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Detroit's Downtown Revival, Led by Dan Gilbert, Gains Momentum

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Detroit's Downtown Revival, Led by Dan Gilbert, Gains Momentum OFFICE SNAPSHOT: DETROIT DETROIT’S DOWNTOWN REVIVAL, LED BY DAN GILBERT, GAINS MOMENTUM Southfield into downtown last year for $76,900 to $126,000, or 64.5 percent, Mason L. about 50,000 square feet at One Wood- according to data compiled by Real- Capitani ward Avenue, another property owned comp for the Federal Reserve Bank of by Gilbert’s Bedrock. Chicago. Principal, Executive Vice Gilbert has indicated that he is not As a result, new luxury develop- President, L. Mason done buying and stated he is poised to ments are being built from the ground Capitani/CORFAC start building speculative office space. up for first time in decades. Residents International In light of the data, one can under- can dock their boats in reserved slips stand Gilbert’s temptation to build. at Water’s Edge, an upscale apartment The overall vacancy rate in Detroit’s community on the Detroit River with Detroit has become a five-sport CBD has plummeted from 24 percent a private marina and two private lakes town: The Pistons, Red Wings, Lions at the beginning of 2011 to under 15 that opened in January. Rental pric- and Tigers have been joined by Dan percent by the end of 2015, according es for its 134 apartments range from Gilbert’s Bedrock Real Estate Services to CoStar Group. $1,285 to $2,324 a month. Triton Invest- LLC, the entity that has made a sport First-quarter leasing activity indi- ment Co. is the developer of Water’s out of assembling a downtown Detroit cates that vacancy could fall another Edge. portfolio of commercial buildings. In point when the final numbers are tal- The Scott at Brush Park, a $64.5 the process, Gilbert is becoming the lied. Normally, speculative develop- million development with 199 apart- city’s biggest advocate. ment is uncommon with vacancy hov- ments, will be completed in Decem- Talking about Detroit’s office market ering around 15 percent. However, a ber. For $949 to $2,844 a month, rent- The PNC Center, a Class A office building without including Gilbert’s latest in- closer examination of the data helps ers will have access to a rooftop pool, in Troy, Mich., is currently 84 percent vestment is akin to discussing Detroit’s explain why Gilbert or someone else outdoor kitchen and spa, as well as a occupied. economy and excluding the automo- may pull the trigger on a new office pet-grooming station and on-site bike tive industry. high-rise sooner than some might ex- repair. Woodward and Erskine LLC, way. For example, a new light rail The Quicken Loans founder and pect. a real estate venture of Broder and system, partially funded by Gilbert, principal shareholder of the Cleveland The total inventory in the CBD is Sachse Real Estate Services, is the de- is coming on line soon. Named the Cavaliers put himself on the region’s slightly more than 26 million square veloper and owner of The Scott project. QLINE (pronounced Q-Line) after one real estate game board when the re- feet. But Class A space had a vacancy This year, Gilbert’s Bedrock com- of its main benefactors, the light rail cession ended and he started buying rate of only 10.6 percent at the end pany will break ground on a new $70 system will connect downtown with up properties. To date, Gilbert and his of 2015 compared with 11.8 percent million, 8.4-acre development in the Midtown, where Wayne State Univer- team have amassed a portfolio of more for Class B space and 30.5 percent for historic Brush Park district with re- sity is located. than 85 properties in and around the Class C space. stored Victorian-era mansions, pedes- downtown comprised of more than 13 In most cities, a vacancy rate near 10 trian greenways, shops and 400 new Rising tide lifts all boats million square feet and valued in ex- percent is considered a balanced mar- residences. More historic conversions For all the publicity downtown cess of $2.2 billion. ket and is often the inflection point that are on the way, with downtown’s ap- Detroit has garnered in recent years, The March 2015 acquisition of the spurs new construction. Developers peal for high-end residences strongest the vast majority of the region’s office 43-story One Detroit Center at 500 tend to focus on the vital signs of Class among young professionals and empty space is solidly in the suburbs, with Woodward Ave. — which has since A and B space rather than the overall nesters moving there for an urban life- approximately 170 million square feet been renamed Ally Detroit Center — market when considering moving for- style. of space. Much of that inventory