Detroit office market report

Q1 2024

The Detroit office market continued to face uncertainty in Q1 2024 with vacancies at a seven-year high. Occupier downsizings, and an oversupply of aging properties have led to reduced demand and minimal rent growth, challenging market fundamentals. Optimistically, GM announced they will relocate its headquarters to become the anchor tenant at the recently completed Hudson Building in exchange for the redevelopment rights of the Renaissance Center into a mixed-use project.

Vacancy in 1980’s-built office product

Many older office properties, mainly from the 1980s, are losing appeal from occupiers aiming to offer new amenities to attract and keep talent. Along with touting the highest vacancy rate, the 80’s segment of the market has the largest amount of vacant space on a square-foot basis, totaling almost 9 million.

846k sf

Total market leasing activity in Q1 2024

This is down 20% from Q1 of last year and the second lowest Q1 total since 2019.

2.5 msf

Sublet availability across the market

This amount is down almost 200k sf end of Q1 last year.

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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