For investors who have some capital under their belts, commercial real estate in Detroit can be a lucrative way to make more money. While it’s true that you will need some business experience and already have some money in order to make it work, if you are successful, you stand to make a great deal of profit. You do need to know your facts about commercial real estate in Detroit first though, and as with any business venture you will need to do your research before you enter into any kind of venture.
There are six different sub categories of commercial real estate in Detroit: leisure, retail, office, industrial, health and multi-family. The credit crisis has meant that the retail sector may not be as strong as it used to be, but the commercial markets are still pretty lucrative for people who are well connected and ambitious. Leisure incorporates hotels, restaurants and cafes, while retail is concerned with shops, malls and shopping centers. Corporate and serviced offices make up the office commercial real estate sector, while industrial is dedicated to warehouses, distribution and garages. Health real estate is concerned with hospitals, nursing homes and medical clinics.
One tip is to go into commercial real estate in Detroit, in whatever profession you have working experience in. That means, as an ex-hotelier or restaurant owner, you are likely to have a network and insight into the leisure sector and could do well by expanding your knowledge into the property market. Doctors who have made a sizeable nest egg and are familiar with the practicalities of running a medical practice tend to do well when it comes to medical or health real estate.