DETROIT—The growing popularity of CBDs among office users has revived many downtowns. But few have witnessed a more profound change than Detroit. Buildings that were empty or underutilized for years now crackle with energy and activity on weekday mornings. In addition, thousands of new residents, including many office workers, have occupied new and renovated units in the CBD and its surrounding neighborhoods.
And the CBD's momentum is still strong, according to a recent report from Newmark Knight Frank. It just marked its 21st straight quarter of positive absorption, the data show. The vacancy rate decreased 20 bps to 11.2% during the third quarter, as just over 32,000 square feet was absorbed. Year-to-date, the CBD has posted 237,272 square feet of absorption. And since 2012, it has absorbed more than 2.4 million square feet.
“Since 2012, we've seen a transformation of the Detroit CBD,” says Fred Liesveld, managing director of NKF's Detroit office. “It is great to see that investments and energy continue to pour into the downtown area going into 2018.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
