That's the concensus from a panel discussion at RealShare Detroit recently.
"There's been a flurry of activity in the past few months," says Steve Chaben, vice president of Marcus & Millichap in Detroit. "Right now, the fundamentals are very strong in that segment. On the flip side, you have office and industrial."
An exception might be in buying property with a single, stable tenant, says Stefan Stration, vice president of Pomeroy Investment. "The competition there is very keen and has been for some time."
He says slowly – very slowly – interest is also picking up for property that may not be quite as stable, but has potential for lease up.
"There's a tremendous amount of capital interested in real estate in this market right now," says Eric Larson, president of CEO of Larson Realty Group. "That could back off some if the stock market picks up, but now there is capital looking for real estate."
That doesn't mean lots of properties are changing hands rapidly, Chabren adds. "We have the buy-and-hold Midwestern mentality in this market," he says. "That's still a strong factor here.
So strong in fact, that Chabren said there's not a market that M&M is involved in where the property sales volume is less than in the Detroit region.
"The owners here, at least recently, have seemed to be more interested in refinancing than selling," comments Jeffrey Shell, senior director at Cushman & Wakefield's Detroit office.
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