2020 Q1 Detroit Real Estate Market Report
The Metro Detroit office market’s vacancy rate rose to 9.8%. Approximately 35,000 SF of office space was delivered this quarter, with 2.7 million SF currently under construction. Net absorption is positive at approximately 74,000 SF.
- Detroit’s office and industrial markets are experiencing widespread uncertainty due to the outbreak of COVID-19, but Detroit is in a better position to weather the economic impact than many other major U.S. cities. About one-third of Metro Detroit workers are in low-risk sectors, such as healthcare, professional services and the automotive industry, and will be less likely to see long-term layoffs.
Read more in the full report.