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Bottom Seen in Downtown Office Market

DETROIT-Marcus & Millichap Real Estate Investment Brokerage says the Detroit office market has slipped in national rankings, but likely hit bottom last year and will stabilize this year.

By Dan Heaton | Updated on March 24, 2005

DETROIT-A national commercial real estate brokerage firm says it expects the Detroit market to begin taking some steps out of the bottom of the valley this summer. “Detroit’s office market bottomed in 2004 and is forecast to remain relatively stable this year,” says Steven R. Chaben, first vice president and regional manager of Marcus & Millichap Real Estate Investment Brokerage’s Detroit office.

Marcus & Millichap says Detroit dropped eight places to No. 37 out of 42 markets in its 2005 rankings of activity in office real estate, based on a series of 12-month forward-looking supply and demand indicators. Still, the company does see some positive signs for office real estate in the Detroit region yet this year.

“Sales activity is expected to increase with properties comprised of less than 50,000 sf being the most sought after,” Chaben says. “Out-of-state investors continue to target buildings located in suburban office cores, such as Bloomfield Hills, Farmington Hills, Auburn Hills and Troy.”

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