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Office Space Continues Its Radical Metamorphosis
/in Detroit, SE Michigan /by Tracy WillisDetroit consulting firm Deloitte confirmed that it’s vacating the Renaissance Center for a 35,000 square foot WeWork space at 1001 Woodward Avenue. GM’s COVID-era policy, along with Deloitte’s departure will increase challenges for the Renaissance Center, a building that’s only 53.5 percent leased. Troy’s Bank of America is giving up its regional headquarters and relocating employees to locations in Bloomfield Hills, Auburn Hills and Farmington Hills. The headquarters’ prominence, location and amenities may interest prospective tenants.
Metro Detroit’s Affordable Housing Shortage Continues
/in National, SE Michigan /by Tracy WillisHigh rent is pushing people to look for new homes, but buying is a challenge. Multiple offers come in over the list price and over the budgets of many of the buyers, and that’s if they can find something within their budget. Renters and first-time buyers are especially struggling. Insufficient new construction, zoning rules that limit where housing can be built as well as wage growth that hasn’t kept up with inflation contribute to keeping the supply low. Average sales prices of homes in Michigan have risen 84 percent between January 2013 and October 2021. Pre-pandemic, nearly one in five homeowners spent more than 30 percent of their income on housing. That figure worsened over the pandemic.
Fairlane Town Center Has Sold to Redeveloper
/in SE Michigan /by Tracy WillisSources have identified the Dallas-based Centennial Real Estate company as the new owner of the Fairlane Town Center. The company specializes in mall and open-air shopping center redevelopment. The purchase also includes the Shops at Willow Bend in Plano, Texas. Both properties are currently owned by Florida-based Starwood Capital Group, which is delinquent on its commercial mortgage-backed securities debt on the properties. Centennial took over another Starwood mall mortgage earlier this year.