Dominion Realty Services & Real Estate Advisors

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FORMER MASCO HEADQUARTERS SLATED FOR REDEVELOPMENT

Posted by Crain’s Detroit Business | Amy Barczy | June 5, 2026

A massive office building in Taylor is being targeted for redevelopment after several corporate moves left the complex mostly empty for the past six years.

The former Masco headquarters office, a 417,000-square-foot building on more than 18 acres of land at 21001 Van Born Road near Interstate 94, has been purchased by a group led by Bob Waun, a real estate investor known most in metro Detroit for his work in Pontiac.

Waun led the purchase of the office complex via his company, PMI-Taylor LLC, for $1.3 million in October from Burton-Katzman, according to CoStar Group Inc., a Washington, D.C.-based real estate information service.

The deal was a “highly engineered purchase,” Waun said, noting that the price is not indicative of the “majestic” building’s value.

Waun’s vision for the facility includes breaking the giant office into condominium-type units to accommodate multiple uses, including medical office space, a conference center, art storage and 150,000 square feet of Class A+ office space that could be broken into smaller components according to a company’s needs.

An 800-seat auditorium and expo center in the complex used by Masco for trade shows is being marketed by Waun and his associates as prime space for conferences and events.

“We really don’t need office space like we used to,” Waun said. “We have to massively rethink what was office space.”

Waun said he’s offering Class A space in the building at a Class B price by offering units for sale as condos instead of leases.

“No one needs 450,000 square feet,” Waun said. “But every mortgage company needs 20,000 square feet. It’s what the market needs.”

The building is suited to be divided, as it was first built in 1966 with multiple additions throughout the 1970s, 1980s and 1990s, he said.

“Masco, being a building products company, built it with courtyards and an aesthetic eye,” Waun said. “It’s built like a pyramid, and floors upstairs get more natural light.”

The building has multiple courtyards and custom storage spaces for fine art on three levels of the building, as Masco founder Alex Manoogian stored artworks there for the Manoogian Collection, Waun asid.

The investor said he was drawn to the building’s Ghafari-designed architecture and details, including its granite exterior and high-quality interior finishes like 9-foot-tall cherry doors in some of its office spaces, and wanted to save it from demolition.

Masco, the building products maker behind brands including Behr paint, KraftMaid cabinets and Delta faucets, was founded by Manoogian in 1929. The company used the building as its headquarters until 2017, when it moved to a small office it built in Livonia.

After Masco moved out of the Taylor office, Bingham Farms-based real estate companies Core Partners and Burton-Katzman purchased it for Ford Motor Co. to use. Ford entered into a 10-year lease of the space in 2017 as overflow for its workers as it overhauled its Dearborn campus. Before the COVID-19 pandemic, Ford had hundreds of workers in the space; after the disruptions of the pandemic, fewer Ford workers worked in the building — and for fewer days, Waun said, leading to a feeling of emptiness at the complex.

At the time of closing last fall, Ford bought out the remainder of its lease on the building, Waun said.

“We couldn’t be more excited about this project,” Taylor Mayor Tim Woolley said in a statement. “PMI Taylor LLC has been great to work with. It’s been a great relationship. That old headquarters building is, in many ways, a key to moving the Van Born Road corridor forward in the future. This plan will create and house good jobs in the medical, storage and events space. It will attract business owners seeking quality office space and it will be a regional economic draw.”

To accommodate Waun’s vision, the property is seeking a rezoning to Light Industrial/Planned Unit Development. The Taylor City Council held its first hearing on the proposed change on June 2.

Waun said he doesn’t plan to fill the building with industrial tenants, but said the zoning accommodates the variety of flexible users he’s seeking.

Part of the development includes a new 90-foot-tall billboard sign near I-94 that Waun said is intended to be a welcome sign for the city of Taylor with digital configurations and potential naming rights.

