Michigan Real Estate News

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Times are Changing for U.S. Malls

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U.S. malls are reeling as restaurant and retail tenants struggle to stay open for business.  Coresight Research data predicts that a quarter of U.S. malls could close over the next 3 to 5 years. Simon Property Group, America’s biggest mall owner, said that its 2020 fourth-quarter revenue dropped by 24%. However, experts think the Simon Property Group does not stand to be the biggest loser as its more distressed competitors will close their doors. Simon expects to see gains from its new additions of hotels and luxury residences.

Plans Resuscitated for Restoration Hardware Flagship Store

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The Birmingham planning board will meet on March 24 and review a proposal that revives plans to bring Restoration Hardware to downtown Birmingham.  A new 4-story building is proposed for the southwest corner of Old Woodward Avenue and Brown Street. The site is across the street from the new Daxton Hotel. The current buildings at the site would be demolished. After construction, the site would feature a new 54,000-square-foot building with Restoration Hardware as its anchor tenant. In addition, the development would have a top-floor restaurant and 24-space underground parking.

West Michigan Lakeshore Office Market Remains Stable

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Compared to larger cities like Chicago or Detroit,  the West Michigan lakeshore office market has remained stable through the pandemic. Still, commercial clients are conservative. Some are downsizing their office footprint or relocating to a smaller downtown area, like Holland,  so they can still offer a physical business site with nearby amenities when they need to conduct in-person business.  Medical office, insurance and financial sectors are particularly active in the lakeshore markets.