Detroit Office MarketView Q4 2017
•The metro Detroit office market recorded 643,693 sq. ft. of positive net absorption in Q4 2017, primarily in Class A buildings.
•Since Q1 2015, the Detroit market has absorbed nearly 5.1 million sq. ft., while the vacancy and availability rates have declined by 19.1% and 10.7%, respectively.
•The metro Detroit asking lease rate increased to $18.93 in Q4 2017. The lease rate has risen by 12.5% since Q4 2013.
•Since Detroit emerged from bankruptcy in Q4 2014, vacancy in Class A properties has declined more than 420 basis points to 11.9%.