Grand River Growth Plan -All Gibbs for City Jan 2 2026 - Flipbook - Page 47
Farmington Retail Real Estate Market Overview
As of Q3 2025, the vacancy rate in the Farmington defined retail trade retail submarket stands at
12.7%. Over the past year, this rate has increased by 1.2%, driven by no new space delivered and a
net absorption of -64,000 square feet.
This current vacancy rate is above both the five-year average of 9.6% and the ten-year average of
8.0%. Breaking down vacancy by retail type, neighborhood centers have a vacancy rate of 15.4%,
power centers at 21.1%, strip centers at 10.2%, and general retail at 10.5%.
No new retail construction is underway as of Q3 2025, in contrast to the submarket’s 10-year
average of 2,000 square feet of space under construction. The total inventory in the
Farmington/Farm Hills retail submarket is about 5.3 million square feet.
Market rents in the area are averaging $18.50 per square foot. Rents have risen by 1.6% year-overyear, outperforming the wider Detroit market's 0.9% increase. This 1.6% annual rent growth is
below the submarket’s five-year average of 2.5% and ten-year average of 2.9%.
Farmington Retail Market Fundamentals
100,000
80,000
60,000
40,000
20,000
0
-20,000
-40,000
-60,000
-80,000
-100,000
-120,000
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Absorption SF
New Supply
Vacancy
Figure 13: Farmington Retail Real Market absorption, supply and vacancy rates. Source CoStar
In the past year, 18 retail properties in the Farmington/Farm Hills area were sold, resulting in a
turnover of 120,000 square feet of inventory. The total retail sales volume for the region amounted
to $6.6 million during this period. Over the past five years, the average annual sales volume has
been $15.5 million, and over the past decade, it has averaged $17.4 million
East Grand River Avenue Retail Market Analysis
Gibbs Group - July 2, 2025
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