Detroit Office Market Reports | Avison Young US - Detroit

Detroit office market report

Q4 2022

Suburban markets, specifically Birmingham and Royal Oak have seen in increase in activity as they are walkable suburban markets providing more flexibility and transforming how tenants occupy space with minimal impact on employee commute times. Numerous companies, including several law firms, have been willing to pay a 30% premium to reduce their footprint and occupy newer, high-end space in an effort to attract new talent.

-2.9 msf

Absorption

Negative absorption from 2020 to year-end 2022 has totaled 2.9 msf, representing 3.2% of existing inventory.

18.5%

Vacancy

Vacancy has continued to increase since the start of the pandemic as companies continue to evaluate their true real estate needs and embrace hybrid work schedules.

30.1%

Return to office

Detroit’s return-to-office rate in December 2022 when compared to December 2019 is lagging behind the nation-wide rate of 42.1%. As companies continue to navigate workplace solutions, it appears that hybrid work has had a significant impact on the Detroit office market.

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Get in-depth office market reports and insights from commercial real estate experts in the Greater Detroit area. Avison Young advisors look at Detroit commercial real estate activities and the latest Detroit statistics to provide you expert market research on Detroit's office properties.

Explore different topics like the latest office market pricing trends and analysis of Detroit's current office real estate market conditions. Gain a better understanding of Detroit’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Detroit's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Detroit.