On average, listings lease in the $20's per square foot per year. The Downtown Detroit region is seeing a decrease in rates. In the last 3 months, the median rate fell $5 per sqft per year. That's a 18% decrease in rent.
Compared to the rest of the Detroit market, the Downtown Detroit region has smaller rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 54 listings have come on the market, so you'll want to check back regularly for new listings. About 115% of the office spaces in the Downtown Detroit are subleases, so you might be able to sign a shorter term by taking over a previous lease. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 5,200 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this market are around 5 stories. Most buildings in this region were built in 1925 and are Class B.
A large portion of this market is residential, but there's plenty of office_space. Construction is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst Downtown Detroit residents. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.