A large crowd gathered at The Community House in Birmingham, Michigan, on May 15 for the third annual Detroit Suburban State of the Market summit, hosted by the Michigan Real Estate Journal. The mood was one of cautious optimism as industry leaders discussed the current challenges and opportunities within the commercial real estate market.
Panelists addressed the impact of high interest rates, rising material costs, and a skilled labor shortage. Despite these hurdles, Detroit’s suburbs continue to show resilience, attracting new development, tenants, and sales. There is a sense of returning stability now that the Federal Reserve Board has indicated it will not raise its benchmark interest rate, potentially boosting future investment sales and development.
Among the summit participants were Jared Friedman and Steven Silverman from Friedman Real Estate, contributing their insights and expertise to the discussions.
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