Local CRE Trends

Discover What’s New and Interesting in Our Backyard

Detroit, the largest city in Michigan, is home to more than 670,000 residents and is considered the nation’s hub of automotive manufacturing. “Motor City,” as it is otherwise known, is home to a diverse workforce and economy. It is also home to a strong health care system, several major sports teams, and a distinct urban experience.

Although Detroit has faced some economic challenges, the city is poised for growth. The Detroit Economic Growth Corporation works closely with developers and companies seeking growth opportunities to provide business development incentives, such as tax incentives, loan assistance and TIF reimbursement for activities such as remediation, demolition, site preparation, and public infrastructure improvements. The Detroit Economic Growth Corporation is working to transform the city’s downtown through projects such as Campus Martius Park – an award-winning public gathering space – and by creating neighborhoods from industrial zones along the East Riverfront. Its ultimate goal is to attract new businesses and jobs to the city.

The revitalization of Detroit creates unique opportunities for commercial real estate as residents and businesses return to the downtown core. The downtown population is expected to increase as new residential inventory is developed, according to real estate services firm JLL, and there is a robust pipeline of business investment, specifically in office, education, infrastructure, and public use space.

Millennials make up nearly a third of the downtown population, creating a built-in workforce that resides in the city’s urban core. A recent report by ZipRecruiter named Detroit as the 16th fastest growing tech town in the U.S., creating employment opportunities for the city’s young workforce. The automotive industry’s resurgence and growth in the technology industry should continue to bolster the commercial real estate industry well into the future.
 

About Fidelity National Financial

Fidelity National Financial, Inc. (FNF) is currently ranked #238 on the 2022 Fortune 500®*, and is among numerous defense, energy, media, hospitality and financial Fortune 500®* companies based in the region. Our Detroit-based team of CRE professionals works in all facets of the industry, including power and energy projects, office buildings, industrial parks, multifamily housing, retail properties, government contracts, corporate transactions and more.

Discover what’s new and interesting in our backyard in the latest real estate news, provided courtesy of the FNF Newsdesk.

*"FORTUNE®" and "FORTUNE 500®" are registered trademarks of Time Inc. From FORTUNE Magazine, May 2022 ©2022 Time Inc. FORTUNE and Time Inc. are not affiliated with, and do not endorse products or services of Fidelity National Financial. Fidelity National Title Insurance Company is a member of the Fidelity National Financial family of companies and the nation’s largest group of title companies and title insurance underwriters that collectively issue more title insurance policies than any other title company in the United States.

The Latest Articles From the FNF Newsdesk:

Home Buyers’ Down Payments Are Coming Back Down To Earth
...buyers to up their down payments during the pandemic. But as the housing market cools amid high mortgage rates and economic uncertainty–and buyers can no longer afford as much as they used to–down...

Labor Market 'Cracks' Beginning To Appear As Job Cuts Surge And Unemployment Claims Unexpectedly Rise
...firm's Andrew Challenger said in a statement, adding that the cooling housing market and Fed’s rate hikes are leading to job cuts among mortgage staff at banks and lenders and that recession...

Mortgage Refinance Rates on Oct. 6, 2022: Rates Trend Higher - CNET
...The average rates for 10-year fixed refinances also saw an increase. Like mortgage rates, refinance rates fluctuate on a daily basis. With inflation at a 40-year high, the Federal Reserve has...

Current Mortgage Rates for Oct. 6, 2022: Rates Trend Higher - CNET
Today some major mortgage rates climbed higher. If you're in the market for a home loan, see how your payments might be affected by inflation. A handful of important mortgage rates rose today...

Three (Potentially) Sobering Credit Realities
Aside from higher mortgage rates, there are indirect issues that could eventually catchup with commercial real estate. But it’s not all bad news. Credit rating agency KBRA put together a list...

Peloton Reportedly Scales Down, Again—Here Are The Major U.S. Layoffs This Year
...that a source told Bloomberg encompassed fewer than 100 positions as the housing market continues to cool in the wake of rising inflation and the Federal Reserve’s recent rounds of interest rate...

Billionaire Kwek Leng Beng’s CDL To Launch Suburban Condo Project Despite Singapore Property Curbs
...it was marketed. Singapore home prices have continued to climb despite rising mortgage rates and the government’s property curbs, with private property values rising 3.4% in the third quarter...

The New Pay Transparency, Plunging Job Openings And ‘Acting Your Wage’
...American home buyers are getting 9% less space than last year as mortgage rates have spiked, Forbes’ Derek Saul reports. In the boardroom: The National Association of Corporate Directors recently...

How to avoid a CD early withdrawal penalty
...CDs, savings accounts are often insured by the Federal Deposit Insurance Corporation (FDIC), so your funds are protected in the event of a bank failure. Money market accounts: Like savings accounts...

6 top tips for choosing the best CD for your money
...and credit unions that are protected by the Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Association (NCUA) Share Insurance Fund. If your bank or credit union were to fail...