Search
 

RealShare EXCLUSIVE: Market Begins to Rebound, Speakers Say

DEARBORN, MI-A key local developer predicts office vacancy rates will be back down to 12% in the Detroit market--but not until 2009. "The economy is picking up in Detroit, but it may be a couple years before that filters down into a stronger commercial real estate market," says Doug Rothwell, who oversees General Motors' worldwide real estate program.

By Dan Heaton | Updated on May 19, 2004

DEARBORN, MI-Not great, perhaps. But certainly getting better. That was the general assessment of the metropolitan Detroit commercial real estate market during RealShare Detroit, a high-energy conference and networking session that brought together key players from around the Motor City region.

Keynoter Doug Rothwell, the former director of the Michigan Economic Development Corp. who now heads General Motors’ worldwide real estate program, sees things picking up nationally and in Detroit. “Low interest rates, tax cuts and defense spending are all boosting the US economy and we see that continuing,” Rothwell told the 200-plus gathered at the Ritz-Carlton in Dearborn.

Rothwell said drags on the economy include rising gasoline prices, a widening trade deficit and concerns about inflation. “But we do think we are gaining ground economically,” he says.

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.