Category Archives: Detroit Commercial Real Estate

Today’s Top Talent Live and Play Downtown but Work in the Suburbs

0 CommentsBy

By: Harrison West, Senior Research Analyst, JLL

Job growth is happening in both the CBDs and the suburbs, but educated adults are increasingly city dwellers. Discover the impacts of the resulting “reverse commute” trend, pulled from the first installment of our Ambitious Thinking Research on Smart Cities report, called “Live, Work, Play?”

Reverse commutingRead More

Michigan Commercial Real Estate News Brief: March 2018

0 CommentsBy

In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Ohio markets, including Ann Arbor, Detroit and Grand Rapids.

Historic Retail Site Along Detroit’s Avenue of Fashion Gets a Makeover

Developer Matt Hessler recently broke ground on an $8.3 million redevelopment project on the site at Livernois and Seven Mile Road in Detroit—the site of the former B Siegel department store. While the former store undergoes renovations, approximately 20,500 square feet of commercial space and 10 multifamily units will be developed between within a two-story building along Steopel Street and Livernois.

In addition to the commercial retail and residential space, underground parking will also be available for tenants and visitors.… Read More

Michigan Commercial Real Estate News Brief: February 2018

0 CommentsBy

In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Michigan markets, including Ann Arbor, Detroit and Grand Rapids.

Proposed Grand Rapids Office Tower Would Offer New Class A Space

Developer Franklin Partners LLC’s proposed seven-story office tower would bring some much-needed Class A office space to Grand Rapids, which is currently experiencing a tightening market.

The 90,000-square-foot building would sit at the corner of Ottawa Avenue and Oakes Street SW, and would be constructed of glass and steel with competitive amenities, including a rooftop patio, fitness area and more. With this in mind, Franklin Partners Principal Don Shoemaker said rents could reach as high as $25 per square foot (psf).… Read More

Michigan Commercial Real Estate News Brief: January 2018

0 CommentsBy

In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Michigan markets, including Ann Arbor, Detroit and Grand Rapids.

City of Detroit Looks to Redevelop Historic Apartment Buildings

Lee Plaza Detroit

City officials expect redevelopment of Lee Plaza to take two to five years.

The city of Detroit plans to submit redevelopment proposals for two historic buildings: Lee Plaza and Woodland Apartments. Both buildings were once luxury apartments back in the 1920s. The city of Detroit has expressed interest in allocating a certain number of multifamily units for individuals making $38,000 per year or less in order to attract and retain those of all income levels.

Once developers are selected, the city expects Lee Plaza to take two to five years to redevelop while Woodland Apartments are expected to take between one to three years.… Read More

Michigan Markets Commercial Real Estate News Brief: November 2017

0 CommentsBy

In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Michigan markets to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Industrial Market on the Upswing in Grand Rapids

Western Michigan’s industrial market is experiencing improvement with declining vacancies and steady rental rate growth. Demand for warehouse space is up and more than 1.5 million square feet of space has already been delivered this year.

Of all the projects in the pipeline, a recent one includes a two-building industrial site recently approved by the Michigan Strategic Fund (MSF). The potential project, led by the DEG Development Company, is expected to generate $12.3 million in investment. Construction will take place at 1810 Turner Ave. and will include one 70,150-square-foot building and one 126,750-square-foot building.

Download the Q3 Grand Rapids Office Insight and Q3 Grand Rapids Industrial InsightRead More

Michigan Markets Commercial Real Estate News Brief: September 2017

0 CommentsBy

In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Michigan markets to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

Downtown Detroit’s Little Caesars Arena Opens to Public

Photo Credit: City of Detroit

After a period of construction and anticipation, the new Little Caesars Arena opened to the public for its first open house and event. The new arena is set to become one of Detroit’s main entertainment staples, as it will house the Detroit Red Wings games among other large-scale events.

