Detroit Office Figures Q3 2026

-Class B product held the bulk of the occupancy gains during Q3 2026, absorbing a total of 179,000 sq. ft.. With this quarter of positive absorption, the year-to-date total has reached 614,000 sq. ft., bolstered by Q1 2026 downtown activity.

-The Detroit office market ended Q3 2026 at a 19% vacancy rate, down 40 bps quarter-over-quarter and 80 bps year-over-year. Over the trailing three-year period from Q3 2023 to Q3 2026, full market vacancy has returned from recent elevated levels as there is a 10 bp difference from the vacancy rate of 19.1% in Q3 2023.

-Leasing activity stabilized in Q3 2026, inclusive of leases 1,000 sq. ft. and larger, the total leasing volume reached 626,000 sq. ft. The activity this quarter brings the year-to-date total to 2.2 million sq. ft. of completed leases.

-In Q3 2026, market-wide office asking rents edged higher, with slight gains quarter-over-quarter and year-over-year. The overall average asking rent was $20.89 per sq. ft. in Q3 2026, up from 0.8%. From Q2 2026 and 1.1% from Q3 2025.