Auburn Hills, Mich.—Oct. 22, 2013— The city of Auburn Hills, which announced the opening of four commercial developments in downtown Auburn Hills earlier this month, is pleased to share more good news about the strength of its commercial office space.
In the CoStar Group’s third quarter 2013 Detroit Office Market report, the city of Auburn Hills had the second lowest office vacancy rate among total Detroit office submarket statistics, ranking below only the office market defined as Washtenaw East of 23 (the Ann Arbor area). With 55 total commercial buildings and 390,466 total square feet, Auburn Hills’ vacancy rate was reported at 5.5 percent. Washtenaw East of 23, with 193,427 square feet, had a reported vacancy rate of 5.3 percent.
In the Class A submarkets category, with eight buildings and 184,272 total square feet, Auburn Hills had the lowest vacancy rate, at 3.6 percent, among area markets with more than four Class A commercial buildings. The third quarter statistics reflect the city’s appeal to business, according to Auburn Hills City Manager, Pete Auger.
“Auburn Hills continues to attract and retain strong commercial tenants as a result of our pro-business approach,” said Auger. “We are eager to partner with and support the business community to encourage overall economic development and success for the city and the region.”
About Auburn Hills
Celebrating 30 years as a city in 2013, Auburn Hills is home to 21,000 residents and also serves as Michigan’s global business address, with 40 international corporations from 32 countries housed here, including Chrysler Group LLC and Borg Warner headquarters. Auburn Hills’ residents enjoy the amenities of city and suburban living with parks, a revitalized downtown district and a welcoming city complex with a library and community center. Additionally, the city has five colleges and universities, the award winning Palace of Auburn Hills entertainment complex and Great Lakes Crossing Outlets, one of the state’s largest destination shopping centers, providing a variety of cultural, social and educational opportunities to residents, workers and visitors. Learn more at www.auburnhills.org.