In metro Detroit, the market for office space has unquestionably flourished over the last ten years. This trend is highlighted by a recent analysis from CoStar, showing that Rust Belt office demand in Detroit rises above that of Cincinnati, Cleveland, and even Pittsburgh.
Source: CoStar; Detroit Leads Office Absorption in the Rust Belt; Ben Atwood; July 2019
According to CoStar’s report, “more than 5 million square feet of office space has been absorbed over the last three years in Detroit, more than Cleveland, Cincinnati and Pittsburgh combined.”
This statistic may be surprising to those who have taken notice of Pittsburgh’s shining moments in the media over the last few years, with The Steel City garnering a wealth of positive coverage for its growth in the tech sector. While tech growth is happening, data shows that it just hasn’t heavily influenced demand for office space the way that some may infer that it has.
Big tech moves have also happened in Detroit. Crain’s reports that Google, for example. expanded its presence in downtown to occupy 30,000 square feet on Henry Street adjacent to the Little Caesars Arena. Other big companies that recently expanded or moved to Detroit’s CBD include Microsoft, LinkedIn, Universal McCann, WeWork and Waymo.
At Greatwater, we’ve watched this trend closely as it ties into the bigger economic boom Detroit is experiencing. We see firsthand just how busy the office sector is in downtown Detroit, as well as its surrounding neighborhoods. People and businesses are moving to the city in droves, and we are prepared to continue to create new inventory to meet this increasing demand.
Are you interested in learning more? Contact us today, we’d love to chat.