Leasing in the Metro Detroit office market remains slow as occupiers continue to put off long term decision making in favor of short-term renewals.
Key Takeaways:
- Vacancy rates rose for the eighth consecutive quarter to 12.4%.
- Asking rent remains stable at $20.77.
- 50% of the square footage leased was in Southfield and Troy.
Office Leasing Remains Slow but Steady
The overall vacancy rate in Metro Detroit ended the quarter at 12.4%, a rise for the eighth consecutive quarter. The office market ended the quarter with a negative net absorption of 693,218 square feet. Office leasing remains slow as companies evaluate their return-to-work plans but many employers are expecting a return to the office in early 2022.
