Most of my career the vacancy rate in the City of Detroit has been extremely high. Yet as 2011 turns into 2012 we see the City of Detroit making real progress with occupancy. According to Co-Star which measures all of the statistics Detroit is seeing improvement quarter over quarter. The published vacancy rate in Detroit is 18.6% while the City of Troy (my home town) is 33.3%. It has been exciting to watch Ilitch, Karmanos and now Gilbert of Quicken Loans, make huge investments in our City. This combined with the incentives for people to move into the city has been fabulous. As we sit back and watch Gilbert buys building after building it will be interesting to see how his plans for Detroit unfold.
If you would like the most recent co-star report which summarizes the office or industrial market please go to www.compass-commercial.com /contactus and leave us your contact information so we can send it to you.