Detroit Office Space

BuildingSearch.com offers a wide array of Detroit office space listings. Thousands of office spaces ranging from mixed use, office/R&D, office/retail, mixed use and bio-tech/medical buildings can be found on BuildingSearch.com. 

With a population of 918,849, Detroit is the largest city in Michigan and one of the largest in the Midwest region of the United States. The American automotive industry is centered around the Detroit metropolitan area. The Big Three automotive companies, General Motors, Ford and Chrysler, use Detroit office space for their corporate headquarters, which comprise the main component to Detroit’s Economy. There are about 80,500 who are employed in the downtown Detroit area and most of them work in the automotive industry. 

The market for office space in Detroit slowed considerably due to the slow economic expansion of the American automotive industry in 2007. This slow growth and need for office space in Detroit has carried over into the first quarter of 2008 with rising concerns of a faltering economy. Vacancy rates for office space in Detroit have risen to the 17.7%, which is extremely high. Also, the net absorption for this open office space has dropped from a positive 767,063 square feet to a negative 200,656 square feet, with the general rental/leasing rate at $20.02 for office space. 

The automotive industry has also impacted the unemployment rates, raising them to a staggering 7.7% compared to the nationwide average of 5.1%. Researchers predict that it will continue to rise over the next year, but will fall in the next three years. Therefore, there will eventually be a better market forDetroit office space in the future. However, medical/bio-tech office space is still in very high demand because of the success of the medical industry. This will also provide an opportunity for new jobs. 

Because of the low cost for Detroit office space, it is giving companies an opportunity to move and explore the market without major consequences. Office space in Detroit can be bought up or leased at a 15 year low and without much of a risk. There is little risk in buying Detroit office space in this market because it has no where else to go but to go up. Take advantage and relocate, expand or open your business with office space in Detroit.