Detroit, MI Office Overview
The Detroit metropolitan population exceeds 1.7 million residents. Famously nicknamed Motor City, the market is still home to auto manufacturing businesses. Its economy has, however, diversified to include enterprises operating in the high technology, healthcare and biomedical, information technology, finance, transportation, and trade industries, just to name a few. The Detroit gross metropolitan product exceeds $80 billion annually.
As of mid-2017, the Greater Detroit office market encompassed more than 25 million square feet of completed office space in properties larger than 50,000 square feet. Detroit is home to numerous Fortune 500 company headquarters that maintain a high demand for office space in Detroit.
Detroit, MI Office Inventory Description
While the auto manufacturing industry is still a significant contributor to the local economy, white-collar office employers increasingly drive demand for commercial real estate in the city.
The most sought-after business location in town remains office space in Downtown Detroit, a submarket that boasts excellent river views, and great thoroughfare connectivity, with quick access to the John C Lodge Freeway, Fisher Freeway, and Jefferson Avenue. Notable office properties in Downtown Detroit include the Book Tower, the Cadillac Tower, the First National Building, and the GM Renaissance towers.
As the central business district is booming, demand spills outward to neighboring districts. One of the up-and-coming Detroit office submarkets is Highland Park, home to value-add office properties like the Ford Highland Park building and 211 Glendale Street.
Detroit, MI Commercial Inventory Breakdown
Total: 33,343,516 SF
By square footage range:
- 50k to 100k SF: 3,533,168 SF / 10.6% of total office
- 100k to 500k SF: 14,641,484 SF / 43.91% of total office
- 500k to 1M SF: 13,770,864 SF / 41.3% of total office
- > 1M SF: 1,398,000 SF / 4.19% of total office
- Class A+: 898,000 SF / 2.69% of total office
- Class A: 13,841,409 SF / 41.51% of total office
- Class B: 16,442,585 SF / 49.31% of total office
- Class C: 1,269,022 SF / 3.81% of total office
Top 10 Largest Office Buildings
|Office building||Address||Sqft||Year built|
|Cadillac Place||3044 West Grand Blvd, 48202||1,398,000||1923|
|Penobscot Building||645 Griswold Street, 48226||996,000||1928|
|One Campus Martius||1000 Woodward Avenue, 48226||985,098||2003|
|Ally Detroit Center||500 Woodward Avenue, 48226||979,489||1991|
|Monroe Blocks - Office Tower||NEC Cadillac Square & Woodward Avenue, 48226||898,000||n/a|
|First National Building||660 Woodward Avenue, 48226||850,420||1928|
|600 East Lafayette Street||600 East Lafayette Blvd, 48226||758,000||1971|
|1 Ford Place||1 Ford Place, 48202||681,029||1966|
|The Guardian Building||500 Griswold Street, 48226||653,379||1929|
|Fisher Building||3011 West Grand Blvd, 48202||634,819||1928|
Most Recently-Built Office Buildings
|Office building||Address||Sqft||Year built|
|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|
|230 East Grand River Avenue||230 East Grand River Avenue, 48226||57,592||2017|
|Beaumont Hospital - Beaumont Medical Building||16815 East Jefferson Avenue, 48230||61,607||2016|
|Lear Innovation Center||119 State Street, 48226||35,000||2016|
|580 Monroe Avenue||580 Monroe Avenue, 48226||29,000||2016|
Detroit, MI Green Office Space
Both tenants and investors in Detroit understand the economic benefits of new and redeveloped green office space. One example of a LEED-certified office building in Detroit is the U.S. Government's Citizenship and Immigration Services building at 11411 East Jefferson Avenue. The property was completed in 2009 and encompasses nearly 56,000 square feet of LEED Gold-certified Class A office space.
The 2017 National Green Building Adoption Index survey ranked Detroit among the top 30 large office markets in the U.S. for adoption of green building practices. While just 1% of the office buildings in Detroit that are larger than 50,000 square feet are LEED-certified, over 4% are EPA Energy Star-rated, and nearly 5% are otherwise certified green.
The 2017 survey also found that since 2005, the percentage of energy-efficient, green office buildings across the top 30 U.S. office markets has increased from below 5% to nearly 40% by mid-2017.
Detroit, MI's Top Office-Using Sectors
Local demand for office space is driven by the increasingly diversifying economy. Top office-using sectors in Detroit include the government and healthcare, technology, manufacturing finance, and information technology industries.
- Government and Healthcare – among the largest employers town are the Detroit Medical Center, the City of Detroit, the U.S. Government, and the Henry Ford Health System;
- Technology – white-collar employment in Detroit is also driven by companies such as Quicken Loans, DTE Energy, Compuware, and HP Enterprise;
- Auto Manufacturing – General Motors, American Axle, Chrysler, and Detroit Diesel all bring significant contributions to maintaining a robust demand on the local market;
- Corporate Office – Ally Financial, Shinola, Little Caesars, Rossetti Architects, and Lowe Campbell Ewald are among the largest corporate office space users in Detroit.
FREQUENTLY ASKED QUESTIONS
How much does office space cost in Detroit, MI?
The average office rental rate in Detroit, MI is $22.07 per square foot. Asking prices vary based on the property’s location, overall rating, amenities, proximity to restaurants, cafes and entertainment venues, as well as public transport, airports and highways.
What is the size of available office spaces in Detroit, MI?
The Detroit, MI office market can accommodate various businesses, sporting a range of office space availabilities. The average size of office space availabilities is 306,580 square feet. If you’re just starting out as a company or as an entrepreneur, the smallest available office space in Detroit, MI is 270 square feet, while the maximum rentable space on the market now is 612,890 square feet.
How do I get office space in Detroit, MI?
Start your search for office space in Detroit, MI by using our filters that allow you to find the best space for your business needs. Filter listings by location, property size, available space or lease rate. Property pages will offer details about an office building’s rating, year built, availabilities, price per square foot and more. After drawing up a shortlist, make sure you contact the listed broker(s) to schedule a viewing and begin the negotiation process for your lease contract.
How many office listings are available in Detroit, MI?
There are 186 office listings on the Detroit, MI market.
- Total Population677,155
- Male Population(47.3 %) 319,999
- Female Population(52.7 %) 357,156
- Median Age34.70
- Average Household Income$42,105
- Median Household Income$29,481
- Median Income Under 25$17,569
- Median Income 25-44$29,300
- Median Income 45-64$30,754
- Median Income Over 65$30,290
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