Now that the Red Sox have disposed of the Tigers, it’s on to tomorrow night’s Game 1 of the World Series. Banker & Tradesman, with help from JLL Research and colleagues David MacDonald and John Cullen in our Detroit office, compared the economic and real estate climates in Boston to that of the Motor City.
Boston is booming. Today’s Detroit has upside too. While the city government is staggering, it has a promising private sector lead by Quicken Loans head Dan Gilbert. “The private sector is taking a collective sigh of relief that everything is being done to restructure local government,” said Cullen.
The business of making cars in Detroit is back. The city has recently seen growing companies move into the downtown. Gilbert has invested over one billion dollars including moving the headquarters of his home mortgage company here from Cleveland.
Accorfding to MacDonald: “The downtown Detroit market is as hot as I have ever seen it.”