Detroit Office Market
Average Asking Rent (Price/SF) | $20.92 |
Vacancy Rate (%) | 22.9% |
Net Absorption (SF) | (182,561) |
Metro Detroit’s office market vacancy rate climbed 20 basis points to 22.9% during the third quarter of 2025 as 182,561 SF in net vacancies were added to the market. Year-to-date, the market’s added 772,781 SF of net vacancy space to the market. The Detroit CBD vacancy rate increased by 10 basis points to 21.3% during the third quarter of 2025. Bedrock’s new Hudson Tower high-rise will soon be welcoming it’s first office tenants. The office tower complex is scheduled to be completed during the fourth quarter of 2025 and will see General Motors, Accenture and Ven Johnson Law among its first tenants. The suburban office market vacancy rate rose by 20 basis points to 23.5% in the third quarter, with 161,361 square feet of net vacant space added to the market. Year-to-date, 490,368 SF in new vacancies have been added to the market.
Download Detroit Office Market Report 3Q25Detroit Industrial Market
Average Asking Rent (Price/SF) | $7.48 |
Vacancy Rate (%) | 4.9% |
Net Absorption (SF) | (505,774) |
Metro Detroit’s industrial vacancy rate increased by 10 basis points to 4.9% during the third quarter of 2025, with 505,774 square feet of net vacancies added to the market. This represents the fifth consecutive quarter of negative absorption in the industrial sector. Leasing activity in the industrial market continued to declined further during the third quarter, reaching its lowest level in more than 20 years.
The influx of new available spaces is driving asking rents lower, with average rates declining to $7.48 per square foot—down from their peak of $7.82 in 2023. Compared to this time last year, asking rents have decreased by 3.11%.
