Billionaire and Cleveland Cavaliers owner Dan Gilbert is buying, redeveloping, and occupying properties in Detroit. According to Bedrock, he owns 70 properties covering 10 million square feet in the city center. These real estate investments in commercial spaces and downtown parking decks and garages total $1.6 billion.
Why Detroit?
Microsoft made an announcement in early 2017 that it plans to move its Southfield office to downtown Detroit. This new office will be in the 4,000 sq. ft. One Campus Maritime building, owned by Gilbert. This office will have a Microsoft Tech Center where clients of the software giant come to work directly with Microsoft staffers on specific projects. Phil Sorgen, Corporate Vice President for Microsoft’s U.S. Enterprise and Partner Group has made a statement saying, “We’re really excited to move down into the center of Detroit and also the center of a thriving digital economy.”
The addition of Microsoft to downtown’s growing list of tech firms which include Compuware and Quicken Loans are increasing the credibility of Detroit as an emerging tech hub. Mayor Mike Duggan said in a statement of February 3rd: “We are thrilled to welcome Microsoft to the city of Detroit, which is a rising city for innovation and technology in the country.” Gilbert also tweeted: “Great to have Microsoft join 150 tech startups, Quicken Loans, and Amazon in the burgeoning tech hub of downtown DET.”
Summary?
With all the tech companies and development happening in Detroit, the city is definitely a real estate market of interest.
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