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 #359 on the 2023 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, June 2023 ©2023 Time Inc. FORTUNE and Time Inc. are not affiliated with, and do not endorse products or services of Fidelity National Financial. Chicago 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 - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title, and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States.

The Latest Articles From the FNF Newsdesk:

America’s debt problem is storing up trouble for the rest of the world
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Stocks wobble after Powell warns that rate cuts will likely come later than expected
...the US economy and the job market remain on strong footing, higher mortgage rates have all but stalled the housing market. But the latest retail sales report showed that consumers continued...

Fed Chair Powell hints at no interest rate cut in May, keeping rates higher for longer
...the US economy and the job market remain on strong footing, higher mortgage rates have all but stalled the housing market. But the latest retail sales report showed that consumers continued...

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