A big crowd gathered at The Community House in Birmingham, Michigan, Jan. 30 to celebrate the Detroit-area commercial real estate industry and to look ahead to what 2025 might bring for the market.
During the Detroit Commercial Real Estate Forecast and Awards Gala held by Michigan Real Estate Journal, industry professionals shared their thoughts on the future of the CRE in the Detroit area. And these professionals were overwhelmingly optimistic.
Yes, the Detroit commercial real estate market faces challenges. But the market’s fundamentals remain strong, speakers during the event said. Demand for industrial, retail and multifamily properties is strong. And the office market, while still in flux, is adapting to the changing demands of companies and employees.
Panelists said that technology is playing a major role in Detroit’s commercial real estate market today, with the demand for data centers and life sciences facilities continuing to rise. Another positive? Companies continue to bring more manufacturing work back to the United States, a trend that can only help the Detroit industrial market.
As in most big cities, Detroit also faces a shortage in housing. This is keeping demand strong for multifamily space, as renters crave more rental units. Panelists said that Detroit and its suburbs have once again become a hot market for retailers. And the city’s downtown core continues its revitalization.

Participating in the event’s opening panel, Apartment Market Update & Forecast: Opportunities & Challenges, were Michael Ferlito, Partner and CEO, Ferlito Group; Kristen Diamond, Vice President of Multifamily Management, Hayman Company; Anthony Toth, Director of Multifamily Investments, Broder Sachse Real Estate; Mark J. Bennett, Founder, MJBennett; Sam Beznos, CEO, Beztak; David Cohen, President and CEO, ARCO; and Jack Johns, First Vice President, Institutional Properties, Multifamily, CBRE.

Speakers on the Detroit Market Sector Update: Industrial, Office, Retail , Finance, Investment & Construction panel were Andy Gutman, President, NAI Farbman; Paul Choukourian, Executive Managing Director, Colliers; Steven Chaben, Senior Vice President, Marcus & Millichap; Daniel Canvasser, Executive Managing Director, Newmark; Mark Woods, Chief Operating Officer, Signature Associates; and Adam Ferguson, Principal, Bernard Financial Group.

Highlighting the good news on the development front during the Transformation & Development of Downtown & Suburban Markets panel were Steve Robinson, Vice President of Acquisitions & Development, Broder Sachse Real Estate; Jeffrey Schostak, President, Schostak Brothers & Company Inc.; George M. Roberts, Co-founder & Managing Principal, Civic Companies; Rian English, Vice President Government & Community Affairs, Olympia Development; Naumann Idrees, Senior Vice President, Bedrock; John-Paul (JP) Wolfe, Executive Vice President, Investments & Advisory, Friedman Real Estate; and Marc Nassif, Senior Managing Director, BBG.
Awards ceremony
Michigan Real Estate Journal also presided over the Detroit Commercial Real Estate Awards ceremony, an event in which industry professionals recognized the hard work turned in and deals closed by their peers.
Awards were given in a wide variety of categories, including for the area’s top brokerage, architecture firm, development company, property management company, contractor and law firm. The event also honored the broker of the year, executive of the year, woman of the year, property manager of the year and real estate lawyer of the year.
This year’s winners included:
Executive of the year: Andy Gutman, president of Farbman Group

Broker of the Year, Investment: Barry Swatsenbarg, Colliers

Property Manager of the Year: Katie Vohwinkle, Oxford Companies

Emerging Leader of the Year: Luke Timmis, Signature Associates

Brokerage Firm of the Year, Investment: Income Property Organization

Developer of the Year: Renovare Development

Woman of the Year: Shannon Selby, VP of Real Estate Services, Detroit Regional Partnership

Real Estate Lawyer of the Year: Steve Sallen, Maddin Hauser (Award accepted by Andrew Harris.)

Property Management Firm of the Year: Friedman Real Estate

Broker of the Year, Leasing: John Fricke, Colliers

General Contractor of the Year: Sachse Construction

Brokerage Firm of the Year, Full Service: Colliers

Additional winners who are not pictured:
- Architecture Firm of the Year- Hobbs+Black Architects
- Real Estate Law Firm of the Year- Honigman