How strong is the commercial real estate market in Detroit’s suburbs? That depends largely on the sector. Industrial and multifamily remain strong, with solid demand for both product types. Retail has evolved, and the savviest of retailers are relying on both robust online shopping and strong in-store sales to bring in the customers.
And office? That sector remains in limbo as companies debate just how much office space they’ll need as the work-from-home movement continues to gain momentum.
Those are some of the key takeaways from the 2nd Annual Detroit Suburban State of the Market summit held April 12 by Midwest Real Estate News and Michigan Real Estate Journal.
More than 250 Detroit-area commercial real estate professionals attended the event held at Bostick Holdings in Troy, Michigan. Bostick Holdings is a Class-A office building with space to lease. CBRE is the leasing agent on record for the building.
Speakers at the event agreed that these remain challenging times for commercial real estate, what with high interest rates, persistent inflation, supply chain delays and a labor shortage. But they also agreed that the Detroit suburban market has been a resilient one. And now that the Federal Reserve Board has hinted that it is nearing the end of its interest rate hikes? Speakers say that better times might be ahead for the local commercial real estate market.
