This measure represents the vacancy rate for office buildings in Southeast Michigan. The vacancy rate covers all property type classes (A, B, and C). With the onset of employers utilizing less office space, it is important to understand the magnitude of this trend on our region.
Office vacancy rates, already at 9% in 2019, jumped after the COVID pandemic to a peak of 13% in 2023. The demand for office space diminished, as employers allowed their employees to work from home or converted to hybrid workplaces. The spike in vacancy has leveled since 2023 and remains around 13%.