Demand for space wanes as the pandemic continues to stifle Detroit’s office market
The Detroit office market remained mired in inactivity in the third quarter due to the effects of the COVID-19 pandemic. The region witnessed meager improvement in transaction activity, increasing by 2.8% as compared to the prior quarter. However, Detroit market transactions were down by more than 50% year over year, and few large tenants were known to be actively seeking space. Southeast Michigan companies have taken varied approaches to the pandemic, as many tenants have begun to re-enter the workplace, while others have employed more cautious tactics that will likely last until an effective vaccine becomes available.