Detroit office market report

Q2 2024

Detroit's office market faces uncertainty with rising vacancies despite in-office requirements for many businesses, many 3 or 4 days a week. The average deal size has grown across the market, but overall leasing volume is still significantly down from pre-2020 averages. Aging office properties, limited new development, and a lack of interest rate cuts have led to continuingly suppressed sales activity.

1.7 msf

Total leasing activity through the first two quarters of 2024

Leasing activity in the second quarter of 2024 totaled over 864,000 sf. This is up slightly from last quarter and up 14% from the second quarter of last year.

+24%

Growth in average deal size from 2020 to 2024

Even while total leasing volume is still recovering, average deal size through the first half of 2024 nearly resembles pre-COVID sizes.

21.5%

Total availability across the market

This has fallen from the previous quarter and is at the lowest point since the first quarter of 2023.

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