Office sublet space in Detroit remains elevated

Just over 2.2 million square feet of Detroit office space is on the market for subleasing after pulling back 19% from the all-time high reached during the third quarter of 2023. The amount of sublet space has risen above 2 million square feet only a few times since the Great Recession. However, since the second half of 2022, the amount of sublet space has remained stubbornly above the 2 million square foot threshold. Since early 2007, the average quarterly sublet space available is just over 1.65 million square feet.