The arena is just one aspect of District Detroit, which will include 50 blocks worth of sports and entertainment venues, restaurants, bars and business buildings once completed. Take a look at Curbed Detroit’s photo gallery of the Little Caesars Arena for a closer look at the venue.

Related: Download the Q2 Detroit Office Report or Q2 Industrial ReportRead More

Michigan Markets Commercial Real Estate News Brief: August 2017

0 CommentsBy

In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Michigan markets to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

High Construction Costs Limit Industrial Development in Grand Rapids

Industrial real estate demand continues to rise in Grand Rapids, presenting an optimal opportunity for new development. However, rising construction costs constrain development when there is no secured tenant. With fewer investments speculative space, vacancy rates have fallen as companies forego new developments and move into existing spaces.

Companies, such as Robert Grooters Development Co. (RGDC), are beginning to take risks to bring new developments to the area. RGDC hopes to introduce 1.1 million square feet of industrial space to the region by 2018.

Looking forward, the West Michigan industrial real estate market is expected to continue growing. High lease rates will eventually prompt speculative construction, allowing the market to expand with the rising demand.… Read More

A Floor-by-Floor Perspective of Midwest Real Estate: What Skyline Will We See in the Next Five Years?

0 CommentsBy

By: Andrew Batson, Director of Research, JLL

Increasing leasing activity, speculative development and shifting market leverage in commercial real estate are constantly reshaping city Skylines across the U.S.

JLL’s Skyline Review registrants can take a deep dive into the trends impacting 57 major skylines across the United States and Canada, and learn about which national trends are transforming markets close to home.

Read on for a closer look at how the Skylines in the Midwest are performing and what to expect in the coming months.

Mixed-Use Development is on the Rise in Cincinnati

Cincinnati’s Skyline is comprised of large office buildings that are occupied by large tenants, many of them recognized as Fortune 500 companies. Rental rates have dropped 0.7% from 2016 to Q1 of 2017. At the same time, vacancy rates remain well above the national average at 20.9%, which has boosted demand for affordable Class A space within the Skyline.… Read More

Michigan Markets Commercial Real Estate News Brief: June 2017

0 CommentsBy

In the latest edition of our monthly news brief, JLL’s regional team curates the top commercial real estate industry articles impacting Michigan markets to keep you in-the-know.

Keep up with Spaces’ monthly recaps—subscribe today.

District Detroit Welcomes Residential Development Boom

District Detroit, the city’s major upcoming entertainment development, has announced plans for the city’s largest residential development in more than 20 years. The upcoming project will include the renovation of historic buildings as well as new construction.

Among buildings being redeveloped for multifamily housing, are:… Read More

Commercial Real Estate News Brief: June 2017

0 CommentsBy

Every month, JLL’s regional team curates the top commercial real estate industry articles to keep you in-the-know. In this month’s edition, JLL spotlights the impact of transit hubs, catering to the liquid workforce and the rise of fringe neighborhoods.

Keep up with Spaces’ monthly recaps—subscribe today.

Transit Hubs Become the Center of Commercial Real Estate Development

As more young professionals opt to walk or take public transportation to work, major cities, such as Cleveland, Columbus, Detroit and Pittsburgh, are directing efforts to revamp their public transit systems.

Approximately 87% of public transit trips have a direct impact on the economy as they deliver a larger talent pool and customer base to the city center. As the millennial workforce gravitates toward the urban core to work and live, cities are redesigning their public transit systems for enhanced comfort and convenience.

Improvements to public transit infrastructure have stimulated economic growth and commercial real estate development in the CBD as businesses buckle down to secure office space along the route. An increasing number of businesses are relocating to reap the benefits of social networks formed around the renovated hubs.

Young Professionals Demand Flexibility and Off-Site Work Spaces

As the workplace becomes increasingly digitized, employees are demanding more flexibility in their schedules. Changes in the work dynamic have reshaped the real estate landscape, as offices must now compete with off-site spaces, which offer more freedom for employees to work when they want.… Read More