TAKEAWAYS
- Detroit’s office market fundamentals have been less severely impacted by the pandemic than other major North American markets, and its overall availability rate was nearly steady in the second quarter, falling 10 basis points over the previous quarter to 22.6%.
- Likewise, asking rents in Detroit increased marginally this quarter, by 0.1% to $20.24 per square foot, while rents have risen 1.6% year over year.
- While leasing activity remained below the longterm average, deal volume across Metro Detroit picked up significantly in the second quarter, marking its highest level since the start of the pandemic.
- The Detroit office market should continue to see increased activity in the second half of the year as occupiers reengage after several quarters of taking a wait-and-see approach.