Detroit REAL Professionals held their February meeting with Scott Harris from Key Bank as their guest and Rick Lackey as their guest speaker. Rick gave the group the national birds’ eye view of the real estate market by letting everyone know that it is still all about the Millennials. He noted that baby boomers still have tons more money, but everyone is still chasing the Millennials. The top ten employers in almost every city are medical or university related, and comeback growth is all about these industries. In every city industrial properties are the smoking hot market, and that the days when the real estate market used to be Teflon with regard to regulations, those days are over.
Rick continued on to describe the commercial real estate markets in New York, New Jersey, Miami, Philadelphia, Pittsburgh, Dallas, Detroit, Atlanta and Washington D.C.