arena, DeVos Place
Convention Center and, most recently, the Grand Rapids Downtown Market. Now investors are taking notice; with
the perfect scenario of high rents, high occupancy and low interest rates, waves of new investments are occurring
across the region. Look for new construction to begin answering the demand for heavy industrial and downtown
Class A office.
Source: JLL Research
Chart of the week: October 12, 2015
100,000
300,000
500,000
Q3 2015Q2 2015Q1 2015Q4 2014Q3 2014
Office product under construction (s.f.)

28. Landlords push rents as quality blocks dwindle
Detroit
• Asking warehouse/distribution rates remained flat in the third quarter of 2015, averaging $4.30 per square foot. The
I-96 corridor submarket had the highest average rental rate at $5.74 per square foot while the Detroit submarket
came in lower at $2.97 per square foot. R&D and flex rates are double that of warehouse/distribution in almost all
submarkets, and continue to fluctuate significantly among the geographic market sectors. Rates range as high as
$12.03 per square foot in the Washtenaw County submarket to as low as $6.06 per square foot in the City of
Detroit submarket.
Source: JLL Research
Chart of the week: October 19, 2015
7%
9%
11%
13%
15%
17%
19%
21%
$3.80
$4.00
$4.20
$4.40
2010 2011 2012 2013 2014 2015
Asking rents Total availability

29. Detroit is becoming a premier logistics hub
Detroit
• Detroit is on the verge of becoming an advanced high-tech logistics district. The state is currently researching a
$1.6-billion plan to transform Detroit into the logistics capital of the Midwest. With the Gordie Howe International
Bridge opening up a new supply route across the U.S-Canadian border, local developers of industrial space are
hoping shipping companies or other delivery businesses will choose Detroit as its gateway to and from the Midwest
and parts of Canada. The completion of three projects is considered necessary for a new Detroit logistics district to
operate efficiently: the Gordie Howe bridge, the Detroit Intermodal Freight Terminal and the Continental Rail
Gateway.
Source: JLL Research, Bureau of Labor Statistics
Chart of the week: October 26, 2015
-40
-20
0
20
40
2010 2011 2012 2013 2014 2015
Trade,Transportation & Utilities Manufacturing
Other Services Mining, Logging & Construction
Industrial Employment trends (12-month change, 000s)

30. Community development incentives encourage
growth
Detroit
• Smart developers are taking advantage of incentives designed to decrease risk and increase returns. Many new
projects are being financed using creative capital stacks that include traditional sources and nontraditional sources
such as forgivable loans, tax credits, non-profit program-related investments and crowdfunding. The State of
Michigan is playing its part in these capital stacks by awarding over $13.5 million this year to development projects
creating over 300 permanent full-time equivalent jobs. The result is economic growth and a win-win for the people
of Detroit and its real estate market.
Source: JLL Research, State of Michigan
Chart of the week: November 2, 2015
$0
$30
$60
Casamira
Detroit
1215
Griswold
KWA
Residential
HM
Ventures
1145
Griswold
Street
TrailHead
RO LLC
Woodward
and Erskine
LLC
Total project investment Projected state award amount
($M)
Michigan Strategic Fund’s largest investments in metro Detroit

31. Strong jobs growth may encourage rate hike
Detroit
• Total nonfarm employment in metro Detroit stood at 1,950,500 in September 2015, up 46,400 or 2.4 percent over
the year. During the same period, the national job count increased 1.9 percent. All of this has implications for the
direction of monetary policy. Indeed, traders are now pricing in a 70% likelihood that the Federal Reserve will lift
rates in December, which would be the first such hike since June 2006. An initial rate hike from the Fed would
signal the end of extremely loose, zero-interest rate policy, which it introduced in December 2008 in its effort to
stimulate the economy out of the financial crisis.
Source: JLL Research, Bureau of Labor Statistics
Chart of the week: November 9, 2015
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
2010 2011 2012 2013 2014 2015
Detroit United States
Job growth (12-month change): United States vs. Detroit

32. Detroit’s strategic advantage is its location
Detroit
• With the introduction of the new Gordie Howe International Bridge, the realm of business and opportunities to be
created or offered have exponentially increased. Michigan officials are researching a $1.6-billion plan that could
make Detroit the new logistics capital of the Midwest. In addition to the major economic growth this would offer, a
potential of 22,000 long-term jobs in Michigan with up to 8,000 right here in Detroit could be created. The map
above highlights Detroit’s location advantage and company’s ability to reach 50 million plus people in a drive time
of six hours.
Source: JLL Research
Chart of the week: November 16, 2015
Rings represent miles and drive times
360 Miles
240 Miles
120 Miles

33. Recent job numbers point to fed rate hike
Detroit
• According to the most recent estimates from the Bureau of Labor Statistics, total nonfarm employment in Detroit
stood at ~2.0 million payrolls, representing an annualized increase of 38,700 jobs or 2.0 percent. Meanwhile,
unemployment decreased 1.6 percentage points year-over-year to 6.3 percent. Nationally, total nonfarm payroll
employment increased by 211,000 in November, and the unemployment rate was essentially unchanged at 5.0
percent. The latest jobs data, easily meets the targets laid out by the central bank as prerequisites for a rate hike,
economists said.
Source: JLL Research, Bureau of Labor Statistics
Chart of the week: December 07, 2015
0%
4%
8%
12%
16%
20%
1,550,000
1,650,000
1,750,000
1,850,000
1,950,000
2,050,000
2,150,000
2005 2007 2009 2011 2013 2015
Nonfarm employment
Unemployment

34. Ann Arbor, six square miles surrounded by reality
Detroit
• Whether researching the Ann Arbor market using the latest quarterly office report or just sitting in a café on Friday
afternoon, one will quickly come to the conclusion that Ann Arbor is six square miles surrounded by reality. The
University of Michigan attracts a worldly and diverse student body that is converting educational training into
disruptive start-ups. Class A rents towards $35.00 per square foot while pushing Class A vacancy to zero.
Suburban Class A rents for the quarter were $25.75 per square foot, nearly 14 percent more than Detroit CBD
Class A asking rates.
Source: JLL Research
Chart of the week: December 14, 2015
$15
$25
$35
YTD 201520142013201220112010
Downtown Suburban

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For More Information, Please Contact
35
Aaron Moore
Analyst, Great Lakes Research
+1 248 581 3308
aaron.moore@am.jll.com
Larry Emmons
Managing Director
+ 1 248 581 3388
Larry.Emmons@am.jll.com
Andrew Batson
Manager, Great Lakes Research
+1 216 937 4374
Andrew.Batson@am.jll.com
About JLL
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countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of
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