Detroit office market fundamentals remain weakened despite uptick in transactions
Activity in the Detroit office market has been relatively dormant throughout the pandemic, with asking rents flat and availabilities slowly rising over the last 18 months. Glimmers of a potential revival appeared in the third quarter, however, as leasing activity accelerated. Companies seeking to capitalize on favorable market conditions and ample quality space options are beginning to reengage the market. With nearly 0.9 million square feet (msf) leased in the third quarter, the Detroit office market observed its strongest quarter by transaction volume since the start of the pandemic and exceeded its five-year quarterly average of 0.8 msf transacted.