The NOA vacancy rate jumped from 1.4% to 6.8%. (+5.4%)
There are two NOA office buildings with newly vacant large blocks of office space resulting from businesses relocating to the SOA. Another factor in the increased vacancy rate is a building now marketing 63,000 square feet as a potential redevelopment for office users. The NOA has not exceeded a 6% vacancy rate since measuring 10.9% in the 2011 Swisher Commercial Vacancy Report. Based on historical demand for NOA space and the limited number of large vacant blocks of space in Ann Arbor, we see the space being promptly absorbed.