Metro Detroit market conditions moderately soften as occupiers, landlords await wholesale return to offices
Like much of the rest of the country, the Detroit office market remained stalled by the effects of the COVID-19 pandemic in the fourth quarter. While the region observed a modest 8.9% increase in lease transaction activity this quarter, the Detroit market witnessed a year-over-year decline in leasing activity of 16.6%. Although industry optimism is percolating as vaccines are finally beginning to reach the population, many Southeastern Michigan firms continue to take a cautious approach to the COVID-19 pandemic. Most employees are expected to continue working from home until widespread immunity is achieved, likely later in 2021.