Selection of relevant news on the real estate sector in Detroit
We are pleased to send you information about news published in different media on real estate investments in Detroit. We hope you find it interesting. We’ll be glad to help you analyze how this information can generate opportunities for your next investment.
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Detroit, the millennial city for real estate investment
The real estate sector is going strong and offering unique opportunities to invest at low costs and with high returns. “In this period, things are improving and, therefore, there is a high level of certainty for investors. There is an upward trend and possibilities of important growth in this market” as expressed by Andrés Godenberg, Founder & Chairman of Spider. Today, Detroit is strong and expected to continue growing and become the Silicon Valley of the 90s”.
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Rising Midwest tech hubs perfect for start ups with affordable office space
When you look at Class A office space, Kansas City, Indianapolis, Columbus, Cincinnati and Detroit all come in as top choices. For $5,000 a month a company can get between 2,800 square feet to 2,400 square feet of Class A office space in these cities.
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Detroit, MI Real Estate Market Update
According to ATTOM Data Solutions Q2 2017 numbers, 88 percent of the homes sold in the city in 2016 were sold to investors (compared to 35 percent in 2010). What are these investors doing with those properties? For the most part, they’re holding onto them. The vast majority of those homes are being purchased as turnkey rental properties that cash flow for their owners while also appreciating at a healthy rate. There are many reasons that real estate investors feel that Detroit is a good market for their real estate strategies. As with most metro areas, Detroit is home to a market full of flippers, wholesalers, and rehabbers.
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Cleveland, Detroit Top Rental Investment Markets
´Looking at average gross yield rates, Cleveland, Detroit and Dayton top our list of markets with the highest returns for single-family homes,” said Dennis Cisterna, Chief Revenue Officer at RentRange. “These three markets fall within the Rust Belt region, which was once dominated by an industrial-powered economy and is now experiencing population loss and economic decline¨.
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UBS to open downtown Detroit office
UBS Group AG’s U.S. and Canadian wealth management business, New Jersey-based UBS Wealth Management Americas, plans to lease 13,000 square feet on the connected sixth floors of neighboring buildings at 1515 Woodward Ave. and 1529 Woodward Ave.The two buildings built around 1900 are owned by Detroit-based Bedrock LLC and are undergoing renovations.
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CBRE: Foreign investors a boon to industrial markets across the Midwest
Foreign investors continue to pump more dollars into industrial real estate, with the city of Detroit seeing an especially impressive amount of investment money. Detroit has been one of the main beneficiaries for this investment activity. CBRE reported that the Detroit area has received $166.9 million in foreign capital since 2010.
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Newmark Knight Frank: Demand for office space in Detroit CBD reaches new heights
According to Newmark Knight Frank’s third-quarter report, office vacancies in metropolitan Detroit fell 20 basis points to 17 percent during the third quarter. A bit more than 180,000 square feet was absorbed to get to this level. For the year, 386,000 square feet of office space has been absorbed in the Detroit market. The Central Business District is especially strong, marking its 21st straight quarter of positive absorption.
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Capital Impact Partners and JPMorgan Chase Launch New Program to Increase the Number of Minority Developers in Detroit
As part of the firm’s $150 million investment in Detroit’s recovery, JPMorgan Chase has committed to a $500,000, two-year investment in Capital Impact’s Equitable Development Initiative. This program will provide a combination of catalytic capital, one-on-one mentorship with local experts, and formalized training to bolster inclusivity within Detroit’s real estate market. The two-year program is designed to kick-start the development of small- and mid-sized mixed-use, multi-family residential projects in the city’s mixed-use corridors and is aligned with Capital Impact’s mission—helping people build communities of opportunity that break barriers to success.
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Marcus & Millichap: Detroit an inviting home for retailers
The Detroit economy is proving to be an inviting one for retailers, according to the latest research from Marcus & Millichap. According to the company’s third-quarter Detroit retail report, employers in the area have added more than 100,000 workers during the last three years. Many of these new jobs are high-paying tech positions, with companies such as Penske Logistics, Lear and Amazon expand in the Detroit market.
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Michigan’s jobless rate rose to 3.9% in August
State officials say Michigan’s unemployment rate rose by two-tenths of a percentage point to 3.9% for August even as the number of people in the workforce declined for the fourth straight month.
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RESIDENTIAL MARKET POTENTIAL for Greater Downtown Detroit and the Central Business District
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