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Commercial Real Estate INSIGHTS

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COLDWELL BANKER COMMERCIAL® REPORTS

Insights: Land Sales Trends

Insights: Land Sales Trends

The U.S. economy entered a recession in February, 2020, per the National Bureau of Economic Research. Commercial real estate development typically slows during a recession because developers do not want to incur the holding costs of land parcels if there is not an expected demand for new product.

Insights: Student Housing 2020

Insights: Student Housing 2020

The main uncertainty in the student housing sector is COVID-19’s impact on the 2020-2021 school year’s leasing. There is a variety of factors which make the student housing occupancy outlook uncertain.

COLDWELL BANKER COMMERCIAL® REPORTS

Insights: Landlord Employer Liability

Insights: Landlord Employer Liability

The ongoing coronavirus pandemic raises the question of whether landlords with leased properties can be held liable for injuries sustained when someone contracts COVID-19 at the premises.

Opportunity Zones & Taxes

Opportunity Zones & Taxes

What are Opportunity Zones? The real estate industry is buzzing about this new program which allows private investment in country’s distressed communities. CBC brings you a quick overview to help you understand what they are and how investors can use them for their benefit.

Regional Summaries

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Detroit, MI

Apartment
The 219,100-unit market-rate investment grade Detroit apartment market stalled a little in the first quarter of 2019, although vacancy remained low and rents managed to edge up. The overall vacancy rate is just 3.0%, up 10 basis points for the quarter and year-over-year. Average rents edged up just 0.2% by both measures in the first quarter of 2019, to $1,035 per month asking and $997 per month effective. The year-over-year gains are still large at 3.7% and 4.1%, respectively. VIEW APARTMENT LISTINGS >
Industrial
The 214-million-square-foot metro Detroit warehouse/distribution space market vacancy rate edged up 10 basis points to 10.4% in the first quarter of 2019, which is also up 10 from a year earlier. Both the average asking rent and the average effective rent were up 0.5% over the quarter, to $4.33 psf and $3.97 psf, respectively. The year-over-year gains are 1.6% asking and 2.1% effective. The 36.15-million-square-foot Flex/R&D market vacancy rate jumped 60 basis points in the first quarter of 2019 to 14.2%, which is the same as a year earlier. The average asking rent edged up just 0.3% to $7.28 psf, and the average effective rent was unchanged at $6.58 psf, but these rates are still up 2.5% and 3.0%, respectively, year-over-year. VIEW INDUSTRIAL LISTINGS >
Office
Detroit's 74-million-square-foot general purpose, multi-tenant office market overall vacancy rate is up 30 basis points for the quarter and 20 year-over-year to 23.3%. Rents continue to edge up, implying market balance despite negative demand. During the first quarter both the average asking rent and the average effective rent increased 0.3%, to $20.36 psf and $15.23 psf. Annual gains have been in the vicinity of 1.5% since 2014. VIEW OFFICE LISTINGS >
Retail
The 34.6-million-square-foot Detroit area community-neighborhood shopping center market is quiet as well. The vacancy rate edged down 10 basis points over the quarter to 11.9%, but that is up 20 from a year earlier. The average asking rent and average effective rent increased 0.7% over the quarter to $18.16 psf and $15.91 psf, a solid gain. The year-over-year increase, however, is just 1.0% by both measures. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, Inc. based on Market Summaries for the 85 Primary and Secondary Markets they cover.

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