Market Report

2022 Q4 | Office Market Report (Signature Associates, Detroit)

A number of leases were signed during the fourth quarter. First in Livonia, Cabinetworks Group, LLC inked a deal totaling 89,543 sq. ft. of Class B office space located at 20000 Victor Parkway. In Bingham Farms, Hondros College of Nursing signed a deal for 48,035 sq. ft. of Class B office space located at 30700 Telegraph Road in the Bingham Office Center. Lastly, in Ann Arbor, Tetra Tech, Inc., a global provider of consulting and engineering services leased 21,890 sq. ft. located at 1136-1138 Oak Valley Drive in the Valley Ranch Business Park.

A considerable number of investment sales closed the quarter with the largest being the 11-story Regent Court office building located at 16800 Executive Plaza Drive in Dearborn. Ford Motor Company sold the 659,082 sq. ft., 34-acre property to Mike Shehadi, CEO of the Farmington Hills-based pharmacy company PharmaScript. Redevelopment plans are being discussed including mixed-use of residential and office space. In Ann Arbor, the 116,984 sq. ft., 7-story high-rise, Ashley Mews, located at 414 S. Main Street sold as an investment to Mansour Companies, LLC for a reported $21M.