2023 Office Space Rent & Sales
- $26.30 2023 Avg. Asking Rent
- -2.97% Y-o-Y Avg. Asking Rent Change
- 26.97% 2023 Office Vacancy Rate
Detroit office price per square foot in 2023 was $26.30 on average. This marked a -2.97% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 26.97% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Detroit Class A & A+ Office Space$22.66
- Detroit Class B Office Space$26.64
- Detroit Class C Office Space$20.54
- Michigan Class A & A+ Office Space$22.86
- Michigan Class B Office Space$21.46
- Michigan Class C Office Space$21.50
Detroit, MI Office Asking Rents by Class
Average office rent in Detroit rested at $26.30 per square foot in 2023. 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 $22.66 per square foot. Across all submarkets, class B office space recorded an average asking rent of $26.64 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.54 per square foot, on average. Comparably, statewide Michigan average office rents by class in 2023 were: $22.86 per square foot for class A office space; $21.46 per square foot for class B office space; $21.50 per square foot for class C office space.
2023 Office Vacancy Rates in Detroit
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Detroit CBD | $26.64 | 32.47% |
| Central District | $22.34 | 6.90% |
| Livonia | $19.58 | 12.57% |
Office Spaces for Rent in Michigan
Coworking Spaces in Michigan
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2023 Office Construction in Detroit, MI
- Detroit, MI Total SF completed in 2023 290,000
- Detroit, MI Total SF under construction in 2024 837,000
During 2023, 290,000 square feet of new office space were delivered across the market. At the close of 2023, the Detroit office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 290,000 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 837,000 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Albert Kahn Building | 7430 2nd Avenue, 48202 | 114,139 | 2021 |
| 6001 Cass Avenue | 6001 Cass Avenue, 48202 | 135,000 | 2019 |
| Lear Innovation Center | 119 State Street, 48226 | 35,000 | 2016 |
| Broderick Tower | 1570 Woodward Avenue, 48226 | 9,082 | 2012 |
| One Kennedy Square | 777 Woodward Ave., 48226 | 246,649 | 2006 |
| 7375 Woodward Ave | 7375 Woodward Ave, 48202 | 72,695 | 2005 |
| One Campus Martius | 1000 Woodward Avenue, 48226 | 1,295,098 | 2003 |
| One Campus Martius | 1 Campus Martius, 48226 | 985,098 | 2003 |
| Innovative Renal Care Dialysis Center | 20001 Livernois Ave, 48221 | 9,500 | 2003 |
| Bloomfield Medical Center | 8282 Woodward Ave, 48202 | 5,500 | 1999 |
Worth noting among recent office completions on the Detroit market is Albert Kahn Building, which is currently the largest new office development in the city, at 114,139 square feet.
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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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. 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.