2020 Office Space Rent & Sales
- $28.65 2020 Avg. Asking Rent
- 0.93 % Y-o-Y Avg. Asking Rent Change
- 16.80 % 2020 Office Vacancy Rate
Detroit office price per square foot in 2020 was $28.65 on average. This marked a +0.93 % change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.80 % across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Detroit Class A Office Space$31.12
- Detroit Class B Office Space$23.92
- Detroit Class C Office Space$17.12
- Michigan Class A Office Space$25.50
- Michigan Class B Office Space$20.35
- Michigan Class C Office Space$17.64
Detroit, MI Office Asking Rents by Class
Average office rent in Detroit rested at $28.65 per square foot in 2020. 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 $31.12 per square foot. Across all submarkets, class B office space recorded an average asking rent of $23.92 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.12 per square foot, on average. Comparably, statewide Michigan average office rents by class in 2020 were: $25.50 per square foot for class A office space; $20.35 per square foot for class B office space; $17.64 per square foot for class C office space.
2020 Office Vacancy Rates in Detroit
|Submarket||Asking Rents||Vacancy Rates|
|Detroit CBD||$30.98||19.36 %|
|East Detroit||$26.30||32.63 %|
|Central District||$24.44||5.92 %|
2020 Office Construction in Detroit, MI
- Detroit, MI Total Sqft completed in 2020 63,500
- Detroit, MI Total Sqft under construction in 2021 467,000
During 2020, 63,500 square feet of new office space were delivered across the market. At the close of 2020, the Detroit office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 63,500 square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 467,000 square feet of office space to the market, before year-end.
|One Campus Martius - Expansion||1 Campus Martius, 48226||310,000||2021|
|2715 Woodward Avenue||2715 Woodward Avenue, 48201||127,000||2021|
|2110 Park Avenue||2110 Park Avenue, 48201||57,000||2021|
|Chroma||2937 East Grand Blvd, 48202||75,000||2020|
|Little Caesars Global Resource Center||2125 Woodward Avenue, 48201||234,000||2019|
|The Assembly||1702 West Fort Street, 48216||160,000||2019|
|Piquette Building||411 Piquette Avenue, 48202||110,000||2019|
|6001 Cass Avenue||6001 Cass Avenue, 48202||105,600||2019|
|1529 Woodward Avenue||1529 Woodward Avenue, 48226||60,422||2019|
|1515 Woodward Avenue||1515 Woodward Avenue, 48226||54,127||2019|
Worth noting among recent office completions on the Detroit market is One Campus Martius - Expansion, which is currently the largest new office development in the city, at 310,000 square feet.
See reports for nearby markets
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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. 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.