Market fundamentals tighten, but options for tenants remain plentiful in most areas
The Detroit market witnessed overall office availability tighten in the third quarter. The region stood at 20.3% available at the end of the third quarter, exhibiting a 110-basis-point decrease over the prior year. Class A availability declined less markedly, falling 40 basis points to 19.0%. Options were slimmest in the Royal Oak and Ann Arbor submarkets, where availability rates stood at 6.8% and 9.6%, respectively. Meanwhile, conditions were considerably more favorable to tenants in the Bloomfield submarket, where availability eclipsed 25.0%. Within the City of Detroit, availability stood at 18.7%, exhibiting a 20-basis-point drop from one year prior.