The Rebirth of Detroit

The Rebirth of Detroit

Over the past few years, I’ve witnessed firsthand the rebirth of Motor City, the city I call home.   And let’s just say, it’s been amazing to see Detroit pull itself up by its bootstraps and reinvigorate itself! The central business district is vibrant, with new cafes popping up everywhere. Here at Compass, we recently joined the Detroit Regional Chamber, and we have been impressed with how the group is working to grow the region.

Here are a couple of facts I picked up a recent meeting put on by the Chamber:

  • Since 2006, there has been $10.1 billion dollars spent on investments in the city, ranging from office buildings to new lofts that the city’s young people love to lease. In fact, if you’re looking to lease an apartment in Midtown or the CBD, you’d better get in line: these units go fast!
  • Although the automotive industry is the backbone of Detroit’s economy, according to the Detroit Chamber, the city’s fastest growing industries are “healthcare, defense, aerospace, information technology and logistics.”
  • Entrepreneurship is at an all-time high in this region. Last year, I met a woman from California who moved here to attend an Entrepreneur School of Business! There are many accelerator programs here designed to help new businesses succeed.

The bottom line? It’s such an exciting time to live in this city, and to be a part of its ever-growing economy. We encourage you to watch Detroit grow with us – there’s nothing better than being part of the rebirth of a city.

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About the Author

Lynn Drake’s status is well known in the industry: She’s the commercial realtor focused on maintaining “true north” for her corporate clients. It’s a reputation built on 35 years of commercial real estate experience. Lynn became a commercial realtor in 2001 after 15 years in corporate real estate. Thus far in her career, Lynn has successfully completed over 1,500 real estate transactions ranging from small business tenant leases to the sale and purchase of industrial complexes.