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Office-To-Apartment Conversions In Major Cities Quadruple In 4 Years

Posted By: BISNOW on January 22, 2024.  For more information, please click here to read the source article. The number of apartment spaces being created in office buildings across major cities this year has risen to over 55,000, four times higher than the 12,100 under conversion in 2021, according to a new report. The 55,339 office-to-apartment makeovers scheduled for this year mark […]

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One type of office space that isn’t seeing soaring vacancy rates? High-rises

Posted By: REJournals on January 3, 2024.  For more information, please click here to read the source article. While demand for office space has been sluggish since the start of the COVID-19 pandemic, there is one office sector that is still seeing lower vacancy rates: high-rise buildings. New research from JLL suggests that vacancy rates will remain low in the […]

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2 Renaissance Center towers in Detroit just sold: What it means for downtown office market

Posted By: Detroit Free Press on January 3, 2024.  For more information, please click here to read the source article. The vacancy rate is up, leasing prices are down and employers still aren’t demanding everyone be back in the office like it is 2019. Yet this current state of the downtown Detroit office market did not […]

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Bankrupt WeWork owes ex-Detroit landlord $5.1 million, filing shows

Posted By: The Detroit News on November 7, 2023.  For more information, please click here to read the source article.   Nearly a year after closing its space in Midtown, WeWork has filed for Chapter 11 bankruptcy, with documents showing that owes its former landlord the Platform $5.1 million in lease termination fees. The Detroit-based developer is among […]

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Detroit’s office market still facing high vacancies, negative absorption

Posted By: REjournals on October 20, 2023.  For more information, please click here to read the source article. More of the same struggles. That’s what the Detroit market is facing in its office sector. According to the third quarter office report released by Newmark, the Detroit metropolitan area office vacancy rate climbed 50 basis points during the quarter to […]

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Commercial Office – What Happens Next?

Posted By: DBUSINESS on September 11, 2023.  For more information, please click here to read the source article. Written by Peter D. Cronk & Jeanna M. Weaver, Partners at Plunkett & Cooney   Predicting the future of the U.S. commercial property market is never easy. Fortunately, research conducted by industry thought leaders provides key insights that should help […]

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Spirit Halloween Returns To Haunt Retail With More Than 1,500 Stores

Posted By: CoStar on August 7, 2023.  For more information, please click here to read the source article. As if by magic, new tenants are appearing at a slew of vacant stores that once housed outlets of Bed Bath & Beyond, Kmart, Sears, Lord & Taylor, Tuesday Morning, Big Lots, Christmas Tree Shops and A.C. Moore. That’s because […]

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Some are taking advantage of Detroit’s slow office space market

Posted By: The Detroit News on July 19, 2023.  For more information, please click here to read the source article. At the Marko Law office downtown, attorneys are settling into their new office space. The lobby is prepped to receive a Detroit-themed mural and a conference room awaits a Spanish woodworker’s large table top that will be delivered […]

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Space Constraints

Posted By: DBUSINESS on May 18, 2023.  For more information, please click here to read the source article. Fifty years ago, downtown Detroit staked its economic revitalization to the Renaissance Center. It was a stretch project if ever there was one — a $357-million Hail Mary that Henry Ford II, then chairman and CEO of Ford Motor Co., […]

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Shifting retail on Grand Rapids’ east side reflects broader market trends

Posted By: MiBiz on August 28, 2022.  For more information, please click here to read the source article.   Retail corridors on Grand Rapids’ east side are in flux as new businesses move in and longtime staples relocate or shut down. The corridors in East Hills and Eastown embody West Michigan’s hot commercial real estate and retail market, […]

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New businesses restore tired, commercial strip near University of Toledo

After falling into vacancy and abandonment, a small commercial plaza on Bancroft Street near the University of Toledo is being revived thanks to three businesses breathing new life into it. Jo Jo’s Pizza, Sunrise Skillet, and Arnie’s Toledo are committed to making a go of it in the plaza located in the 2600 block of […]

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As Michigan office vacancies increase, what happens to the unused space?

A few years ago, Butzel decided it had more office space than it needed in Oakland County and Detroit and wanted to downsize. Having gone digital, the law firm didn’t need a library or a place to store files. Then the COVID-19 pandemic hit the state in March 2020, forcing many businesses to shift staff to remote […]

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Report indicates Q1 industrial, office vacancy trends differ

JLL released its 2022 first-quarter West Michigan industrial and office reports, and the differences are striking. The industrial report revealed that 921,392 square feet of industrial space in West Michigan was absorbed, decreasing the vacancy rate in the region to 3.2%. The average asking rent price increased to $4.06 per square-foot, up 1.8% from the […]

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Southfield Town Center to sell next month

The Southfield Town Center is expected to be sold by the end of next month in what would be among the most significant office transactions in the last decade, Crain’s has learned. An estoppel certificate sent to tenants in the region’s second-largest office complex says that a sale to a Delaware entity called 270B STC […]

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Toledo real estate: Apartments and industrial buildings are hot, but offices are struggling

Toledo’s apartment and industrial real estate markets were red hot last year but not its retail and office space sectors, which recorded higher vacancy rates and fewer transactions. That’s according to new annual reports from the Reichle Klein Group, a Toledo real estate company that frequently analyzes the area market. In general, the reports suggest the Toledo […]

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Former Secure-24 may vacate large new Southfield headquarters, Auburn Hills outpost

One of the Southfield Town Center’s towers is at risk of losing its largest tenant in what may be a case of bad timing. NTT Communications Corp., the Tokyo-based parent company of the cloud services provider formerly known as Secure-24, has put its roughly 100,000-square-foot headquarters in the 4000 Town Center high-rise off the Lodge Freeway […]

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Well-known office properties in metro Detroit up for grabs

Blink and you miss it. In the past week, nearly 800,000 square feet of office space across four well-known properties in Troy and Pontiac became available if you have the scratch. Toss in the Fisher Building and the former UAW-GM Center for Human Resources in Detroit for good measure, and you have six buildings over […]

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