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Detroit Area Retail Activity Picking Up

DETROIT-According to a recent report, developers are on track to deliver 60% more sf to the Detroit area retail market in 2005. Strip centers continue to be a popular investment, with the median price increasing 43% to $106 per sf over the past 12 months.

By Dan Heaton | Updated on June 09, 2005

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DETROIT-A major commercial real estate broker is predicting stronger activity for the remainder of the year in the Detroit retail real estate market. According to a recent report by Marcus & Millichap, retail property prices should post gains in the second half of the year.

“Detroit’s retail market is faring well this year with solid tenant demand, especially in the metro’s thriving suburbs,” says Steven R. Chaben, first vice president and regional manager of the firm’s Detroit office. “Dollar volume for large-ticket assets will remain robust as institutions continue to seek acquisitions in the Detroit metro.”

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