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Employment Remains the Challenge for Detroit Market

FARMINGTON HILLS, MI-Even as economic recovery is under way, commercial real estate here isn't out of the woods, says a prominent local commercial executive. Job formation is challenge number one.

By Dan Heaton | Updated on February 24, 2004

FARMINGTON HILLS, MI-While some are predicting rosier days ahead, there’s still significant challenges facing the commercial real estate market nationally and in the Detroit area, says David Lord of the Friedman Real Estate Group/Corfac International in Farmington Hills. “Collectively,” Lord tells GlobeSt.com, “our partner firms are cautiously optimistic about the overall state of the economy and commercial real estate market in 2004. The consensus predicts moderate growth and recovery in the industry, with the main drivers being the industrial and sales sectors.”

Lord recently returned from meeting with his colleagues from around the country at the Winter Conference of the Corporate Facility Advisors-Corfac International in San Diego. Friedman serves as the Corfac partner firm for commercial real estate in the Detroit market.

Corfac International’s 2004 Commercial Real Estate Market Survey, based on data from 60 North American markets and released at the conference, predicts:

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