That’s the closest it’s been in the last 10 years, showing how much the Detroit area’s CMBS market has improved. That’s starting to trigger fresh interest from large institutional investors who had blacked out the region and state as a whole for years. Paired with recent demand for new office and other construction, improving vacancy rates and other factors, industry experts are optimistic.
“It’s reflective of the general health of our economy and our lending environment and the condition of our commercial real estate markets, and it also reflects that we are not an outlier anymore,” said Dennis Bernard, president of Southfield-based Bernard Financial Group. “Detroit for so long was an outlier.”
CMBS are fixed-income or floating rate securities which use commercial real estate loans as collateral.
Click here to view the full article on Crain’s Detroit Business.
