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Section Four SECTION FOUR SECTION FOUR ECONOMY AND INVESTMENT ECONOMY & INVESTMENT EMPLOYMENT EMPLOYMENT, EMPLOYMENT SECTORS & GROWTH 76 WAGES 77 COMMERCIAL SPACE 78 REAL ESTATE DEVELOPMENT 82 Section Four | Economy and Investment 75 EMPLOYMENT, EMPLOYMENT SECTORS & GROWTH (4.1) Since 2010, Downtown Detroit has added over 16,000 employees including over 12,000 Quicken Loans affiliated team members, 3,400 Blue Cross Blue Shield employees, and 600 Campbell Ewald employees. (4.2) Total Employment in Greater Downtown, 2011 >1% 2% AREA EMPLOYEE COUNT 50% CORKTOWN 2,329 EMPLOYEES DOWNTOWN 66,489 EMPLOYEES EASTERN MARKET 3,407 EMPLOYEES LAFAYETTE PARK 413 EMPLOYEES 44% MIDTOWN 59,557 EMPLOYEES RIVERTOWN 1, 664 EMPLOYEES >1% 3% WOODBRIDGE 542 EMPLOYEES (4.3) Employment by Sector, 2011 SECTOR EMPLOYEE COUNT 37% 11% PRIVATE EDUCATION & HEALTHCARE 50,875 EMPLOYEES 5% GOVERNMENT 21,596 EMPLOYEES 11% PROFESSIONAL, SCIENTIFIC, TECH & MGMT 27,862 EMPLOYEES 16% LEISURE & HOSPITALITY 15,093 EMPLOYEES 20% CONSTRUCTION, MANUFACTURE & TRANSPORT 6,493 EMPLOYEES OTHER SECTORS 14,482 EMPLOYEES 76 7.2 SQ MI | A Report on Greater Downtown Detroit | Second Edition WAGES (4.4 ) Annual Wages at Greater Downtown Jobs, 2002-2011 2002 2011 WAGE 2011 COUNT $0–$15K 11% 16% – 05% 0–$15K 15,610 $15K–40K 39,501 $40K+ 81,290 $15K–$40K – 09% GAIN 38% 29% LOSS 20% $40K+ 46% + 14% 60% Section Four | Economy and Investment COMMERCIAL SPACE (4.5) Commercial Real Estate in Greater Downtown, All Properties, 2014 NET RENTABLE LEASE RATE VACANCY RATE $20.44 Net Rentable: 26.1M SQ.FT. DOWNTOWN 26,137,026 16% Lease Rate: $20.44 Vacancy Rate: 16% 7,931,165 $16.01 11% Net Rentable: 7.9M SQ.FT. MIDTOWN Lease Rate: $16.01 Vacancy Rate: 11% 1,042,245 $13.65 Net Rentable: 1M SQ.FT. CORKTOWN 60% Lease Rate: $13.65 Vacancy Rate: 60% $18.69 Net Rentable: 2M SQ.FT. 1,969,273 12% RIVERTOWN Lease Rate: $18.69 Vacancy Rate: 20% $22.04 Net Rentable: 472K SQ.FT. 472, 886 EASTERN MKT. 20% Lease Rate: $22.04 Vacancy Rate: 20% $21.00 Net Rentable: 292K SQ.FT. 292,085 0% LAFAYETTE P. Lease Rate: $21.00 Vacancy Rate: 0% 78 7.2 SQ MI | A Report on Greater Downtown Detroit | Second Edition (4.6) Commercial Vacancy Rate in the Central Business District, 2010–2014 2010 2011 2012 2013 2014 27.3% 20.3% 17.9% 18.3% 16.0% (4.7) Large Properties in the Central Business District, 2014 NET RENTABLE LEASE RATE VACANCY RATE $20.44 Net Rentable: 26.1M SQ.FT. ALL 26,137,026 16% Lease Rate: $20.44 PROPERTIES Vacancy Rate: 16% 9,969,980 $22.59 12% Net Rentable: 10M SQ.FT. LARGE Lease Rate: $22.59 PROPERTIES Vacancy Rate: 12% Section Four | Economy and Investment 79 COMMERCIAL SPACE (4.8) Commercial Real Estate, Central Business District Comparisons, 2014 NET RENTABLE LEASE RATE VACANCY RATE 26,137,026 $20.44 Net Rentable: 26.1M SQ.FT. DETROIT CBD 16% Lease Rate: $20.44 Vacancy Rate: 16% 15,316,739 $18.86 Net Rentable: 15.3M SQ.FT. CLEVELAND CBD 19% Lease Rate: $18.86 Vacancy Rate: 19% 24,639,723 $21.06 10% Net Rentable: 24.6M SQ.FT. PITTSBURGH CBD Lease Rate: $21.06 Vacancy Rate: 10% 24,126,861 $14.15 15% Net Rentable: 24.1M SQ.FT. MINNEAPOLIS CBD Lease Rate: $14.15 Vacancy Rate: 15% 43,248,159 14% Net Rentable: 