Hi, I’m Mark Schafer with The Thomas Duke Company, here to give you an update on the industrial real estate market in Southeastern Michigan. If you’ve been paying attention lately, you know the market is tight. We’re seeing a shortage of supply across the board—from small, short-term lease units to large industrial buildings like the 50,000-square-foot Progressive Metal Forming building.
With space so limited, we’re noticing some creative solutions starting to pop up. People are getting innovative with how they use space—maybe for recreational purposes or even sharing spaces between businesses that wouldn’t normally be together. This “cohabitation,” as I like to call it, is becoming a real trend because, quite frankly, there’s just not enough room for everyone to have their own separate space.
Let me give you an example of what I’m talking about. In Wixom, we had a contractor with some extra space in his building. He wasn’t using all of it, so he started looking for other ways to get value out of the space. At the same time, we had another industrial company searching for a satellite location. They didn’t need a completely separate space, so the idea of sharing a building worked perfectly for them.
They decided to coexist in the same space without needing separate utilities or walls. It was an easy transition for both parties and allowed them to make the most out of the available space without the hassle and cost of building out separate units. This kind of flexibility is becoming more common as businesses adapt to the current market conditions.
We’re seeing more of these creative solutions because there’s simply a lack of available space right now. Businesses are being forced to think outside the box—sometimes literally! Whether it’s a shared workspace between two companies or repurposing a building for a completely new use, these alternative arrangements are helping to fill the gaps.
For property owners, this can be a fantastic way to maximize the value of your property. Maybe you’ve got some extra room you’re not using, or perhaps you’re open to exploring different kinds of tenants who wouldn’t traditionally go together. Whatever the case, there are opportunities out there to get creative and find a solution that works for everyone.
We find that a lot of property owners are looking for new ways to utilize their spaces, especially in a market where every square foot counts. Sometimes it takes a fresh perspective to see the potential that’s right under your nose. That’s where we come in. We spend a lot of time in our communities, getting to know the market inside and out. We have strong relationships with both property owners and tenants, which helps us quickly figure out the best way to set up a property for success.
If you have any questions about a specific segment of the market or want to discuss how to make the most of your property, feel free to give us a call. We’re always here to help you find the best solution for your real estate needs.
You can reach me, Mark Schafer, Vice President at The Thomas Duke Company, at mschafer@thomasduke.com or call (248) 891-1990.
