Michigan Real Estate News Roundup
A roundup of interesting Michigan real estate news from the past week.
- The rumors of a new Ford facility in the Corktown neighborhood of Detroit are now expanding to include a campus, rather than a single office.
- LinkedIn opens its first new office in 10 years in the United States in Detroit.
- Industrial demand in West Michigan is at a historically high level, with 95% occupancy and $4.95/sf asking prices. Observers expect new construction in 2018.
- The demand for commercial real estate development in downtown Detroit shows little signs of slowing.
- Developers have acquired a 240K sf building in the New Center area of Detroit for renovation and development.
- Ilitch-related entities announce $200M in commercial development in “The District” in downtown Detroit.
- The decline of retail not only impacts Southeast Michigan (as we covered last week regarding Eastland Mall in Harper Woods). It is also impacting West Michigan, with the future of the Rivertown Crossings shopping center in Grandville under debate.
- The Detroit Zoo (located in Royal Oak) is discussing the construction of a large aquarium in downtown Detroit on the riverfront.
David Nykanen has over 22 years experience as a real estate lawyer. He is the former Chair of the Real Property Law Section of the State Bar of Michigan. Dave has represented property owners of virtually every type, including retail, multi-family, industrial, office, hotel, and high-end residential.