43.2M SQ.FT. Lease Rate: $26.93 PHILADELPHIA CBD $26.93 Vacancy Rate: 14% Right: Woodward Avenue, Downtown 80 7.2 SQ MI | A Report on Greater Downtown Detroit | Second Edition REAL ESTATE DEVELOPMENT (4.9) Since 2006, over $9 billion has been invested in real estate development projects in Greater Downtown. Between 2006 and 2012, over $4.2 billion was invested in a total of 176 projects. Between 2013 and 2014, $5.2 billion was invested in a total of 258 projects. Greater Downtown Investment by Status, 2013–2014 20% 23% STATUS INVESTMENT # OF PROJECTS COMPLETE $1,215,742,227 115 UNDER CONST. $1,171,869,976 59 PIPELINE $2,957,613,312 103 57% 82 7.2 SQ MI | A Report on Greater Downtown Detroit | Second Edition Greater Downtown Investment by Construction Type, 2013–2014 48%50% TYPE INVESTMENT # OF PROJECTS NEW CONST. $2,542,270,397 51 RENOVATION $2,782,210,117 212 INFRASTRUCTURE $20,145,000 14 52% Greater Downtown Investment by Neighborhood, 2013–2014 3% 2% 55% NEIGHBORHOOD INVESTMENT # OF PROJECTS DOWNTOWN, $2,926,591,563 93 RIVERTOWN AND LAFAYETE PARK 40% MIDTOWN $2,154,706,951 142 EASTERN MARKET $85,706,000 24 CORKTOWN $178,215,000 18 Section Four | Economy and Investment 83 REAL ESTATE DEVELOPMENT Downtown, Lafayette Park & Rivertown WOODWARD 75 ST. AUBIN ST. MONTCALM WITHERALL BRUSH ST. ANTOINE ST. T THIRD 74 ELIZABETH TIO ADAMS 27 GRA 47 73 13 44 72 46 14 11 F 51 75 IRST 43 49 57 08 06 40 10 12 56 71 77 70 68 79 36 62 48 07 09 69 41 MICHIGA 63 64 39 10 N CASS 32 52 38 33 37 66 29 28 30 67 34 LAFAYETTE PARK ABBOTT 65 31 05 26 RANDOLPH MONROE 04 03 BEAUBIEN 45 LAFAYETTE 35 80 76 61 22 23 50 82 LAFAYETTE 16 SHELBY FORT 21 55 18 81 54 24 20 02 15 CONGRESS JEFFERSON AVE. 25 53 19 MCDO 01 42 58 FRANKLIN UGALL RIVERTOWN 17 78 83 WIGHT 85 59 ATWATER DOWNTOWN 60 84 DETROIT RIVER Downtown Investment by Status, 2013 26% 31% STATUS INVESTMENT # OF PROJECTS COMPLETE $919,407,250 26 43% UNDER CONST. $734,592,900 26 PIPELINE $1,272,597,414 41 Downtown Investment by Construction Type, 2013 22% TYPE INVESTMENT # OF PROJECTS NEW CONST. $645,562,844 15 RENOVATION $2,277,284,719 74 INFRASTRUCTURE $3,250,000 4 78% 84 7.2 SQ MI | A Report on Greater Downtown Detroit | Second Edition ## Development Project ## Development Project ## Development Project COMPLETE UNDER CONSTRUCTION 01 Cobo Hall 26 The Griswold Roxbury 61 Olde Building 02 Riverfront Towers 27 The Residence - Grand 62 Griswold Lofts - Detroit PIPELINE 03 1001 Brush Street Circus Park Savings Bank 04 1001 Woodward 28 Capitol Park Lofts 63 The Albert 05 Buffalo Wild Wings 29 119 State Street 64 Farwell Lofts 06 Julian C. Madison Building 30 1201-1217 Woodward 65 Detroit Institute for Music 07 Lofts of Merchants Row 31 Hudson’s Site Education (DIME) 08 Detroit City Apartments 32 1215 Griswold 66 New Safety HQ 09 1500 Woodward 33 1234 Library (Punchbowl) 67 Cary Building Lofts (Wright Kay) (Z Deck) 68 Lafayette Towers 10 1520 Woodward 34 1238 Randolph 69 Lambert Edwards 11 1521 Broadway 35 Bates Garage Site & Associates 12 1528 Woodward 36 Book Building and Tower 70 Woodward Lofts 13 Madison 37 1322-1332 Broadway 71 Ashley/Milner 14 Grand Circus (3 buildings) 72 David Whitney Building 15 Two Detroit Garage 38 1400 Woodward 73 Grand Army Memorial