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

MONTCALM WITHERALL

BRUSH ST. ANTOINE T

THIRD ELIZABETH TIO 74 27 GRA 47 73 ADAMS 13 44 72 46 14 11

F 51 49 75 57 IRST 43 40 10 77 08 06 12 56 71 68 79 62 70 MICHIGA 36 63 48 07 09 69 41 64 39 38 37 10 N CASS 32 52 30 33 LAFAYETTE PARK 66 29 28 65 67 34 ABBOTT 31 05 MONROE 26 RANDOLPH 45 04 03 BEAUBIEN LAFAYETTE 35 82 LAFAYETTE 80 76 61 22 23 50 16 SHELBY 55 FORT 81 21 18 24 54 25 20 15 CONGRESS JEFFERSON AVE. 02 19 MCDO 53 42 58 FRANKLIN UGALL RIVERTOWN 01 WIGHT 85 17 78 83 59 ATWATER 84 DOWNTOWN 60

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 ## Development Project NEW CENTER

85 DELAWARE 01 Emerald 38 Maccabees Restaurant 02 Mack at Brush Park 39 Sugar Hill Walkway Phase I 90 03 Capital Impact Partners 40 Social Grooming Club 47 SEVILLE 04 Detroit Future City 41 Detroit Historical Museum LOTHROP 05 Rebuild Nation 42 Bikram Yoga Midtown 55 03 57 04 10 GRAND BLVD 06 Second Avenue Special LED 43 Sherbrooke Apartments 106 05 08 09 Street Lighting Project 44 Sprinkler Building, The 36 44 07 Second Ave. Conversion, 45 Freshii BALTIMORE 122 96 83 WOODWARD 49 with Bike Lanes 46 Queen Lillian Medical Offices 82 08 Stella Good Coffee Expansion (WSU Psych. Bldg) TECHTOWN 28 09 The Zenith 47 Resendes Design Group 72 120 10 Workshop 48 Black Dress Shop Expansion ANTOINETTE 94 11 312 Watson 49 Uhaul 07 12 Cass Corridor Neighborhood 50 Midtown Loop - Phase II - 118 81 PALMER Development Corporation Canfield and John R

ANTHONY 06 93 FERRY 53 98 13 Great Expresssions 51 South Campus Parking

01 119 WAYNE

ST.ANTOINE 14 Coronado Apartments Structure 45 41 123 10 40 CASS 105 REUTHER ART CENTER 15 Woodward Garden Block - 52 Whole Foods Market FARNSWORTH 117 Phase IV - Mixed Use 53 110 E. Ferry WAYNE STATE 38 WARREN 16 Woodward Garden Block - 54 Olympia Sports and 77 Phase III - Theatre Entertainment District 124 JOHN R. 43 BRUSH 37 K 17 DMC Harper University 55 Henry Ford Hospital Future HANCOC FOREST 35 115 34 80 33 76 39 92 Hospital, DMC Hutzel Investment Plan 31 30 116 32 89 99 Women’s Hospital 56 Redmond Park Rehab 29 73 125 48 113 97 50 75 74 42 112 103 18 DMC Harper University 57 St Regis Apartments NORTH CASS 114 70 27 26 25 69 WILLIS 111 78 110 79109 24 23 20 Hospital 58 Addison Eatery 75 21 86 108 22 88 121 87 68 17 65 19 DMC Harper University 59 Woodward/Stimson Mixed 66 SECOND 63 15 67 18 84 SELDEN 16 19 Hospital ER/Surgery OR Use Project 107 56 71 64 14 62 BRAINARD 61 MEDICAL CENTER 20 AYV 60 Cass Plaza/The Davenport THIRD 13 51 MACK 101 21 Adnan Charara Studio 61 WSU Physicians - Group MLK 12 52 02 126 127 46

60 22 La Feria Building & Deck FOURTH PETERBORO 59 ERSKINE 23 Union Street Patio 62 Carpenters Building - 94 100 95 91 24 Melt The Plaza CHARLOTTE 102 11 58 ALFRED WILKINS 25 Zefs 63 Flagstar Bank CASS PARK TEMPLE DIVISION 26 Sy Thai 64 UM Architecture School 54 UNION ADELAIDE BRUSH PARK 27 The Auburn Apartments 65 DMC - Children’s Hospital WINDER 28 TechTown Junction 440 Tower 75 29 RUNdetroit 66 Century, The 30 La Hooka Town / Indian 67 DMC Harper University

MONTCALM 01 WIT

H Palace Hospital and DMC Hutzel 02 D 31 Bottomline Coffee House Women’s Hospital 32 Fatburger 68 Bicentennial Tower Upgrades 33 HR Block 69 DMC Detroit Receiving 34 Cass Café Façade Hospital 35 Third Street Bar/Kitchen 70 Avalon Renovation 36 Shinola 71 438 Selden (Former Marie 37 Medical Center Village Apartments) Upgrades 72 TechTown Plaza

86 7.2 SQ MI | A Report on Greater Downtown Detroit | Second Edition ## Development Project ## Development Project ## Development Project ## Development Project

