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Office Property Owners Become More Aggressive

SOUTHFIELD, MI-One office broker says that despite industry slowdowns and more incentives being handed out in the face of rising vacancies, many submarkets are still strong in Detroit area. One exception is the Central Business District, says Jim Ketai of Etkin Equities.

By Robert Carr | Updated on February 08, 2002

SOUTHFIELD, MI-There has been an adjustment of lease rates in the Detroit office market, because of the rise of the vacancy rate from 10.09% to 13.95%, according to Jim Ketai of Etkin Equities. Ketai gave his report to the recent 11th Annual Commercial Real Estate Trends and Forecast hosted by GVA Strategis.

In Auburn Hills, Ketai says, the automotive slowdown has affected the market. There’s been almost no absorption and build-to-suits have diminished dramatically.

In the Birmingham area, rents have stabilized with more incentives, and executive housing will bring this market back to normal quicker than the others.

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