Holiday Cheer from Detroit: Downtown Office Vacancies Have Rebounded in a Big Way

Good news from Detroit, for Detroit: "Office vacancy in downtown Detroit has dipped to a low not seen in at least a decade and signals the possibility that the next company needing significant office space would have to look to New Center, Corktown or the Eastern Market area."

Louis Aguilar reports that news, found in a report released last week by real estate firm by Jones Lang LaSalle.

"The office vacancy rate for downtown — basically the 48226 ZIP code — fell to 13.3 percent for the last three months of 2016," explains Aguilar of the report's findings. "That’s not much lower than the 13.7 percent rate at the start of 2016 but it’s a major change from just five years ago when one out of every four office spaces in downtown sat idle." Going back a little further in time: one in three buildings in downtown were vacant just ten years ago. The vacancy rate is so good, it even compares with suburban office markets in the region.