The reduction in automotive sales and production during the first quarter lowered leasing and sales activity on the I-75 North Corridor for the first half of the year. New speculative construction is limited by lack of available land and the number of existing buildings coming on the market.
Demand remains strong for buildings available to purchase.
Lease prices for buildings have leveled off, with minor concessions occurring. Demand for buildings to lease is expected to increase during the year as the Federal Reserve's interest rate cuts work through the economy, especially in the automotive market. The Eastside market has turned over the past 6 to 12 months, with a number of buildings becoming available for lease or sublease. Quality buildings available on a sale basis remain active with fairly stable prices. The fringe locations for sale or lease have little or no activity.