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Market Report

Detroit Office Market Report

2Q 2022

Office Operations in the Core Pick up Steam as
Tenants Seek High-Quality New Space

Tenants chase talent into Downtown. Shifting preferences among firms emerging from the pandemic have resulted in a stronger demand for high-end space, coinciding with heightened levels of office construction in the core. Firms are increasingly viewing collaborative meeting spaces as a means of bringing workers back into offices on their own volition and as a tool for recruiting. As downtown enlarges its stock of higher-end housing and retail, younger professionals are searching for jobs in or near the core. Vacancy in the Detroit-The Pointes submarket fell 70 basis points in the last three quarters, with Class A availability dropping 80 basis points year-over-year in the locale. Walbridge and HNTB, two construction companies, highlight the deals inked for high-end space in the CBD.
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