Future Cities
Market Spotlight: Detroit’s Here & Next
More than a comeback. An arrival.
February 8, 2024
View the Full Detroit’s Here & Next Report
One of America’s historically monumental cities is bounding beyond the here and now, setting its sights on becoming a true city of tomorrow. See the following CBRE Market Spotlight for a closer look into Detroit’s readiness for the future through its present rebound, propulsive reinvention and perpetual revival.
3 Factors for Detroit
-
The Rebound
A city’s sweeping turnaround, from its renewed financial health to its downtown resurgence
A recognized return to good financial standing, including a raised debt rating of BB+ by the S&P, $3B logged in bond orders, and a $230M budget surplus
[sources: detroitmi.gov & BridgeDetroit]
Employment on the rise, with the lowest unemployment rate in over three decades in April 2023
[Source: Oxford Economics]
A revitalized downtown, attracting locals and visitors alike through its restored architectural treasures and revamped accessibility for walking, commuting and gathering
Energized and centralized hospitality and events sectors, contributing to recent accolades like Time Magazine’s “Greatest Places” (2022) and Condé Nast Traveler’s “Best Places to Go in North America” (2024)
-
The Reinvention
How the capital of some of history’s transformational industries is supercharging tomorrow’s
Poised to become a power player in tomorrow’s technologies, highlighted by Ford’s $1B conversion of Michigan Central Station into a multi-organizational hub for future mobility and autonomous tech research, training and development
An epicenter of industry up-and-comers, recognized as the #1 emerging startup ecosystem globally in 2022
[source: Startup Genome]
An incubator of tomorrow’s talent, ranked as both the #3 metro for tech quality and affordability and the #1 metro for manufacturing tech talent density
[source: Detroit Regional Partnership]
An environmental refuge as the population center of the state with the most freshwater coastline and ranked third for sustainable development
[source: Site Selection’s 2021 Sustainability Rankings]
-
The Revival
Vibrant culture at lower prices, leading to a global reappreciation of everything Detroit has to offer
Significantly lower living costs than other major cities, with 236% lower monthly rent than San Francisco and recognized as the most affordable U.S. city to buy a home
[sources: Michigan Economic Development Corporation; Forbes, 2023]
Eclectic downtown-adjacent neighborhoods rich in history and community, including Midtown, Corktown, Eastern Market and more
A continual celebration of rich cultural roots, from genre-spawning musical exports like Motown and techno to artistic and design renown, epitomized by its recognition from UNESCO as the first and only “City of Design” in the U.S.
A booming culinary scene uplifting diverse dishes and local ingredients, earning praise as the #1 unexpected food city in North America
[source: National Geographic]
