As of Q1 2018, the Ann Arbor office submarket totaled 5.6 million sq. ft. and was 8.8% vacant, while the Metro Detroit office market consisted of 78.7 million sq. ft. and was 16.0% vacant. Ann Arbor has historically maintained lower vacancy rates compared to the overall suburban office market. As a result, the submarket generally demands high asking lease rates. At $24.35 for Q1 2018, Ann Arbor’s average asking lease rate was $5.53 above the Metro Detroit average.