The Corktown neighborhood of Detroit has been experiencing rapid growth over the past few years. With the recent Depot purchase by Ford this economic growth is expected to explode in the area.
Savvy investors who have speculated in the areas real estate stand to make strong returns, and more investors from around the globe are being drawn to the area since the announcement by Ford.
- Prior to the Ford acquisition, retail rents fluctuated around $20 per square foot.
- After the Depot purchase, announcement rents have already jumped to almost $30 per square foot.
- Ford plans to officially open the campus in 2022, with an influx of 5,000 workers.
- Residential rents in Corktown have steadily increased by up to $200 per year over the past 5 years.
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Read more about the growth in Corktown- Detroitnews.com