During the third quarter 2014, one building totaling 10,000 square feet were completed in the Detroit market area. This compares to three buildings totaling 76,852 square feet that were completed in the second quarter 2014, nothing completed in the first quarter 2014, and 22,434 square feet in two buildings completed in the fourth quarter 2013.
There were 405,544 square feet of office space under construction at the end of the third quarter 2014.
Some of the notable 2014 deliveries include: 39675 MacKenzie Dr, a 56,820-square-foot facility that delivered in second quarter 2014 and is now 29% occupied, and 6548 Town Center Dr, a 10,032-square-foot building that delivered in second quarter 2014 and is now 26% occupied.
The largest projects underway at the end of third quarter 2014 were 3750 Woodward Ave, a 155,000-square-foot building with 100% of its space pre-leased to Wayne State University Physician Group, and 4605 S Old Us Hwy 23, a 100,000-square-foot facility that is 100% pre-leased to Lake Trust Credit Union.
Total office inventory in the Detroit market area amounted to 196,503,149 square feet in 9,148 buildings as of the end of the third quarter 2014. The Class-A office sector consisted of 44,504,800 square feet in 207 projects. There were 3,082 Class-B buildings totaling 105,088,056 square feet, and the Class-C sector consisted of 46,910,293 square feet in 5,859 buildings. Within the Office market there were 373 owner-occupied buildings accounting for 21,761,342 square feet of office space.
This trend is compared to U.S. National Office deliveries and construction, which saw 233 buildings totaling 13.16 million square feet complete construction, with an additional 108.2 million square feet of office space still under construction at the end of the third quarter. 8 Education St, a 321,503-square-foot office building in the Boston market delivered this quarter, as did the 409,000-square-foot facility at 3965 Eagan Outlets Pky in the Minneapolis market, while the 1.5 million-square-foot State Farm Campus in the Dallas / Ft. Worth market is still underway. Total office inventory in the U.S. market totaled almost 10.44 billion square feet in more than 502,400 buildings at the end of Q3 2014, including some 22,000 owner-occupied buildings accounting for 930 million square feet.
