Detroit office market dynamics largely unaltered in 2021, but conditions remain comparatively soft
While leasing activity in the Detroit office market picked up in the latter half of 2021, the region nevertheless remained mired by the effects of the pandemic and work-from-home. Rents have generally remained flat over the last two years, while availability has slowly trended upward. Some larger tenants have begun to reengage the market, seeking to capitalize on favorable market conditions and ample quality space options. Detroit has not seen the sudden snap back in leasing activity witnessed by Chicago, New York, and other larger office markets. That said, Detroit’s fundamentals have, on the whole, remained steadier than those markets throughout the course of the pandemic.