Michigan Real Estate News

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Landmark Office Real Estate Up For Grabs

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Nearly 800,000 square feet of prime office space across four landmark properties in Troy and Pontiac are up for grabs. They join the Fisher Building and the former UAW-GM Center for Human Resources in Detroit. That totals 1.8 million square feet between the six buildings that has come available in the last 30 days! The sale of these buildings has implications for the upside down office market. According to a second-quarter report, Detroit’s office market vacancy rate increased to 16.8%. That’s an increase of 2 percentage points from a year ago.

Chaldean Community Foundation Plans Affordable Housing Projects

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The Chaldean Community Foundation has broken ground on its first mixed-use affordable housing site and has another$25 million project in the works. The Macomb County site which got under way on Friday, Oct. 1, will bring 135 apartments and street-level retail to Sterling Heights. It’s a beginning toward addressing the long-term housing needs of almost 1,000 families who go to the foundation for assistance. It will include 9,000 square feet of retail for the Chaldean community. The foundation is negotiating a purchase of more than 6 acres in Farmington Hills for a new Chaldean Community Foundation Campus. The Farmington Hills campus will house a new office for the Chaldean Chamber, a satellite office for the foundation and a senior living center.

 

Multifamily Building Permits At Highest Levels in Decades

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The 2021 total of multifamily housing construction building permits in southeast Michigan has exceeded the total for the last 20 years! So far, 1,762 permits have been issued, making 2021 the best year since 1998. Even as the housing market continues to stay hot, many people are more interested in renting. Along with multifamily housing, new home construction is also up. August was the 15th straight month in which more than 300 permits were issued.

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