Between landlords and tenants, it may be a toss-up on who’s more nervous these days.
The COVID-19 pandemic has made it challenging for many businesses to keep the lights on and for property owners to collect rent. The future of commercial real estate is tied to the long-term impacts of the pandemic and President Donald Trump and opponent Joe Biden have decidedly different strategies.
Before the pandemic, the talk of the town was Detroit’s resurgence. The Dan Gilbert-led crusade to redevelop the city had taken hold with plans for new projects popping up what seemed like every day. Now some of the city’s largest employers, including the Gilbert-owned family of companies including Rocket Companies Inc. (formerly Quicken Loans), has most of its approximately 18,000 downtown staff working from home.
Approximately less than 20 percent of the 125,000 people working in greater downtown Detroit before the pandemic have returned to their