2020 YE Vacancy Report: Leasing Demand & Absorbtion

LEASING DEMAND & ABSORBTION: Despite the impact of the pandemic, many Washtenaw County businesses continued to actively seek space for lease, especially flex and shop for those in the service industry, and office space for those requiring some degree of customer interaction at their place of business. There was decreased demand by office users who could easily have personnel work from home. The 2020 net absorption was negative 256,618 square feet.

We cannot ignore the fact that the pandemic resulted in many businesses struggling and some failing. Swisher brokers participated in numerous conversations between commercial landlords and their tenants looking for rent relief. There were no cookie-cutter outcomes to these interactions. Some struggling tenants were able to stay in their space and pay their rent, while others had to end their leases. There were many landlords that provided concessions and other creative solutions while other landlords adhered to existing lease agreements.

READ MORE 2020 Year End Data and Analysis 

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