Overview
Early in 2023, the U.S. office market remains in a state of apprehension. Net absorption was negative in 2022 for the third consecutive year, and vacancy is now well over 300 basis points higher than it was entering 2020. The forecast does not appear brighter, as our baseline scenario calls ... Read More
07
Apr2023
13
Oct2022
While the employment sectors that traditionally use office space are leading the post-pandemic jobs recovery in Detroit, the increase in employment has not resulted in an increase in the use of office space, as many employers continue to offer hybrid or remote work options to meet the preferences of their ... Read More
04
May2022
Although the national office market is showing signs of recovery, the impact of the pandemic is far from over. While leasing volume is improving and net absorption was positive by the end of 2021, these numbers remain below pre-pandemic norms. The good news is that even though the amount of ... Read More
04
May2022
While Detroit isn’t leading the country in logistics leasing and construction, industrial market leasing in the Motor City is nothing to sneeze at. With leasing at 5-year high and the vacancy rate of 4.4% near an all-time, the market looks to remain in landlords’ favor for the near future. Although ... Read More
22
Apr2022
Since I became a commercial broker in 2000, the metro Detroit office market has always had a significantly higher vacancy rate than the rest of the country. Today, although the office market is just starting to stabilize, the national vacancy rate for the U.S. is 12.3%, while Detroit’s vacancy rate is ... Read More
09
Feb2022
Although total leasing volume remains below pre-pandemic norms, there are signs that the office real estate market in the US is starting to recover. In Q3 2021, net absorption turned positive for the first since the beginning of the pandemic, and the amount of sublet space fell quarter over quarter ... Read More
09
Feb2022
The industrial market in Detroit finished 2021 strong. With the 8th largest industrial inventory of any city in the US and e-commerce-related companies joining manufacturing giants in expanding their footprint in the area, conditions remain favorable for landlords. Closing out the year with 9.4% year-over-year rent growth, surpassing its 5-year ... Read More
21
Jan2022
With fewer people vaccinated than are required for herd immunity and new variants of the coronavirus emerging just as soon as things seem poised to return to normal, the office market in Detroit continues to struggle. Over 2 million SF of office space returned to market in 2020 and another ... Read More
15
Nov2021
Office vacancies have continued to rise in 2021, as the adverse effects of the pandemic continue to plague the office sector. Even as work returns to “normal” following lockdowns and, now, vaccines, it seems likely that the transformation of office work particularly, which many people have continued to do remotely, ... Read More
10
Nov2021
Unlike other markets that have struggled to rebound after being devastated by the Covid-19 pandemic shutdowns and unemployment struggles, Detroit’s industrial sector has been incredibly resilient, reaching a 10-year high during the second quarter of 2021. This is largely due to Michigan’s historical leadership transportation equipment exports, which has resulted ... Read More
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