Property Rental Rates:

Commercial and private developments aren’t nearly as abundant in the greater Detroit area as many other large cities. However, with a decline in employment and business struggling to stay afloat, many Detroit commercial properties have opened up, allowing entrepreneurs many options to explore. In a recent search of office space vacancies in the city and metropolitan areas, many office options were found at around $150 - $300 a month for smaller options, and many larger options for under $1 a square foot, with many even as low as $0.50 - $0.75 a square foot for 1,000 square feet and more. The area has been battling to try and improve the commercial real estate market in Detroit, gain a foothold in the job market, and promote growth all around. Despite hardships, the economic outlook remains relatively positive by financial analysts. Office space heaven also offers commercial properties for rent in Cleveland, St Louis, New York, and Minneapolis, just to name a few areas.

Tenant Rep:

Does your business need to find a Detroit commercial property to rent, but you don't want to search thousands of listings just to find 1 good option? Most people in need of renting an office space or commercial space don't really understand the process of leasing properties. We provide a Free way for anybody to simplify the process because we work for the renter and not the landlord, but we also have over 1500 listings.
Detroit is the largest city in the state of Michigan, and is a major port city close to the Detroit River. It is located in the region of the United States known as the Midwest. It is the only major city that is north of Canada. The estimated population of the city is 912,062 at the core and upwards of 4.4 million in the greater metropolitan area. Originally founded as a French colony, the area has a deep history that dates back to the 1700’s. It would become a center for motor vehicle manufacturing, music, and so much more. To read more about Detroit real estate office space pricing in general, be sure to check out our office space articles.

Detroit Economy:

The city of Detroit has an economy that hinges on a variety of large-scale industries. Most notably the big three motor companies, General Motors, Ford, and Chrysler. Some of the other industries that call the area home include, transportation, education, government, and manufacturing, among other traditional industries for a large-scale city. The area is also home to many corporations, including many on the Fortune 500 list. Some of the larger companies in the area include, Borders Group, Ford, Pulte Homes, Masco, Kelly Services, BorWarner and many others. Despite a great deal of opportunity in the area, the city was hit hard by the recession of 2009, and has yet to fully bounce back. The unemployment rate in the city is around, 15% which s more than double the national average, and at one point was nearly 50% in late 2009. While there has been a steady improvement to the area, the city still struggles in a lot of ways.

Detroit Home Prices:

The median home price of Detroit fell to under 10,000 dollars in the wake of the economic troubles of the United States. The media at large had pegged the rate at around $7500 with many news stories citing the price of homes being next to nothing in the area. While the average in the month of May 2010, seemed to be at around $109000, which is a more realistic look at the price range. While the values and prices have fluctuated to record lows, it’s important to understand that the area is much larger than the low cost rates seem to show. In the end, the Detroit commercial properties that sit vacant are a direct reflection of the housing market, because if nobody has a job then nobody can afford a mortgage payment.

Climate/Education:

The climate of Detroit hinges on a variety of extremes, and moderate temperatures. The annual climate is classified as humid continental and ranges from 10 degrees in the winter and upwards of 100 degrees at the height of summer. The area gets a fair amount of snow in the winter, and heats up dramatically in the summer. There are four distinct seasons in the area, and weather can be harsh compared to other Midwest cities.
The mayor of Detroit is Dave Bing. He was elected in 2009 part of a special election. He is originally from Washington D.C. and went to school at Syracuse University with a degree in Economics. He also holds a Doctorate in Law from the University, and was an All American athlete in high school. He is a former Detroit Piston, and has a long career of service to the greater Detroit area. Despite much publicized violence, economic woes, and many troubles in the city, he has urged the community to band together in order to help weather the storm.