During the third quarter 2014, four buildings totaling 57,300 square feet were completed in the Detroit retail market. Over the past four quarters, a total of 453,561 square feet of retail space has been built in Detroit.
There were 647,354 square feet of retail space under construction at the end of the third quarter 2014.
Some of the notable 2014 deliveries include: 14945 23 Mile Rd, a 114,000-square-foot facility that delivered in first quarter 2014 and is now 100% occupied by Kroger Marketplace, and 4106 Telegraph Rd, a 75,000-square-foot building that delivered in second quarter 2014 and is now 100% occupied by Life Time Athletic.
Total retail inventory in the Detroit market area amounted to 241,213,539 square feet in 22,941 buildings and 1966 centers as of the end of the third quarter 2014.
This trend is compared to U.S. National Retail deliveries and construction, which saw 542 buildings totaling 13.91 million square feet complete construction, with an additional 53.3 million square feet of retail space still under construction at the end of the third quarter. 837 Washington St, a 58,200-square-foot facility in the New York City market, delivered this quarter, as did the 148,000-square-foot Main St N. Brunswick Costco in the Northern New Jersey market. Total retail inventory in the U.S. market totaled more than 12.54 billion square feet in almost 1.1 million retail buildings at the end of Q3 2014, including 97,500 shopping centers.
