DETROIT—Office tenants in the Detroit metro area continue to absorb impressive amounts of space, and the coming year promises to be historic. In the fourth quarter, the market recorded 643,693 square feet of positive absorption, mostly attributed to class A properties, according to CBRE's Office MarketView. And Dan Gilbert's Bedrock broke ground on what will be the city's tallest skyscraper, a symbol of the downtown's amazing progress over the past few years.
The new project will rise on the site of the former home of Hudson's Department Store, and total about one million square feet, with hundreds of apartments and 100,000 square feet of retail. Perhaps most notably, it will also include 240,000 square feet of new office space.
“We haven't seen speculative office construction in the downtown for decades,” Brendan George, senior vice president at CBRE, tells GlobeSt.com, and leasing it up would be an important milestone.
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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.
