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Metro Detroit 2021 Q3 Office Market Report

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Q3 2021_1536x1040Office

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.


Q3 2021_1024x972Office

Metro Detroit 2021 Q3 Office Market Report

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Katie Rizzo

Senior Research Analyst

Detroit

Katie joined Colliers International in 2013 as an Administrative Assistant to the retail team in the Detroit office.  Katie provides administrative support by processing and maintaining the required paperwork associated with the listing, sale or lease of a property, as well as the production of client deliverables and presentations.

In 2014, Katie became the Colliers University Advocate for the Detroit and Ann Arbor offices.  As the office advocate, Katie is responsible for promoting various classes to continually enhance skills, tools, and service to clients.

Prior to joining Colliers, Katie worked as a Marketing Specialist for an independent residential real estate firm, providing her  a vast knowledge of the Real Estate industry.‚Äč 

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