Sluggish conditions persist across Metro Detroit office market as occupiers largely remain on sidelines
The Detroit office market witnessed its third consecutive quarterly decline in leasing activity in the second quarter. Deal volumes have been sluggish due to heightened economic uncertainty, work from home, and companies' continued indecision regarding their future occupancy needs. Asking rents have essentially remained level for the past year while tenant effective rents have trended lower as landlords have struggled to lease space.