To read this original article on Crain’s Detroit Business, visit https://www.crainsdetroit.com/real-estate/commercial/cdb-old-masco-headquarters-redevelopment-20260605/

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GM PRODUCTION, HIRING PLANS REVEALED FOR LAUNCH OF ORION ASSEMBLY PLANT

Posted by Crain’s Detroit Business | Kurt Nagl | May 6, 2026

General Motors Co. and its suppliers are gearing up for a second-quarter launch next year at Orion Assembly Plant with plans to rapidly increase hiring in the coming months and scale production to 190,000 units annually, GM has told suppliers.

The Detroit-based automaker will produce the gasoline-powered Chevy Silverado and GMC Sierra pickup trucks, as well as Cadillac Escalade and Escalade ESV full-size SUVs at the plant in Orion Township in Oakland County after years of delay and an expected $6 billion investment.

GM previously has said production would begin in 2027 but has not detailed exactly when or shared volumes — an important indicator of how many jobs a plant will sustain and how much business will be generated for suppliers.

The 190,000-unit projection relayed to parts makers is just shy of two-thirds of the plant’s capacity. The plant was initially intended to be for all-electric models before the automaker reversed course back to traditional gas engines amid costly tariffs, the rollback of emissions rules and cooled demand for EVs. It has also engaged suppliers about hybrid powertrains but has not made any final decisions.

GM spokesman Kevin Kelly said the automaker does not comment on volumes.

As for jobs, there are more than 600 workers at the plant now with that number “growing rapidly toward end of year,” Kelly said in an email. “We’ll share updated employment numbers closer to the start of regular production.”

GM’s all-electric Factory Zero has had an opposite trajectory. Suffering from waning sales of electric trucks, the plant permanently laid off 1,145 employees last year and has implemented temporary shutdowns since then to curb output. GM also shelved plans for a next-generation refresh of its electric trucks, likely until the start of the next decade, according to suppliers.

Per GM’s agreement with the UAW, priority placement at Orion Assembly will be available for workers on indefinite layoff at Factory Zero or elsewhere in the company, Kelly said.

GM said in 2022 that it would add up to 2,300 new jobs at Orion Assembly. According to its incentives agreement with the state, which included $666 million in taxpayer cash, it has until 2030 to create 1,840 jobs.

A source familiar with the contract said that a job at Orion Assembly filled by a GM employee on indefinite layoff would count as a “new” job.

Crain’s inquired with the Michigan Economic Development Corp. for clarification.

Supplier plants surrounding Orion Assembly are also gearing up for launch, including Lear, Piston Automotive, Flex-N-Gate, GFX and others. In tandem with the factory coming on line, there’s been an influx of other developments in the northern Oakland County community, which is about to get a lot busier.

The rail spur at the plant is being reactivated after more than a decade as GM plans to use trains to move metal frames and finished vehicles, according to township documents, as opposed to relying solely on truck transportation as it did with the Chevy Bolt, which was built at the plant until it closed for retooling in 2023.

GM is expected to deliver about 12 railcars of frames from Pontiac to Orion daily on a just-in-time basis. Each production day, the township expects two daytime trains carrying frames and two nighttime trains hauling finished vehicles.

Officials are looking to the new assembly plant to anchor an economic rebound for Oakland County, which lost 2,800 jobs in manufacturing last year amid dramatic changes in federal policy.

To read this original article on Crain’s Detroit Business, visit https://www.crainsdetroit.com/real-estate/commercial/cdb-repairs-planned-alhambra-2900-cass-20260507/

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US INDUSTRIAL DEMAND EXPECTED TO OVERTAKE NEW SUPPLY BY EARLY 2027

Posted by Costar | ByJuan Arias | April 27, 2026

U.S. industrial property demand is expected to start overtaking new supply early next year, changing a dynamic that's plagued warehouse and logistics real estate owners in the post-pandemic era.

