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Overall fundamentals of Detroit market soften, but options tighten in most desirable locales
The Detroit market witnessed overall office availability soften in the fourth quarter. The region stood at 20.5% available, exhibiting a 20-basis-point increase over the previous quarter. Class A availability was nearly unchanged, inching down 10 basis points (bps) to 18.9%. Options tightened in the Royal Oak and Birmingham submarkets, where availability rates tood at 6.0% and 9.9%, respectively. Likewise, the City of Detroit’s CBD (15.0%) and New Center (19.0%) witnessed availability fall by 130 and 440 bps from last quarter. Meanwhile, soft conditions persisted in the Southfield submarket, where availability surpassed 30.0%. Elevated availability in Southfield was notably impacted by several hundred thousand quare feet of newly marketed space at the former Blue Cross Blue Shield of Michigan buildings on Eleven Mile Road at Inkster Road.