REBusinessOnline

Detroit Retail Market Running Strong as New Year Begins

The “retail apocalypse” predicated on the pandemic never really materialized. Instead, we’ve seen retail do what it always does: evolve. Much as the rest of the country, metro Detroit’s retail real estate market has evolved and come back in a big way.  Tenants on the move As vaccines were adopted and the economy allowed to reopen, the economic rubber band snapped back quickly and stronger than many of us could have predicted. Retailers were dusting off pre-pandemic expansion plans …

Office Downsizing Trend in Detroit Will Likely Continue in 2022

A lot has changed in the world since the beginning days of the COVID-19 pandemic in early 2020. Fast forward to November 2021 and the world is a very different place. Over 46 million people have been infected in the United States alone with over 750,000 deaths officially attributed to the virus.  Most businesses have been forced to shut down in-person work for some period of time and many have instituted remote work programs until the beginning of 2022. The real question on everyone’s mind …

Auto Innovation Continues to Drive Detroit Industrial Market

By Anthony Pellegrino III, P.A. Commercial Detroit is the industrial, transnational logistics and auto powerhouse of the Midwest. Detroit has continued year after year to grow and transform its industrial sector in three prominent geographical locations. Each of these locations is anchored by auto innovation, creating a stable market for suppliers and transport: 1. The Mount Elliot Employment District: This is the home of General Motors’ $2.2 billion investment into its existing Hamtramck …

Why Multifamily Investors Are Revved Up for the Motor City

By Jason Krug, Berkadia Sunbelt states are top of mind for multifamily investors these days, as COVID-19 has accelerated the trend of renters leaving major cities in search of more space and a better cost of living. Of course, the allure of sunshine and warm weather is hard to compete with, but cities across the Midwest are also seeing a spike in interest from renters and investors and chief among them is Detroit. There has been overwhelming interest in multifamily opportunities in and around …

Metro Detroit’s Office Market Outlook Varies for Different Submarkets

By Steve Eisenshtadt, Friedman Real Estate 2020 was a challenging year for the office market. The pandemic caused record-high unemployment earlier in the year. Offices were forced to close, and employees quickly learned to work remotely since March. The office market in metropolitan Detroit ended 2020 with an 18.4 percent direct vacancy rate and 19.5 percent when adding in available sublease spaces, which increased to over 1 million square feet throughout the metropolitan area.[caption …

Gotown: Detroit’s Industrial Market Looks to Build off Momentum from 2020

By Doug Fura, Farbman Group With 2020 in the rearview mirror, hopes for a healthier and more prosperous 2021 seem likely to lead to economic and development surges in markets across the country. In Detroit, where the industrial market has been a clear bright spot in a pandemic-altered development landscape, industry professionals remain optimistic that development momentum won’t be slowing anytime soon. How realistic is that optimism, where does industrial stand right now and what’s in …

Hardships Met With Innovation for Detroit’s Retail Market

By Evan Lyons, Encore Real Estate Investment Services Call it what you will — Motown, the Motor City, the Comeback City — by any name, the city of Detroit has long been a place of possibilities. A smart student in the school of hard knocks, Detroit has teetered on failure, yet still managed to graduate with high marks. Best known as the birthplace of the automobile and home to Motown music’s Hitsville USA, Detroit went from being the driver of American capitalism to a city in ruin. It …

Can America’s Comeback City Get off the Mat Again? Yes — But Uncertainty Reigns

By Garrett Keais In my 25 years in commercial real estate, I’ve never seen the economy — and our industry — come to a standstill the way it did this spring after the coronavirus hit. With so much uncertainty in the market, Detroit’s office sales and leasing activity slowed considerably. But as the last decade has shown us, if ever there was a city that could take a punch and get back up swinging, it’s Detroit. Comeback before the virus[caption id="attachment_269488" …

Despite Costs, Developers Pursue Rehab Opportunities for Detroit’s Historic Buildings

By Steven Phillip Siegel Mies van der Rohe. Yamasaki. Kamper. Kahn. Portman. Gyllis. Some of the biggest architects in the world have a presence in Detroit. Motown’s exceptional confluence of architects and designers earned the city a UNESCO City of Design designation, the only city in the United States to receive the UN’s award for design excellence. However, beginning in the early 1970s, many of the city’s finest architectural works slowly sank under a weakening market amid tenant (and …

Manufacturing, Autonomous Technology Drive Detroit’s Industrial Growth

Southeast Michigan has enjoyed a decade of prosperity surrounding the revitalization of downtown Detroit led by billionaire businessman and Quicken Loans Founder Dan Gilbert. Detroit has 580 million square feet of industrial space and is projected to see another 5 million square feet by 2021, much of that distribution-focused. In the past decade, Southeast Michigan has become a hub for driverless car technology. Toyota has announced plans to create an autonomous vehicle research facility in …

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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