Meanwhile, more has been constructed. Bedrock alone will include 563,000 square feet of office area involving the new Hudson’s and the expansion of the One Campus Martius building.
With routine news that companies like LinkedIn are opening up offices at Detroit, it’s not surprising that the office market here is strong. New study from Newmark Knight Frank merely confirms our feelings.
Study points to a Powerful office market, as companies relocate to Detroit
But, should need increase more, rising building costs might make it hard to build out the necessary supply.
While there are lots of historical skyscrapers downtown, few have gotten contemporary updates, and companies such as Google are scooping up several of the most desired spaces.
The real estate advisory firm launched its first quarter 2019 office trends report demonstrating that Detroit’s market vacancy rate dropped to 13.1 per cent, a fall of 0.8 percent. 101,000 square feet of office area obtained leased in feet along with New Center in the central business district.
“The level of new construction activity in Detroit is conducive to the optimism from the downtown market,” said Fred Liesveld, managing director of NKF’s Detroit office, in the press release.