Need more proof that Detroit’s commercial real estate market is in the middle of a renaissance? You only needed to attend the 5th annual Detroit Commercial Real Estate Summit held by REjournals.com and Midwest Real Estate News at the Westin Southfield Detroit on Sept. 6.
The event was packed with real estate pros, more than 250, in fact. This standing-room-only crowd was treated to plenty of good news regarding the Detroit commercial real estate market. The biggest names in Detroit commercial real estate pointed to major projects – including Ford Motor’s big plans for its Corktown Campus – hitting both downtown Detroit and its suburbs as reason for optimism.
It’s a big change from not too long ago. Back in July of 2013, the city of Detroit filed for Chapter 9 bankruptcy. This move ranked as the largest municipal bankruptcy filing in U.S. history by debt.
Today, though, new hotels, retailers and restaurants have opened in downtown Detroit. The center of the city is busy again, with both residents and visitors. And the speakers at last week’s event said that there is no sign that Detroit’s busy times are ready to slow anytime soon.