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Old 10-19-2013, 02:55 PM
 
Location: Detroit
3,671 posts, read 5,885,526 times
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The percentage of office vacancies is at it's lowest level since 2009 at 24.9%.

Detroit's CBD has a vacancy rate of 26.5% compared to 33% in 2007.

The suburbs have a higher vacancy rate than Detroit's core but is now starting to improve.

Downtown Detroit leads metro area to lowest office vacancy level in 4 years | MLive.com
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Old 10-23-2013, 06:25 AM
 
8,573 posts, read 12,403,094 times
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That sounds like good news, but I don't believe that they count empty buildings in the vacancy rate if they're not trying to lease them out. It's kind of like employment figures--you're not counted as unemployed if you're not seeking a job.
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Old 10-23-2013, 12:55 PM
 
Location: Detroit
3,671 posts, read 5,885,526 times
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Quote:
Originally Posted by jackmichigan View Post
That sounds like good news, but I don't believe that they count empty buildings in the vacancy rate if they're not trying to lease them out. It's kind of like employment figures--you're not counted as unemployed if you're not seeking a job.
I'm not sure about that. I know empty buildings and land are counted for the city wide vacancy rate.
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Old 10-23-2013, 01:49 PM
 
8,573 posts, read 12,403,094 times
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Quote:
Originally Posted by MarvinStrong313 View Post
I'm not sure about that. I know empty buildings and land are counted for the city wide vacancy rate.
I'm not certain about it either, but I'm pretty sure that I read years ago that that was the case. Otherwise, with all of the buildings that are empty above the first floor along Woodward, the former state building which is completely empty, etc., etc., I'd be hard-pressed to believe that the vacancy rate in downtown is less than in the suburbs. The % may also hinge on what they are including. Are government-owned buildings included, or just office space which is for lease to businesses?
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Old 10-23-2013, 01:51 PM
 
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Anyone know what they're doing with the Wayne County building downtown? It looks like it's in immaculate condition still.
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Old 10-23-2013, 01:54 PM
 
8,573 posts, read 12,403,094 times
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Quote:
Originally Posted by Tekkie View Post
Anyone know what they're doing with the Wayne County building downtown? It looks like it's in immaculate condition still.
As of now, I don't think they're doing anything with it.
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Old 10-23-2013, 02:15 PM
 
3,082 posts, read 5,437,722 times
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Quote:
Originally Posted by jackmichigan View Post
As of now, I don't think they're doing anything with it.
That's too bad, it's a beautiful building and very well kept (on the outside at least).

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Old 10-23-2013, 07:41 PM
 
Location: Michigan
4,647 posts, read 8,597,502 times
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Quote:
Originally Posted by jackmichigan View Post
I'm not certain about it either, but I'm pretty sure that I read years ago that that was the case. Otherwise, with all of the buildings that are empty above the first floor along Woodward, the former state building which is completely empty, etc., etc., I'd be hard-pressed to believe that the vacancy rate in downtown is less than in the suburbs. The % may also hinge on what they are including. Are government-owned buildings included, or just office space which is for lease to businesses?
The percentages are about the same, but the physical totals are bigger in the suburbs. Detroit's CBD has only 13 million square feet of space while the suburbs have a total of 58 million (which includes Ann Arbor).

Most market analyst websites just list inventory space as space that is being marketed for office use.

In regards to the Wayne County Building, there was a multi-year legal battle with the owners. Not sure if that's still going on.

Old Wayne County Building could soon be allowed to seek buyers | Detroit Free Press | freep.com
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