Construction of Huntington Tower, the first office tower to be built in downtown Detroit in more than 30 years, was completed in September. Construction of the 427,000 sq. ft., 21-story office tower is located at 2025 Woodward Avenue, will serve as Huntington Bank’s commercial banking headquarters and will be home to 750 employees. While in Farmington Hills, Mercedes Benz Financial Services USA officially opened their newly constructed 3-story, 200,000 sq. ft. headquarters located at 35555 W. 12 Mile Road located on 35 acres.
The vacancy rate of sublease space continues to remain elevated, yet the Metro Detroit office market continues to see small progress towards continued recovery. Owners and landlords in the office market continue to struggle filling space. Many are reevaluating their properties concerning amenities, offering incentives for existing tenants, while attracting new ones, and updating aging properties.