OFFICE SPACE FOR LEASE IN DETROIT

Why implement your office in Detroit?

Detroit, once known for its economic struggles and urban decay, has experienced a remarkable revitalization in recent years, making it an increasingly attractive destination for businesses. This transformation has led to a surge in office leasing activity within the city. With a lower cost of living compared to other major metropolitan areas, Detroit offers companies the opportunity to establish a presence in a dynamic urban environment at a more affordable price point. The city's diverse and talented workforce, coupled with a supportive business community and robust infrastructure, further enhances its appeal for office leasing. Additionally, Detroit's rich cultural heritage, burgeoning arts scene, and proximity to recreational amenities like the Detroit River and nearby lakes provide an attractive quality of life for employees. As a result, businesses of all sizes are seizing the opportunity to be part of Detroit's renaissance, driving a significant demand for office space and contributing to the city's economic resurgence.

How much does it cost to rent an office in Detroit?

The cost of renting an office in Detroit can vary depending on several factors, including the location, size, amenities, and type of office space desired.

To read: our Detroit MarketBeat Office report analyzes quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

Are office space rents likely to increase in Detroit?

Detroit has been experiencing a revitalization in recent years, with an increase in business activity and investment. This renewed interest in the city has contributed to a rise in demand for office space. As demand increases, it is possible that office rents may also see an upward trend.

Popular neighborhoods in Detroit

Detroit offers several popular neighborhoods for leasing office space, each with its own unique characteristics and advantages. Here are a few notable neighborhoods in Detroit that are known for their office leasing options:

• Downtown Detroit: The heart of the city, Downtown Detroit is a bustling business district with a mix of historic and modern office buildings. It offers proximity to major corporations, government offices, cultural attractions, and transportation hubs, making it a popular choice for businesses seeking a central location.
• Midtown: Located just north of Downtown, Midtown is known for its vibrant arts and cultural scene. It is home to institutions like the Detroit Institute of Arts and Wayne State University, as well as a growing number of tech startups and creative enterprises. Midtown offers a mix of office spaces in renovated historic buildings and modern developments.
• Corktown: As one of Detroit's oldest neighborhoods, Corktown has experienced a revitalization in recent years. It has become a hub for small businesses, startups, and creative industries. With its historic charm, proximity to Downtown, and an array of retail and dining options, Corktown has become an appealing location for leasing office space.
• New Center: Situated just north of Midtown, New Center is a historic neighborhood known for its iconic Fisher Building. It offers a mix of office buildings, including renovated historic properties and modern developments. New Center is also home to several major corporations and has convenient access to public transportation.
• Eastern Market: Eastern Market is primarily known for its vibrant farmers' market, but it also houses a growing number of creative businesses and co-working spaces. This neighborhood offers a unique atmosphere and a supportive community for businesses in the arts, food, and design sectors.

Getting to and from Detroit

Detroit, as a major city, offers various transportation options for getting to and from the area:

• Air Travel: Detroit Metropolitan Wayne County Airport (DTW) is the primary airport serving the region. It is located in Romulus, about 20 miles southwest of downtown Detroit. The airport offers domestic and international flights, with numerous airlines operating from there.
• Public Transportation: The Detroit Department of Transportation (DDOT) operates bus services throughout the city, providing convenient transportation within Detroit. The Suburban Mobility Authority for Regional Transportation (SMART) offers bus services that connect Detroit with the surrounding suburbs. Additionally, the QLine is a streetcar system that operates along Woodward Avenue, connecting downtown Detroit with Midtown.
• Car: Detroit is easily accessible by car, with major highways including I-75, I-94, and I-96 passing through the city. It is well-connected to other major cities in the region, such as Chicago, Cleveland, and Toronto. Rental car services are available at the airport and throughout the city.
• Amtrak: Detroit is served by an Amtrak station located in the New Center neighborhood. The station offers train service on the Wolverine line, connecting Detroit with cities like Chicago and Pontiac.
• Ride-Sharing and Taxis: Ride-sharing services like Uber and Lyft operate in Detroit, providing convenient transportation options within the city. Traditional taxi services are also available.