Metro Detroit 2022 Q1 Office Market Report
Class A property was the only segment to post positive net absorption, an indication that employers are focusing on newer spaces with modern amenities to attract and retain employees.
- The amount of sublease space reached its highest level since 2009.
- Vacancy rates remained steady at 12.5%.
- Class A property was the only segment to post positive net absorption, mostly in the suburban submarkets.
Office Uncertainty Prevails
The overall vacancy rate in Metro Detroit remains on an upward trend, ending the first quarter at 12.5% Net absorption was negative 193,009 square feet and available sublease space of 2.3M is at its highest level since 2009. Office leasing remains slow as companies evaluate their return to work plans, but many employers are expecting a return to the office in mid 2022.