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Vacancy rates in downtown Detroit are at 70 percent

It's about supply and demand. Vacancy rates in downtown buildings are at 70 percent. That creates a "make-me-an-offer" environment, driving down rents. Class A office space is listed in the $18 to $19 per square foot range, with many deals coming in much lower. That's half the going rate in Chicago, and about the lowest in the country.

via detnews.com

Detroit News columnist Nolan Finley makes an interesting argument this morning that downtown Detroit has become a low cost place to do business.

He writes that this could become a magnet for businesses to locate there.

But what got my attention was his mention that vacancy rates in downtown Detroit building at at 70 percent.

Ouch. The Motor City which used to pulse with business activity has been decimated.

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