Michigan Real Estate News

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Skilled Labor Shortage Complicates Construction Projects

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Prior to the COVID-19 pandemic, there was not enough skilled labor to meet construction demands. That’s even more true now that development has almost returned to pre-pandemic levels in metro Detroit.  According to metro Detroit’s largest general contractors, that means less skill on job sites.  That, along with continuing supply chain and inflation issues, is causing project managers to scramble to meet demands. The number of Michigan construction workers has rebounded to pre-pandemic levels, but it’s still down almost 20% from 20 years ago. The number is not growing fast enough to meet the increasing demand. It’s anticipated that skill trades will account for 47,000 annual job openings through 2026.

 

 

 

United Artists Theater Building Rehab Begins

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The Bagley Development Group has begun its redevelopment of the Ilitch-owned, 18-story United Artists Theater Building at 150 Bagley St.  The property is being transformed into a 148-unit residential building called Residences @150 Bagley. It is scheduled to open in late 2023. Twenty percent of the new apartments will be offered at below-market rents for qualified tenants. It will also include about 10,000 square feet retail space on the ground floor.

 

 

Downtown Detroit’s Office Workers Slow To Return

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Although downtown Detroit’s housing market and visitors bounced back from the COVID slump of 2020, Detroit still has a ways to go to reach pre-pandemic activity. According to the Downtown Detroit Partnership, the number of downtown office workers is still drastically reduced as a result of the pandemic.  In 2019, the median number of workers during the week stood at 70,629. In 2021, that number was down 75%.  Some employers are gradually bringing employees back to the office.