Troy is the largest suburban office market with 10,358,924 sf.
Southfield, with only 515,510-sf of vacant space, had only completed 83,000 sf of office space in 2000, and had no space under construction as of Dec. 31, said officials at Paragon Corporate Realty Services in the city.
However, a new speculative office is now under construction in Southfield by REDICO, along with its pension fund partner TIAA. They have broken ground on the six-story, 170,000-sf Oakland Commons Phase II at Northwestern Highway and Civic Center Drive.
Steady leasing is still the norm in the city, however, especially at OaklandCommons, Oxford Pointe and the Southfield Town Center. Average gross rents for Class A office were at $24.16 psf in the fourth quarter, Paragon officials said.
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