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Detroit Office Figures Q2 2023

July 11, 2023 10 Minute Read

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‒Overall net absorption remained negative this quarter at (1,070,410 SF), experiencing a significant jump from Q1 net of (697,559 SF). The largest increase came within the city of Southfield, which experienced 619,016 SF of negative absorption. Positive news came from Class A buildings within the downtown market that experienced net absorption of 142,750 SF.
‒The Book Depository located in Detroit was a bright spot in Q2 directly accounting for 270,000 SF of positive absorption filling its space with multiple start-ups and mobility companies highlighted by Airspace Link, Cavnue and Canopy.
‒Credit Acceptance is downsizing their Southfield office footprint and has put 282,450 SF of their office space located at 25300-25330 Telegraph Road on the market for lease with hopes of selling or leasing the entire building and downsizing their Southfield office footprint.
‒Southfield, Troy, Dearborn and Detroit each displayed negative absorption over 100,000 SF.
‒At the close of Q2, the construction pipeline consisted of 944,197 SF of space. 882,197 SF of this construction was located in Detroit.