Hall 16 Former Federal Reserve 39 1412 Woodward 74 Mindfield 17 Detroit Marriott 40 Valpey Building, Pepper 75 Detroit Athletic Club Renaissance Center Shoes, Schostak 76 Free Press Building 18 419 Fort Street 41 1452 Randolph/Michigan 77 Music Hall Center for the 19 Renaissance City Chronicle Performing Arts Apartments 42 Griswold Capitol Park 78 Urban Science 20 Grand Trunk Pub 43 1505 Woodward 79 Navitas Building 21 First National Building 44 Statler City Apartments 80 615 W. Lafayette - Detroit 22 Anytime Fitness at 45 DuCharme Media Partnership Security Trust Lofts 46 1550 Woodward 81 620-630 Woodward 23 One Kennedy Square 47 DTE Public Space 82 BCBS Cornice and Slate 24 WCCCD Development Building 25 Belleview Development 48 28 W. Grand River 83 Orleans Landing, East 49 Metropolitan River Development 50 Randolph and Layfayette 84 Globe Building Surface Lots 85 East Jefferson Neighborhood 51 Philip House - Presbyterian Villages 52 45 W. Grand River of Michigan Development 53 511 Woodward Roxbury 54 Vinton 55 Cadillac Tower 56 Wurlitzer 57 Madison Avenue - Phase 1 Infrastructure (DDA) 58 East Riverfront (Phase One) 59 Harbortown Residential Complex 60 Roberts Riverwalk Hotel Pool Conference Center Section Four | Economy and Investment 85 REAL ESTATE DEVELOPMENT COMPLETE UNDER CONSTRUCTION PIPELINE Midtown 10 104 ## Development Project NEW CENTER ## Development Project DELAWARE 85 01 Emerald 38 Maccabees Restaurant 02 Mack at Brush Park 90 39 Sugar Hill Walkway Phase I 03 Capital Impact Partners 47 40 Social Grooming Club SEVILLE 04 Detroit Future City 41 Detroit Historical Museum LOTHROP 55 05 Rebuild Nation 42 Bikram Yoga Midtown 03 57 GRAND BLVD 04 10 06 Second Avenue Special LED 106 05 08 09 43 Sherbrooke Apartments Street Lighting Project 36 44 Sprinkler Building, The 44 BALTIMORE 122 96 83 WOODWARD 07 Second Ave. Conversion, 45 Freshii 49 82 with Bike Lanes 46 Queen Lillian Medical Offices 08 Stella Good Coffee Expansion (WSU Psych. Bldg) TECHTOWN 28 09 The Zenith 47 Resendes Design Group 72 120 10 Workshop ANTOINETTE 48 Black Dress Shop Expansion 94 11 312 Watson 49 Uhaul 07 12 Cass Corridor Neighborhood 118 81 PALMER 50 Midtown Loop - Phase II - Development Corporation ANTHONY Canfield and John R 06 93 FERRY 53 98 13 Great Expresssions 51 South Campus Parking 01 119 WAYNE 45 41 123 ANTOINE ST. 14 Coronado Apartments Structure 10 40 CASS 105 ART CENTER REUTHER 15 Woodward Garden Block - 52 Whole Foods Market WAYNE STATE FARNSWORTH 117 38 Phase IV - Mixed Use 53 110 E. Ferry WARREN 16 Woodward Garden Block - 54 Olympia Sports and 77 124 JOHN R. Phase III - Theatre Entertainment District 43 BRUSH HANCOCK 37 FOREST 17 DMC Harper University 55 Henry Ford Hospital Future 35 115 34 33 76 80 Hospital, DMC Hutzel 31 30 116 39 92 Investment Plan 32 89 99 29 73 125 48 Women’s Hospital 56 Redmond Park Rehab 113 97 50 74 42 112 75 NORTH CASS 114 27 26 103 18 DMC Harper University 57 St Regis Apartments 70 25111 69 78 110 79109 24 WILLIS 23 75 21 86 20 Hospital 58 Addison Eatery 108 22 88 121 87 68 17 65 19 DMC Harper University 66 SECOND 63 15 67 18 59 Woodward/Stimson Mixed 84 SELDEN 16 19 107 56 71 64 Hospital ER/Surgery OR 14 62
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