The latest CoStar forecast for the nation's industrial real estate market points to a prolonged period of elevated vacancy this year as demand for space normalizes against a still‑bulky supply pipeline. The U.S. industrial vacancy rate is expected to stay in the mid‑7% range entering the second quarter of 2026 and edge higher into early 2027 before starting a gradual descent.

While leasing activity for industrial space has held up better than initially expected, the recovery path continues to lengthen as stabilizing demand struggles to fully absorb all of the new space completed since 2022.

That said, moderating new supply expected by early 2027 will probably drive a significant inflection point in vacancy and reaccelerate rent growth later next year. The pandemic created added demand for warehouses and prompted a wave of construction that poured onto the market in recent years, having a damping effect on rent growth.

CoStar's forecast is for net absorption, move-ins versus move-outs, to remain broadly consistent with the prior quarter’s outlook, supported by healthy leasing activity through the second half of last year. A seasonal spike in absorption is expected later in 2026 as build‑to‑suit projects reach completion and are occupied, mirroring patterns seen in 2025.

What's more, net absorption is now expected to remain sluggish in early 2027 as macro-economic conditions soften, pushing back the expected vacancy inflection point by a quarter.

Vacancy slightly higher

The U.S. industrial vacancy rate is expected to remain slightly higher in the coming year relative to the prior forecast round, as demand in 2027, while still expected to be higher than 2026 levels, is now projected to come in lower than the prior forecast.

Under this changed scenario, vacancy is projected to edge higher into early 2027 toward the upper‑7% range before beginning to move lower thereafter, resulting in a more gradual reacceleration in rent gains.

Rent growth assumptions have also been revised lower, with average annual rent growth during 2026–2027 now forecast at 1.6%, lower than the 2.2% gains expected in the prior round.

CoStar's revised forecast now assumes continued downward pressure on rents in the near term, with a slower recovery toward 2% annual growth by late 2027, rather than a quicker rebound earlier in the year under the previous forecast.

Risks remain tilted to the downside

Risks to the forecast remain tilted to the downside.

Volatility around trade policy between the U.S. and other trade partners, persistent increases in tenant operating expenses and potentially subdued consumer spending on goods may continue to weigh on expansion decisions by industrial tenants.

This could drive the industrial vacancy rate to overshoot the forecast, possibly reaching 8% to 9%, and result in a more significant drag on national industrial rents.

Conversely, if inflation eases and consumer confidence rebounds, absorption and rent growth across the industrial property sector could outperform expectations.

At this time, given persistent economic headwinds, a sizeable supply overhang and ongoing trade uncertainty, the forecast is more likely to undershoot on absorption and rent growth than to overshoot.

To read this original article on CoStar's website, please visit https://product.costar.com/home/news/900939979

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DOMINION NEGOTIATES 36-MONTH LEASE FOR METRO-DETROIT BASED PSYCHOLOGIST

Bingham Farms, Michigan (April 2026) - James Mitchell, Vice President of Brokerage, represented Dr. Stephanie Williams, PhD ("Tenant") in a 36-month 1,445 SF lease at 37699 Six Mile Road in Livonia, Michigan. Dr. Williams operates her business under the name Transcendence Behavioral Health, and currently has two practices, one located in Ferndale, MI, and one in Livonia, MI. She will be relocating from her current office in Livonia to this new location on Six Mile Road. Kevin Jappaya of KJ Commercial represented the Landlord in this transaction.

ABOUT DOMINION REAL ESTATE ADVISORS

Dominion Real Estate Advisors (DRA) is a full service commercial real estate firm recognized nationally as a leading provider of professional commercial real estate services.  DRA brings decades of experience and expertise in commercial brokerage, property and asset management, real estate advisory, construction, design, and development services.

DRA is committed to bringing its clients creative, cutting-edge solutions, providing the highest level of professional service and fostering long-lasting relationships based on loyalty, integrity, and trust.  DRA assists corporate clients, lenders, institutions, property owners, investors, and real estate developers in achieving their real estate objectives.

