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Economist Predicts Strength In Commercial Market for '04

MACOMB TOWNSHIP, MI-"I expect commercial construction to pick up as 2004 unfolds," says the senior economist for the Detroit branch of the Federal Reserve Bank of Chicago. Real estate firm Grubb & Ellis also sees evidence suggesting an upturn in the industrial market, it said in a September market report.

By Dan Heaton | Updated on September 08, 2003

MACOMB TOWNSHIP, MI-A prominent Detroit economist is predicting a significant upswing in commercial construction in the region in 2004.

Sam Kahan, senior economist for the Detroit branch of the Federal Reserve Bank of Chicago, said an increase in demand for durable goods likely should translate into greater demand for manufacturing and other types of commercial space.

Over the past two years, “as demand has declined, prices have declined dramatically in this segment,” he said. “But we have seen several months of increasing orders for durable goods. This is a sign that demand for space to produce goods should begin to increase. I expect commercial construction to pick up as 2004 unfolds.”

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