Overheard a landlord talking about his Bishop Ave building vacancy rate and it clicked

I was grabbing coffee at that place on Gratiot last week and this guy was on his phone saying his building on Bishop Ave has been empty for 14 months because he won't lower the rent below $18 per square foot. He kept saying the market will come back to him. But I took a drive down that street after and counted 3 other empty storefronts within a block. Got me thinking about how stubborn pricing is killing Detroit commercial real estate right now. Has anyone else seen landlords sitting on empty spaces forever while small biz owners say they can't afford the asking rates?

2 comments

2 Comments

milessmith11d ago

My buddy's been trying to open a bakery on Van Dyke for two years, same story (stubborn landlord, 16 months empty).

sam_thomas11d ago

Two years for a bakery on Van Dyke? That landlord must think he's sitting on a gold mine instead of an empty storefront with a "for lease" sign collecting dust. I bet the guy's holding out for some national chain that'll never come, while your buddy's just trying to sell some decent croissants. Is the rent number he's asking actually insane, or is it just the principle of the thing?