Michigan Real Estate News

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Michigan Mobile Home Owners Feel The Pinch As Lot Rent Increases

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Across the U.S., private equity investors are buying up manufactured housing communities and driving up lot rents. Many mobile homeowners have lower or fixed incomes, and increases in rent make it difficult to meet expenses. Older mobile home residents are particularly impacted, often lacking money for adequate food.  A series of Michigan bills could hamper those investors’ actions by creating more protections for mobile homeowners and updating the state’s manufactured housing law. Mobile home ownership is one of the few affordable housing options in rural and urban areas.

 

The Office Market Continues to Limp Post Pandemic

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More than two years after the start of the COVID-19 pandemic, the office market is still reeling. Sublet office space availability is at a 10-year high. Over 2.37 million square feet is available in the five-county area. Office tenants are subletting unused space. If they are unable to sublease, they give back the additional space to landlords, usually in an early lease restructure or relocation to another place. According to the president of the Advocate Commercial Real Estate Advisors LLC brokerage house, the amount of sublease space on the market will increase in the next 3 to 6 months. In addition, leasing activity is slower than usual, and no new construction of office space occurred in the second quarter.

 

 

Redevelopment of Detroit’s Roosevelt Park Begins

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Detroit officials broke ground on the $6 million redevelopment of Roosevelt Park in front of the Michigan Central development in Corktown. The project involves redirecting a section of Vernor Highway that bisects the park. It also includes plans for a promenade that will connect Michigan Avenue to Michigan Central Station, plaza spaces and event lawns, expanding the park by 3.5 acres. It is expected to be completed in the spring of 2023. The redevelopment is funded by the American Rescue Plan Act and from the city’s general fund.