Data from this quarter's report show office tenants have more options that are available and a slight decline in rental rates — at least in some parts of the Metro Detroit market. Learn more in the full report.
With the snow (hopefully) behind us, the warm weather might spur tenants to give in to their wanderlust. Data from this quarter’s Metro Detroit Corporate Office Real Estate Market Summary report show tenants have more options that are available and a slight decline in rental rates — at least in some parts of the Metro Detroit market.
Metro Detroit corporate office real estate trends
High-level, here’s what tenants need to know about the Metro Detroit office real estate market:
- Rental rates fell 0.8% this quarter, the first decline in more than 10 quarters.
- Nearly 1.7 million SF is still under construction throughout Metro Detroit.
- Six office buildings were delivered this quarter, totaling about 58,000 square feet.
- With 9.9% vacant office space and positive absorption, construction activity is accelerating in several highly desirable urban areas.
- Office real estate sales activity for the Metro Detroit area fell from the previous quarter to $156.7 million.
Download the in-depth report to learn more
If you’d like to learn more about Metro Detroit’s corporate office real estate outlook, download the full report below. This report will give you full insight to the topics mentioned above along with a variety of other statistics to help you stay ahead of market trends.