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Just crunched the numbers on vacancy rates in downtown Detroit and they finally dipped under 15%
I've been tracking commercial vacancies in the CBD for about 3 years now since I opened my shop. Been watching the data from the Detroit Economic Growth Corp reports. Last quarter it hovered around 16.2% but this new Q3 report shows it finally hit 14.8%. That's the lowest I've seen since I started paying attention. I had a feeling it was turning around when I noticed three new coffee shops opened on Woodward within 6 months of each other. The old Hudson's site construction probably helped push that number down too. Anyone else seeing this trend in other parts of the city like Midtown or Corktown?
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victor_jones9922d ago
yeah 'block-by-block data' tells the real story
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keith_rivera1925d ago
...honestly I wouldn't get too excited about it yet. A lot of those vacancies are probably just gonna get eaten up by vape shops and cell phone repair places that close six months later anyway. I'll believe it's a real turnaround when I see a grocery store open downtown that's not just a glorified convenience store.
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cameronjenkins26d ago
Actually, the Hudson's site is more of a mixed blessing for those vacancy numbers. That block's been a construction zone for years, so it's not like it was filled with shops before they started. A big chunk of that dip is probably from the smaller storefronts in the surrounding blocks getting snapped up by new restaurants and services. I looked at the DEGC's block-by-block data last week, and the real story is in the side streets off Woodward, not just the main drag. Still, 14.8% is a good number, but I'd wait to see if it holds through the winter before calling it a full recovery.
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