X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DETROIT-Metro Detroit’s office market appears to have bottomed out after nearly three years of negative absorption and increased vacancy rates, says Colliers International. During the second quarter, the overall vacancy rate decreased slightly over the previous two quarters and stands at 16.2%.

Year-to-date statistics reflect significant positive absorption–251,442 sf–for the first time in nearly three years, Colliers International adds. While things have improved somewhat, Colliers says it does not expect the overall vacancy rate in the Detroit region to decrease significantly during the remainder of the year, but does say the rate should stay about where it is.

Colliers International says asking rates for class-A space average $22.38 per sf. The average asking rate when all space is considered is $20.34 per sf.

Construction activity for office space has increased over the past half year, Colliers says. It reports that some half-million sf of space, in 25 buildings, have been added to the region’s inventory and another 1.3 million sf is under construction. Colliers says more than 500,000 sf is in Washtenaw County and 52% is pre-leased.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.