There’s been more construction in Detroit in the last few years than in the preceding decades. Much of the new building has taken place in the downtown core, but with the new QLine public transport system extending into the outskirts of the Motor City, and the forthcoming Inner Circle Greenway bike and pedestrian path encircling the City, an emerging influx of newcomers to districts outside the city center is likely to continue.
Two new reports highlight Detroit’s growth over the past seven years, as well as what can be expected in the future.
CBRE, a globally integrated commercial real estate and investment services firm, recently released its ‘Detroit Viewpoint – Downtown Development’ report, which “looks in depth at the impact of this activity on the office, retail, and residential markets. It identifies three key trends driving new development: job growth, limited availability of desirable product across product types, and dedicated new investment by private & public entities.”
Meanwhile, JLL’s Skyline Review shows where Detroit stands in office vacancies, in comparison to the national average. The report cites high-profile tenants like Microsoft moving downtown, plus buildings rising in the next few years that will change the Detroit skyline itself.
Continue to the full article for further details from both reports.
