Leasing activity strengthens while market fundamentals remain uneven
Leasing activity reached 1.0 million square feet (msf) in Q3, about 20.0% above the five-year quarterly average and 0.4 msf higher than a year ago. Renewals accounted for six of the 10 largest transactions, while relocations included AT&T's 158,000-square-foot (sf) move within Southfield and Hyundai America Technical Center's 45,000-sf move in Ann Arbor. Manufacturing companies were also active, with Hyundai, Ford Component Sales and Renesas Electronics among the quarter's largest transactions. The mix of renewals and sizable relocations suggests demand is broadening beyond lease expirations, with tenants making selective commitments to new locations.