2022 Office Space Rent & Sales
- $27.10 2022 Avg. Asking Rent
- 2.93% Y-o-Y Avg. Asking Rent Change
- 25.71% 2022 Office Vacancy Rate
Detroit office price per square foot in 2022 was $27.10 on average. This marked a +2.93% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 25.71% across all asset classes combined.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Detroit Class A & A+ Office Space$27.70
- Detroit Class B Office Space$26.97
- Detroit Class C Office Space$20.54
- Michigan Class A & A+ Office Space$23.64
- Michigan Class B Office Space$21.53
- Michigan Class C Office Space$18.62
Detroit, MI Office Asking Rents by Class
Average office rent in Detroit rested at $27.10 per square foot in 2022. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Detroit averaged $27.70 per square foot. Across all submarkets, class B office space recorded an average asking rent of $26.97 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.54 per square foot, on average. Comparably, statewide Michigan average office rents by class in 2022 were: $23.64 per square foot for class A office space; $21.53 per square foot for class B office space; $18.62 per square foot for class C office space.
2022 Office Vacancy Rates in Detroit
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| East Detroit | $29.22 | 20.63% |
| Detroit CBD | $27.33 | 30.90% |
| Central District | $21.29 | 7.76% |
| Livonia | $17.42 | 16.39% |
Office Spaces for Rent in Michigan
- Detroit Office Space
- Ann Arbor Office Space
- Southfield Office Space
- Grand Rapids Office Space
- Lansing Office Space
- Troy Office Space
- Farmington Hills Office Space
- Novi Office Space
- Livonia Office Space
- Dearborn Office Space
- Flint Office Space
- Auburn Hills Office Space
- East Lansing Office Space
- Okemos Office Space
- Kalamazoo Office Space
Coworking Spaces in Michigan
- New York City Coworking Space
- Manhattan Coworking Space
- Chicago Coworking Space
- Brooklyn Coworking Space
- Hudson Valley Coworking Space
- Philadelphia Coworking Space
- Columbus Coworking Space
- Indianapolis Coworking Space
- Cincinnati Coworking Space
- Pittsburgh Coworking Space
- Detroit Coworking Space
- Queens Coworking Space
- Milwaukee Coworking Space
- Carmel Coworking Space
- Cleveland Coworking Space
- Troy Coworking Space
- Grand Rapids Coworking Space
- Dublin Coworking Space
- Ann Arbor Coworking Space
- Naperville Coworking Space
- Lansing Coworking Space
- Madison Coworking Space
- Birmingham Coworking Space
- Southfield Coworking Space
- Rochester Coworking Space
2022 Office Construction in Detroit, MI
- Detroit, MI Total SF completed in 2022 232,000
- Detroit, MI Total SF under construction in 2023 775,000
During 2022, 232,000 square feet of new office space were delivered across the market. At the close of 2022, the Detroit office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 232,000 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 775,000 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Albert Kahn Building | 7430 2nd Avenue, 48202 | 114,139 | 2021 |
| 230 East Grand River Avenue | 230 East Grand River Avenue, 48226 | 57,592 | 2017 |
| 6200 2nd Avenue | 6200 2nd Avenue, 48202 | 53,320 | 2010 |
| One Kennedy Square | 777 Woodward Ave., 48226 | 246,649 | 2006 |
| One Campus Martius | 1 Campus Martius, 48226 | 1,295,089 | 2003 |
| One Campus Martius | 1 Campus Martius, 48226 | 985,098 | 2003 |
| Bloomfield Medical Center | 8282 Woodward Ave, 48202 | 5,500 | 1999 |
| 18000 Mack Avenue | 18000 Mack Avenue, 48230 | 5,500 | 1998 |
| Ally Detroit Center - 500 Woodward Avenue | 500 Woodward Ave, 48226 | 979,489 | 1993 |
| Mack Office Building | 19251 Mack Avenue, 48236 | 285,839 | 1990 |
Worth noting among recent office completions on the Detroit market is Albert Kahn Building, which is currently the largest new office development in the city, at 114,139 square feet.
See reports for other markets
- Ann Arbor Office Rent Price
- Southfield Office Rent Price
- Troy Office Rent Price
- Grand Rapids Office Rent Price
- Lansing Office Rent Price
- Farmington Hills Office Rent Price
- San Diego Office Rent Price
- Seattle Office Rent Price
- Chicago Office Rent Price
- New York City Office Rent Price
- Houston Office Rent Price
- Los Angeles Office Rent Price
- Dallas Office Rent Price
- Miami Office Rent Price
- Charlotte Office Rent Price
- Phoenix Office Rent Price
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Detroit commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.