Figures

Detroit Office Figures Q1 2025

April 2, 2025 5 Minute Read

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‒The Metro Detroit office market rebounded by displaying 126,991 sq. ft. of positive absorption in Q1 after posting negative absorption in Q4 2024. The Southfield submarket respectively posted nearly 61,000 sq. ft. of positive absorption leading the Metro Detroit market.
‒Overall Metro Detroit office lease rates dipped throughout the quarter, closing at $20.57 per sq. ft. Suburban lease rates dropped $0.35 per sq. ft. while downtown rates jumped $0.40 per sq. ft.
‒Downtown Class A, amenity driven office space remains in high demand as the flight to quality continues to be showcased. Asking lease rates exceeded $27.70 per sq. ft. and vacancy rates in downtown Class A space respectively dropped to 15.3%.
‒The construction pipeline consists of 455,221 sq. ft. headlined by Hudson’s Detroit. Tenant fit-out work is on-going, and General Motors is estimated to open their space in Q4 2025.
‒Sublease space available on the market exceeds 1.7 million sq. ft. The Southfield submarket respectively, leads the Metro Detroit market with available sublease space, containing over 680,000 sq. ft.