Office Properties in Detroit offer a unique investment opportunity for those looking to capitalize on the city's rich history and cultural significance. As a major city in the Midwestern United States, Detroit has a diverse economy with a strong presence of automotive, finance, healthcare, education, and technology industries. Office Properties in Detroit can represent a range of investments, from Class A high-rise buildings in the downtown area to smaller, more specialized spaces in neighborhoods like Midtown and Corktown. With amenities like Comerica Park, Ford Field, and Little Caesars Arena, Detroit offers a unique blend of entertainment, culture, and commerce. The city's infrastructure, including its freight railroads, airports, and freeways, makes it an attractive location for businesses looking to establish a strong presence in the region. Additionally, Detroit is home to several major institutions, including Wayne State University and the Henry Ford Health System, which provide a steady stream of professionals and students looking for office space.
With 46 Office Properties available for sale in Detroit, investors have a wide range of options to choose from. The average price per square foot for Office Properties in Detroit is $123 USD, with an average size of 38,807 square feet. The largest Office Property available is 612,924 square feet. Detroit's Office Properties also offer a competitive average cap rate of 9.31%. In addition to Office Properties, Detroit also offers a range of other commercial properties, including Commercial Real Estate, Apartment Buildings, Shopping Centers, and Hotels. For example, Commercial Real Estate in Detroit can be found in the downtown area, with many Class A office buildings and mixed-use developments. Apartment Buildings are also plentiful, with many options available in neighborhoods like Midtown and Corktown. Shopping Centers can be found throughout the city, with many major retailers represented. Finally, Hotels are available in the downtown area, with many options catering to business travelers and tourists alike. Overall, Detroit's Office Properties offer a unique investment opportunity for those looking to capitalize on the city's rich history and cultural significance.
What is the average price per square foot for office properties in Detroit?
The average price per square foot for office properties in Detroit is $123 USD, with 46 available listings ranging in size from 38,807 square feet to 612,924 square feet, offering a diverse range of options for investors and businesses looking to establish a presence in this major city.
What should I know about office property classifications (Class A, B, C)?
When searching for office properties for sale in Detroit, it's essential to understand the classification system, which categorizes properties based on their quality, amenities, and location, to make an informed investment decision.
- Class A office properties are typically high-rise buildings with premium finishes, advanced technology, and prime locations, often attracting high-end tenants and commanding higher rental rates.
- Class B office properties offer functional space with standard amenities, suitable for a wide range of tenants, and are generally more affordable than Class A properties.
- Class C office properties are often older buildings with limited amenities, requiring renovation or redevelopment, and typically attract smaller or startup businesses.
