REBusinessOnline

In Detroit, the Retail Market Continues Upward Trajectory on Several Fronts

Detroit’s economy is reinventing itself and slowly gaining its footing after the Great Recession and the city’s bankruptcy. Low interest rates supported record auto sales in 2016 and another strong showing last year, adding some stability to the metro area’s bellwether industry. [caption id="attachment_202252" align="alignright" width="100"] Ashish Vakhariya, Marcus & Millichap[/caption] A rejuvenated downtown and new, growing industries are invigorating the retail market. The …

Investors Take Notice of Office Rebound in Detroit’s CBD and Suburbs

Metro Detroit’s office recovery continues to steadily march forward. Local and national commercial real estate investors are showing a renewed appetite for buying and renovating existing buildings, and even developing new product. [caption id="attachment_202247" align="alignright" width="100"] Bill Harvey, Transwestern[/caption] The City of Detroit has experienced the quickest recovery, going from near stagnant activity with a vacancy rate of 21.5 percent to a single-digit vacancy of 8 …

Surging Demand for Apartments in Downtown Detroit Is Testament to the City

At a time when downtown Detroit is in the midst of a civic renaissance, the state of the city’s multifamily real estate market is both a reflection of larger trends and a sign of what might be in store for the Motor City in the years ahead. To keep a pulse on the market, Broder & Sachse Real Estate compiles a market study twice a year to evaluate the rental and occupancy rates of all multifamily properties downtown. [caption id="attachment_202243" align="alignright" width="100"] …

Wave of New Hotel Supply in Metro Detroit Reflects Improved Economic Fortunes

The Detroit metropolitan area has experienced significant economic growth in recent years, fueled by a strengthening auto industry as well as the continued diversification of the local employment landscape. The hotel sector is benefitting from existing employers expanding operations locally and new entrants to the market. The Big Three automakers continue to invest in the region, while companies like e-commerce giant Amazon.com Inc. are building large warehouse facilities. [caption …

Retailers, Investors Find Detroit’s Improving Economy Inviting

Steady employment gains and new households in metro Detroit have boosted optimism in the retail sector. The local economy added 36,500 nonfarm payroll jobs in the 12-month period that ended September 30, 2017, an expansion of 1.8 percent and in line with employment growth nationally. Job gains were led by the professional and business services sector, which filled more than 12,400 positions. This segment includes many well-paying tech jobs as companies such as Penske Logistics and Lear Corp. …

Bedrock Is a Major Force in Motor City

You’d be hard-pressed to find a commercial real estate company in the Midwest more active than Bedrock Detroit. The full-service firm — which acquires, leases, finances, develops and manages commercial and residential space — has several projects in the development pipeline spread across property types. Since its founding in 2011, Bedrock has located more than 160 office and retail tenants to Detroit’s “technology-centric” downtown. In addition, Bedrock and its affiliates have …

Rebound in Labor Market Helps Metro Detroit Retail Sector Turn the Corner

Detroit’s sustained employment growth, along with focused redevelopment and revitalization efforts, have brightened the metro area’s economic outlook and propelled the retail market this year. Six consecutive years of job gains have attracted new residents to the region and stemmed population outflow. Strong hiring trends have boosted household incomes, and retail sales are ascending as a result. The local economy is expected to create 38,000 new jobs in 2016, representing a 1.9 …

Michigan’s Second Largest City Keeps Pace with Multifamily Housing Demand

Many of the national trends unfolding in the multifamily sector are playing out in Grand Rapids, the second largest city in Michigan, with a population estimated at 195,000 and slightly more than 1 million metrowide. A combination of demographic, economic and lifestyle trends are leading to the creation of more renter households. This includes Baby Boomers, Millennials and renters by choice across all income levels. In addition, Grand Rapids is experiencing an urban renaissance that is …

With Office Leasing Activity Accelerating in Detroit, New Construction is Imminent

It is a fascinating time for the Detroit office market. Downtown neighborhoods and suburban markets alike are being transformed thanks to years of positive economic trends marked by healthy job growth and the desire of several companies to locate in the city. Landlords, tenants and investors are looking to consolidate gains and position themselves for success in an evolving marketplace. On the leasing front, we are still seeing activity in Detroit proper with small to mid-sized firms, …

Michigan Retailers Are Expanding, Rents Are Growing, Investors Are Capitalizing

Chances are you have read the stories in the news lately about the challenges facing Michigan, the City of Detroit, or more recently the state’s seventh largest city, Flint. Between the chronicles of a once ailing automotive industry, the Chapter 9 bankruptcy filing by the City of Detroit in 2013 — the largest municipal bankruptcy in history — and most recently lead-tainted city water in Flint, there have been dozens of national headlines, sharp sound bites, and a litany of negative press …

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