COVID-19 casts pall over Detroit office market as activity slows to a crawl
As the greater U.S. economy reeled from the impact of COVID-19, the Detroit office market exhibited some signs of resiliency at the close of the second quarter. Improving metrics concerning COVID-19 spread throughout the state allowed Governor Whitmer to relax many of the more stringent restrictions initially placed on Michigan businesses in March. By late June, Michigan was one of only a few states on track to effectively contain the virus. Nevertheless, caution and uncertainty pervaded throughout the Detroit business community, as evidenced by a 66.8% decline in office leasing activity compared to the previous quarter.