According to CoStar, Detroit recorded more positive absorption of office space in the past 10 years than any other Rust Belt City. Detroit convincingly beat out Cincinnati, Cleveland, and Pittsburgh for the top spot.
From 2010 to today, the city of Detroit has undergone more than 17 million square feet of net absorption, while cities like Cincinnati experience 10 million square feet and Cleveland and Pittsburgh follow behind at 7 million square feet each.
As Detroit’s rental rates remain at all-time-highs with vacancies at a generational low, Detroit’s office market is stronger than ever before. As tech giants such as Microsoft, Google, WeWork, Quicken Loans, and several others continue to join the Detroit business scene the market will continue to grow at an exponential rate.
For more information on Detroit’s office market, or if you are searching for a new space, contact us to learn more.