Detroit office market report
The Detroit office market experienced an increase in market activity throughout the first quarter of 2022 as Companies are starting make decisions about their return to office plans. Several large employers within the region have been getting creative with their approach to include a mixture of remote working, hybrid models and select days within the office.
Detroit companies are getting creative with their return to the office strategies!
GM - “Work Appropriately”
Stellantis (Chrysler) - “New Era of Agility”
AAA - “Flex Work”
Plante Moran - “workplace for your Day”
Detroit’s unemployment rate as of February 2022 was recorded at 5.4% down 160 basis points from the prior year.
Overall vacancy increased 20 basis points at the end of the first quarter 2022 to 17.7%
Return to Office
Starting to see more activity within the market and employers starting to make decisions about their return to the office plan as they become more comfortable with what the future of the endemic may look like.
Starting rental rates are averaging approximately $3.00/sf lower than pre pandemic
Anticipating an uptick in CBD traffic as many employers are bringing back employees into the office in some fashion in the next two quarters including Ford, City of Detroit, Ally Financial, Flagstar Bank and the State of Michigan.
Your source for the latest Detroit office market reports
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.
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