Michigan maintains a strong economy and we're seeing a $22 per sq. ft. rental rate in urban areas as well as about $25 per sq. ft. in suburban office spaces. One of the largest office buildings in the state is Ally Detroit Center - 1,650,000 sq. ft. (500 Woodward Ave.) that houses prominent law firms (Dickinson Wright and Clark Hill) as well as CPA's. Also there is a high density of medical and dental office space to serve the population. Other large commercial structures include the Guardian Building (500 Griswold St.) and Greater Penobscot Building - 650,000 sq. ft. (633 Griswold St.) Large buildings can also be found in Ann Arbor, Dearborn, Flint, Grand Rapids, Lansing, Troy and Lansing.
Michigan is also a Great Lake state in the Midwest. It is the 10th largest state by population (10,000,000) and its largest city is Detroit which is one of the largest metropolitan economies. It is know as the center of the automobile industry and certainly this is where the industry was born. Henry Ford developed the first assembly line in Highland Park.
Today, Coworking thrives in Michigan which bodes well for the individual office rental market within a larger user's premises. Ideally, there will be a synergy between the "host" and "guest" tenant - but as long as a firm can provide amenities that are competitive with what the coworking landscape offers, there is a good chance to run neck and neck with the professional providers because your appeal to Michigan attorneys, accountants, finance professionals, advertising + PR agency executives etc., is that they can be in the city, in an office, surrounded by other professionals who are mature and respectful of their suite mates and possibly can refer business to each other.
Cuts at Ford and GM have had a chilling effect on the economy and the gross domestic product was reduced by 2.5% in 2019. Economists anticipate it will rise 1.3% in 2020 and 0.9% in 2021 but nobody has a crystal ball when it comes to commercial real estate. Professional and business services sector is pegged to add almost 12,000 jobs by 2021. This sector is heavily populated by small and solo practitioners and this should have a significant impact on the demand for fractional office space - either individual offices in the premises of a larger firm or practice, or alternately a block of space that is occupied on a shared basis in the same premises as another company or practice.
Search shared professional office space and coworking listings for free on lookingforspace.com. Find the exact individual office you are looking for in a specific professional area. You can even drill down to the specialty of the "host" firm or practice and match yourself with an entity that can produce new synergies for your practice.