Deal activity solid across Metro Detroit amid selective, expiration-driven demand
Leasing activity in Metro Detroit exhibited moderate momentum during the second quarter, with deal volume totaling 0.9 million square feet (msf), besting year-ago levels (0.8 msf) and outperforming Q1 (0.7 msf) activity. Occupier demand remained primarily expiration-driven, with few signs of broad-based expansion among tenants. Still, occupiers continue to make selective investments in space, with an emphasis on quality, flexibility, and location. Notable among Q2 lease deals was Comerica Bank’s 72,000-square-foot (sf) lease for short-term swing space at 1 Campus Martius as it renovates its nearby Michigan headquarters building on West Lafayette Boulevard.