City outperforming suburbs in office leasing

A new CB Ellis report that assesses area office leasing rates in the third quarter shows that Detroit filled more office space than than any other area in the region.

Excerpt:

"What's exciting is to see the city outperform the suburbs," said Mike Gerard, managing director in the Southfield CB Richard Ellis office. "It doesn't seem to be an anomaly either. It appears to be the result of expansion, relocation and growth."

The city showed positive net absorption of 240,000 square feet in the quarter, while Southfield had negative absorption of 110,000 square feet and Troy had negative 259,000 square feet, according to CB Richard Ellis figures.

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