Search
 

Fed, Feldman Both Report Slowdown in Market

DETROIT-A West Bloomfield, MI researcher paints a portrait of struggling Detroit area office market, but believes it can be saved with a halt to construction and cautious dealing.

By Robert Carr | Updated on August 09, 2001

DETROIT-A recent report by a Detroit real estate researcher jibes well with the findings in The Beige Book released by the Federal Reserve Board this week. Reports from most Federal Reserve Districts for June and July showcommercial real estate markets remained sluggish, a claim that’s verified ina recent report about the greater Detroit Metropolitan area by Joel Feldman,president of First Realty Co. of West Bloomfield.

Many districts reported increased office vacancies in metropolitan areas inthe second quarter, with signs of additional weakening in July, according tothe Fed study.

“The sluggishness that has affected the US economy for some time nowfinally is being felt in our speculative, multi-tenant office market,” Feldman says. “As a result, for the first time after some seven consecutive years of unprecedented prosperity, our local office market is experiencing a general slowdown accompanied by a sense of judicious caution, as both tenants and property owners await a clearer indication of where both the national and local economies are headed.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.