Brendan George and Jasper Hanifi of CBRE represented BASCO in the transaction.
Kyle Passage, of Cushman & Wakefield, and Dan Stewart of SVN|Stewart Commercial Group, LLC, represented Venture X.
Venture X is a membership-based, shared workspace and community that is a blend of boutique hotel and modern office styles. This is the firm’s first location in Michigan. It will occupy the new space in the first quarter of next year.
According to a recent report on flex space from CBRE, Detroit’s flexible-space inventory grew to 472,000 square feet by the end of the second quarter of this year, an increase of 2,000 square feet from a year earlier.
Flexible space now accounts for 0.6 percent of Detroit’s total office inventory, well below the U.S. average of 1.8 percent, indicating that there is room for the sector to grow in Detroit.
Flexible space can be found across many of Detroit’s submarkets, however, the downtown accounts for the largest portion with 44.2 percent of inventory.
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