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...
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..
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..
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..
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..
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,..
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..
Favorable hiring trends in metro Detroit have driven household formation to its highest point since the start of the new millennium. As a result, multifamily asset performance and operations have shown marked improvement with respect to demand, occupancy, rents and prices. In the first quarter of the year, local employers created 14,500 jobs for a year-over-year gain of 2.3 percent, which brought Detroit’s unemployment level to its lowest level since 2001. Employment advances were led by the..
Even as hotel operators continue to report steady gains in revenue per available room (RevPAR) nationally, Wall Street execs have begun to downgrade the lodging outlook, painting an entirely different picture. This disconnect is rooted in fears that the year-over-year growth in RevPAR is not sustainable in the current climate and that a spate of high-profile mergers and acquisitions among national operators must dictate a lower assessment of the industry. In spite of these concerns, demand..
To get a sense of what is happening in Southeast Michigan retail these days, the place to start looking is the past. It’s interesting and important to recognize that the seeds of many of the retail trends manifesting themselves today were planted years ago. Fortunately, the overall retail marketplace in Southeast Michigan remains generally strong. The marketplace may change over time, but one constant that remains unaltered is that quality rises to the top. Thoughtfully designed and..