Detroit Office Building Vacancy Rates Climb During Covid

September 03, 2021, 8:21 AM

It's no suprise that Covid has had an impact on vacancy rates in Detroit office towers.

A Chicago-based commercial real estate broker, JLL, reports a 10.2-percent vacancy rate among 21 office buildings from dowwntown to the New Center area, up from 7.7 percent in 2019 and just under 9 percent in 2020, Kirk Pinho of Crain's Detroit Business writes.

Average rent levels fell by 0.4 percent to $25.92 per square foot.

"The COVID-19 pandemic has dampened office leasing activity, as vacancies have trended slightly upward year-over-year," Harrison West, research manager for JLL, said in a statement, accordinb to Crain's. "211 West Fort and the Renaissance Center contain nearly two-thirds of the skyline's vacancy and rent growth has stagnated in the skyline."

Read more:  Crain's Detroit Business

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