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Detroit Office Space In-depth Detroit is a city located in the state of Michigan. It is located in South East Michigan on the Detroit River and between lakes St. Clair and Erie. It is Michigan’s largest city and tenth largest in the nation, Detroit is a major Great Lakes shipping and rail center.
Advantages of expanding, opening or relocating your business with Detroit off... Read More
Detroit Office Space In-depth Detroit is a city located in the state of Michigan. It is located in South East Michigan on the Detroit River and between lakes St. Clair and Erie. It is Michigan’s largest city and tenth largest in the nation, Detroit is a major Great Lakes shipping and rail center.
Advantages of expanding, opening or relocating your business with Detroit office space include the city providing wireless Internet zones, business tax incentives, entertainment, an international riverfront, and residential high rises.
As a way to persuade tenants to sign at their properties, many landlords are offering bigger and bigger concessions in the form of lower rental rates and increasing amounts of free rent. This has created a prime tenant’s market for those that are looking for good deals on office space. Unfortunately, those tenants in the market are being more cautious.
There are still national tenants that have their eye on Detroit, but few are making moves right now. One notable exception is the General Services Administration, which completed several large lease renewals earlier this year. The government entity also recently sent out another proposal looking for approximately 86,000 to 87,500 square feet in Detroit.
About 80,500 people work in downtown Detroit, comprising 21% of the city’s employment. Metro Detroit has propelled Michigan’s national ranking in emerging technology fields such as life sciences, information technology, and advanced manufacturing; Michigan ranks fourth nationally in high tech employment. The need for office/R&D space in Detroit is needed because Michigan typically ranks third or fourth in overall Research & Development expenditures in the United States.
The metro area is home to high tech business incubators such as the Michigan Security Network, a consortium which coordinates business growth of cybersecurity, biodefemse and border security sectors. Notable additions to the Detroit area include Compuware World Headquarters, OnStar, EDS offices at the Renaissance Center, PricewaterhouseCoopers Plaza offices and Ernst & Young offices at One Kennedy Square.
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