With over 2.3 million sq. ft. of net positive absorption since 2010, Downtown Detroit commands higher lease rates than most of Detroit’s suburban submarkets. At $23.72 per sq. ft. gross at the end of Q4 2019, Downtown Detroit asked $5.32 more than the suburban average asking lease rate.
In Q4 2019, Downtown Detroit’s vacancy rate was 12.1%, while the suburban market had an overall vacancy rate of 18.4%.