While new retail businesses are steadily opening metro Detroit, that influx is not translating into the construction of new retail spaces, reports Dustin Walsh of Crain's Detroit Business. In fact, the construction of new retail square footage in the region is at a 30-year low.
Retail construction peaked in metro Detroit in 1998, but has tapered off dramatically in recent years.
Local commercial real estate expert Jim Bieri tells Walsh that this is due to the use of existing space that was left over from closures and consolidations of retail businesses throughout the region.
Read more in
Crain's Detroit Business.
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