89 74 Garfield 115 Forest Arms Apartments 73 Fellow Barber 103 La Palma Expansion 90 Midtown Business Center 116 Brentwood Apartments 74 Willys Detroit 104 Virginia Park/Ventuers for 91 Scott Mansion 117 Bethel Tower Upgrades 75 449 W. Willis America 92 Sugar Hill Church 118 Tony V’s Tavern 76 Checkers 105 Detroit Pizza Co. & 93 Verona Façade Upgrades 119 Kirby Center Lofts 77 Mac n’ Cheez Nom Nom’s Cupcake Shop 94 8 Degrees Plato 120 WSU’s Multidisciplinary 78 3rd/4th Street Eco-District 106 Café Con Leche 95 Cass Avenue Retail Project Biomedical Research 79 The Charles 107 Selden Standard 96 Cass, Second and Third Ave- Building 80 Sugar Hill Walkway Phase II 108 3980 Second nue Viaducts 121 El Moore Greens 81 5734 Woodward Ave. 109 Willy’s Overland Lofts 97 WSU Convention Center - 122 Northern Lights Lounge 82 First American Title Co. 110 Third Street Aquatic Center The Vernor (Cass/Canfield) Patio 83 Baltimore Station Apartments 111 Woodward-Willis Mixed 98 East Ferry/Kirby Town Homes 123 Hellenic Museum of MI 84 678 Selden Use Project 99 Sugar Hill Parking Deck 124 Cathedral Towers 85 Casamira Apartments 112 HopCat 100 Patterson Terrace 125 Dog Park 86 Billinghurst, The 113 Green Alleys 101 Midtown Loop Phase IV - Cass 126 DMC Heart Hospital 87 70 W. Alexandrine 114 Willys Commercial 102 Masons 127 DMC Parking Deck 88 711 W. Alexandrine Build-out

Midtown Investment by Status, 2013

13% 14% STATUS INVESTMENT # OF PROJECTS

COMPLETE $294,493,977 72 UNDER CONST. $270,362,076 21 PIPELINE $1,589,850,888 49 73%

Midtown Investment by Construction Type, 2013

14% TYPE INVESTMENT # OF PROJECTS

NEW CONST. $1,839,107,553 28 RENOVATION $305,639,398 106 INFRASTRUCTURE $12,960,000 8 86%

Section Four | Economy and Investment 87 REAL ESTATE DEVELOPMENT

Eastern Market

## Development Project ## Development Project 75 EASTERN MARKET MACK 18 00 Trinosophes 16 Shed 5

09 RUSSELL 01 Thomas Magee’s 17 E & B Brewery Lofts ELIOT ERKSINE 08 WATSON 02 Art Effect Gallery 18 Edibles Rex

ORLEANS BRUSH PARK RIOPELLE 03 Cost Plus Mural 19 Del Bene Produce BREWSTER 16 04 Detroit City Distillery WILKINS 19 15 07 05 3 Dogs 1 Cat RIVARD 14 DIVISION 06 Adam’s Meats 06 12 07 Live, Love, Local 13 05 17 11 01 03 04 08 Accelerator at Eastern Market 75 02 10 ST.AUBIN 09 Fairway Packing Co. 00 10 Eastern Market Green

BRUSH

ST. ANTOINE GRATIOT Grocer 11 Grobbel Corned Beef 12 Metro Cold Storage 13 Wolverine Expansion LAFAYETTE PARK 14 Detroit Wholesale Produce MONROE 15 Shed 4 and Shed 4 Lofts

COMPLETE

UNDER CONSTRUCTION PIPELINE

88 7.2 SQ MI | A Report on Greater Downtown Detroit | Second Edition Eastern Market Investment by Status, 2013

1% 21% STATUS INVESTMENT # OF PROJECTS

COMPLETE $591,000 8 UNDER CONST. $17,950,000 5 PIPELINE $67,165,000 11 78%

Eastern Market Investment by Construction Type, 2013

5% 38% TYPE INVESTMENT # OF PROJECTS

NEW CONST. $32,600,000 6 RENOVATION $49,071,000 16 INFRASTRUCTURE $4,035,000 2 57%

Section Four | Economy and Investment 89 REAL ESTATE DEVELOPMENT

Corktown

P ARKS

## Development Project ## Development Project TEMPLE 01 WCCCD 09 Tigers Stadium SPRUCE GRAND RIVER 02 Detroit Institute of Bagels 10 St. Vincent Middle School

07 75 03 Ottava Via 11 American Lightweight & 04 Brew Detroit Modern Metals Manufacturing 06 15 14 MICHIGAN 05 Ponyride Innovation Institute 16 08 06 Slows Bar BQ 12 Quicken Loans Data Center 10 THIRD

09 03 07 Two James Distillery 13 Bagley/Trumbull Market

VERMO 14TH

FIRST 08 UFO Factory 14 Rubbed Deli on Michigan

NT 02 BAGLEY 13 15 Gold Cash Gold CORKTOWN 10 16 Roosevelt Hotel 12 11 PORTER 17 04 05 TRUMBULL ABBOTT 17 Batch Brewery

HOWARD LAFAYETTE 01 FORT

DETROIT RIVER

COMPLETE

UNDER CONSTRUCTION

PIPELINE

90 7.2 SQ MI | A Report on Greater Downtown Detroit | Second Edition Corktown Investment by Status, 2013

3% 4% STATUS INVESTMENT # OF PROJECTS

COMPLETE $1,250,000 9 UNDER CONST. $148,965,000 7 PIPELINE $28,000,000 2 93%

Corktown Investment by Construction Type, 2013

7% TYPE INVESTMENT # OF PROJECTS

NEW CONST. $28,000,000 2 RENOVATION $150,215,000 16

93%

Section Four | Economy and Investment 91