Availability ticks up across most of Metro Detroit as many occupiers pare back on office requirements
While Metro Detroit region witnessed a solid rebound in office-using job growth in 2021 and 2022, growth has essentially flatlined in 2023. Likewise, demand for space among occupiers has waned in 2023, with much of the recorded activity spurred by approaching lease expirations. Overall availability dipped by 10 basis points (bps) from the 24.4% reported in the second quarter but it was up 40 bps since Q3 2022. Class A availability was up 80 bps from last year to 25.9%. City of Detroit submarkets have witnessed availability increase at a greater rate, increasing 280 bps year over year, but at 20.4% available Detroit exhibited a better picture of health than the greater market. Meanwhile the Birmingham submarket was among the few areas where tightening conditions were observed, with availability falling there by 240 bps from last year to 8.6%.