DETROIT-The city’s CBD office vacancy rating is the second weakest in the US, according to a recent national report. Grubb & Ellis says in its Summer 2004 Office Trends Report the CBD vacancy rate in Detroit of 29.3% is the highest such rate among the 70 or so metro areas included in the survey, with the exception of Oklahoma City’s 33.5% rate.

The city’s overall metro market office vacancy rate is a much more middle of the pack 18.7%. The national average vacancy rate for all office space, in all classes, is 17.9%, Grubb & Ellis says.

And, the local market continues to face a challenge, the report says. “The pressure on the Big Three (automakers) to cut costs is trickling down to their suppliers, slowing leasing decisions,” Grubb & Ellis says.

Asking rates this summer for class A space in the Detroit market is $25.89 per sf, while class B space carries an asking average of $23.27 per sf, both rates fall among the 20 highest among the metro areas included in the summer report.

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