The Detroit region’s office market seems set to continue on the upward trajectory it has now been on for several years. This is especially true for the once beleaguered downtown, where the vacancy rate among class A properties has fallen from 25.1% to 9.1% in just two years, according to report just issued by Newmark Grubb Knight Frank.
The metro region’s overall vacancy rate fell 60 bps to 18.3% during the second quarter of 2016, as just over 474,000 square feet was absorbed, the firm found. The midyear absorption level of 919,000 square feet was down slightly compared with 2015 midyear absorption level of just over one million square feet.