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Report: With Overbuilding Kept at Bay, Office Remains Stable

DETROIT-Friedman contradicts other area experts, says the Detroit office market is not softening or struggling, just merely in a holding pattern.

By Robert Carr | Updated on August 16, 2001

DETROIT-Friedman Real Estate’s midyear market report for the Detroit metropolitan area details the same doom-and-gloom about the economy and the drop-off in leasing as did previous studies. However, the Farmington Hills company does include in the report many deals that are indicative of continued interest in office properties. It also claims that local developers and owners are smart enough to keep overbuilding at bay.

David Greene, vice president of brokerage services at the company, says many of Detroit’s statistics in the first half are respectable. “Many of this market survey’s findings, including good occupancy rates, healthy rents and more than 2.1 million sf leased, clearly reflect the vitality and strength of this market,” he states.

The study points out recent, noteworthy transactions such as:

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