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Detroit CBD Vacancy Rate Nears 30%

DETROIT-The Detroit office market remains challenged by cost cutting efforts at the Big Three, a national report says. The CBD vacancy rate is better only than Oklahoma City.

By Dan Heaton | Updated on June 15, 2004

DETROIT-The city’s CBD office vacancy rating is the second weakest in the US, according to a recent national report. Grubb & Ellis says in its Summer 2004 Office Trends Report the CBD vacancy rate in Detroit of 29.3% is the highest such rate among the 70 or so metro areas included in the survey, with the exception of Oklahoma City’s 33.5% rate.

The city’s overall metro market office vacancy rate is a much more middle of the pack 18.7%. The national average vacancy rate for all office space, in all classes, is 17.9%, Grubb & Ellis says.

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