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Offices in the Detroit central business district (CBD) have been steadily filling up recently, driving down the office vacancy rate in the city, it has been reported.
According to The Detroit News, a number of high profile businesses have leased office space in the city, to the detriment of the office market in the surrounding suburbs.
Last week online life insurance brokerage MyInsuranceExpert.com was among the businesses which have decided to move downtown. The online company is to move its headquarters and 85 employees to office space in downtown Detroit.
John DeGroot, Vice President of Research in the Southfield office of Grubb & Ellis Co., a commercial real estate advisory firm, told the news portal: “I can’t recall such a situation like this in my career when the momentum is clearly in favor.
“It’s too soon, really, to say how long the impact will be other than to say that the central business district is going be much more competitive with the suburbs. And that’s really not a bad thing.”
Other companies to make the move to downtown are Blue Cross Blue Shield and DTE Energy. Blue Cross Blue Shield is moving 10,000 of its employees from its office building in the suburbs to downtown.
Maureen Donohue Krauss, Oakland County’s Director of Economic Development and Community Affairs told The Detroit News: “I don’t think it creates an overt battle between Detroit and the suburbs, but, yes, the moves really hurt because so much office space is become available in a short span.”
Meanwhile consumer spending in the US in July beat all predictions according to Bloomberg, as purchases rose by 0.8 percent. And deliveries at Detroit-based General Motors rose by 7.6 percent on the previous year.