is oc- and attached 2,070-space parking deck ward with new projects. Gilbert isn’t the only force behind cupied by the region’s 315,000 compa- for well over $100 million was his big- Detroit’s downtown revival. Mike Il- nies, including 14 in the Fortune 500 gest deal during the acquisition spree. Luxury living is catalyst itch, the founder and owner of the (ninth most in the U.S.). Additionally, Ally Financial is completing its re- The city of Detroit’s median home international fast food franchise Little Detroit is one of the biggest U.S. trad- location to the building this spring sale price in January 2008 was $75,500 Caesars Pizza and owner of both the ing partners with Canada. from the nearby Renaissance Center, and has fallen to about $34,000 cur- Detroit Red Wings and Detroit Tigers, Thanks to a resurgent automotive in- as well as bringing employees from rently, according to Zillow, yet de- is the man behind the downtown de- dustry in recent years, a record 18 mil- various buildings in Southeast Michi- mand for riverfront homes and velopment and construction of the lion cars, SUVs and light trucks sold gan into its new downtown headquar- condos in the downtown around Detroit Events Center, where the city’s in 2015 with a similar sales volume ters. When complete, Ally Financial Woodward Avenue has increased iconic hockey team is set to begin play expected for 2016 and 2017, according will employ some 1,300 workers on 13 steadily since 2006. Woodward area in the fall of 2017. to forecasters from the University of floors and occupy 321,000 square feet homes were selling for an average Ilitch’s group, along with other pri- Michigan Research Seminar in Quanti- of the 43-story, 1 million-square-foot price of $137,300 through September vate developers, has ambitious plans tative Economics. skyscraper. last year, up 95 percent from $70,400 to build a downtown district adjacent In addition to the automotive indus- In addition to Ally Financial, Fifth in 2006. The east riverfront area’s sale to the new Red Wings arena. Planned try, continued growth in healthcare, Third Bank was lured from suburban prices on average have increased from in phases and partly funded by tax defense/aerospace, information tech- breaks and related public monies, the nology and international logistics has 50-block district known as The District boosted Michigan’s economy in recent Detroit calls for mixed-use facilities, re- years. tail, restaurants, multifamily and other The state has just completed its sixth commercial structures (see related story year of economic recovery, averaging on front cover). 74,200 (net) new jobs a year. Since the It will also include a $40 million low point in the recession, the sum- Wayne State University business mer of 2009, Michigan companies have school named after Mike Ilitch. The added 445,000 workers to their respec- Mike Ilitch School of Business will be tive payrolls. The U-M forecast calls for built at the southwest corner of Wood- the growth to extend at least through ward Avenue and Temple Street, with 2017 with 61,100 jobs forecast in 2016 the land donated by the Ilitch family and 64,800 the following year. plus a $35 million pledge to build the Michigan’s seasonally adjusted state school, and a $5 million endowment unemployment rate in February stood for added goodwill. at 4.8 percent, down one-tenth of a per- The Detroit Events center, an arena currently under construction downtown, will be The downtown landscape has centage point from the prior month, the new home of the Detroit Red Wings starting in fall 2017. District Detroit will be a changed substantially in recent years, according to the U.S. Bureau of Labor 50-block, mixed-use area surrounding the arena that will include new office space. and more positive changes are on the Statistics. OFFICE SNAPSHOT: DETROIT After five consecutive years of nega- In many cases, rents are about the at 7.8 percent at the end of 2015, ac- while in Pittsburgh, first-year yields tive net office absorption from 2006 to same as when I got my broker's license cording to CoStar. Quoted rental rates on office properties have averaged 7-9 2010, net absorption of Detroit’s overall in the 1990s. Indeed, 10 years ago quot- for Class A office space in Auburn Hills percent recently. And Cleveland’s of- office space has been positive for five ed rental rates for the overall Detroit of- averaged $22.02 per square foot at the fice cap rates edged up in 2015 to 8.87 consecutive years, beginning in 2011. fice market averaged $20.28 per square close of 2015 compared with $18.33 per percent on average, compared with an The overall office rate in metro foot (at the close of 2006).
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