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There's optimism for the future in the Michigan commercial real estate market due to the availability of COVID-19 vaccines and new protocols. However, the timeline for getting workers back to offices remains uncertain. Workplace safety remains a concern, though as more people are vaccinated, many employers are beginning to prepare for a return to in-person work. In Q1, the State of Michigan established a Return-to-Office Workgroup to develop recommendations that will be used to support the state in finding the best practices and standards for office employers to use in planning their own reopening. However, there could be an extension for in-person office restrictions if COVID-19 cases continue to surge. In the meantime, very few tenants are entering most markets. Buyer activity is strong, and more space is becoming available as some tenants opt not to renew leases and landlords choose to sell rather than sit on vacant spaces. Tenants and buyers are looking for modern, quality spaces that are turn-key ready.