For more information, please visit:

LinkedIn: https://www.linkedin.com/company/dominionra

Instagram: https://www.instagram.com/dominion_realestateadvisors

Facebook: https://www.facebook.com/dominionra

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Return of the Spec: Metro Detroit’s Next Industrial Chapter

Posted by By Ryan Brittain | Colliers | February 26, 2026

Speculative construction has always carried a certain boldness in industrial real estate. Building without a tenant can either signal visionary thinking or a bold bet on future demand. 

In metro Detroit, that confidence was on full display during the post-COVID boom. To meet the surge in tenant demand, highly respected industrial developers raced to deliver modern distribution space across the region. At the height, preleasing was not always necessary but often occurred. Developers pushed forward on new Class A warehouses, confident that tenant requirements would catch up and, for a time, they did.

Yet here we are in 2026, and speculative development is not an idea of the past. It is returning, this time with more discipline.

This is not another Resurgit cineribus Detroit comeback story, but rather a thoughtful recalibration. The “Return of the Spec” reflects a market that has matured and learned, not one that has overheated.

To understand it today, it helps to revisit how we arrived.

As a wave of newly completed speculative projects delivered (at one point, the market saw 12 million square feet under construction), availability expanded. Shortly thereafter, the automotive industry hit an uncertain patch in late 2023. Vacancy naturally moved higher, space took longer to lease, and in some cases, pro formas that once felt safe were missed. Leasing activity cooled from record levels, interest rates climbed and capital grew more selective.

Vacancy rose from historic lows not because demand vanished, but because new supply arrived faster than absorption could digest it.

The last 3 million square feet of spec space from that cycle, which developers toiled to lease from 2023 onward, is finally gone, and one could count the number of new starts since on one hand. Groundbreakings have slowed compared with the frenzied pace of prior years. Rising capital costs and more stringent underwriting have created a natural filter. However, speculative construction has not disappeared; it has simply become more selective.

Higher borrowing costs have reshaped speculative development more than anything else. Debt is more expensive, equity is more cautious and lenders provide less favorable terms. This has changed who builds and where they build.

Institutional groups that are well-capitalized are still pursuing speculative projects, but with tighter underwriting and a much deeper focus on location and lower land basis. A marginal site or a fringe submarket is usually not a viable project.

Unlike other Midwest markets, metro Detroit already had a high barrier to entry given the geographic constraint of having water along its entire eastern edge, and that barrier has now risen even higher. These constraints preserve opportunity for disciplined developers.

Projects on the horizon

Yes, there are fewer starts, but there is higher conviction in those that are coming. In the first half of this year, companies including NorthPoint Development, Ashley Capital and Flint Development are anticipated to build spec Class A distribution space in proximity to Detroit Metro Airport. JB Donaldson, D’Agostini Cos. and others are expected to build smaller, adaptable light industrial spec space in high-end suburban markets, with additional developers likely to follow. 

Automotive suppliers, which have been unusually quiet for the past 24 months, have been recalibrating around what next-generation automotive will look like and how it will be powered. The pent-up demand is palpable.

Metro Detroit’s industrial identity remains closely tied to automotive and advanced manufacturing. As electric vehicle platforms, battery technology and supplier networks evolve, the region continues to generate industrial requirements that blend logistics and manufacturing.

Speculative buildings are being adapted accordingly. Developers are designing higher electrical capacity, thicker floors capable of heavier loads, crane footings and layouts that can accommodate both distribution and manufacturing or assembly-related uses. The distinction between warehouse and manufacturing space in this market continues to blur, and new speculative product reflects that reality. A building capable of serving multiple use types reduces downtime risk and widens the tenant pool in a more measured leasing environment.

Developers are increasingly targeting buildings in the smaller 100,000 to 300,000-square-foot range rather than defaulting to 500,000 square feet or larger. These sizes align with current tenant demand, which is not necessarily driven by larger national groups but instead includes regional operators and advanced manufacturers seeking flexibility. This is what a maturing cycle looks like and feels like.

Today’s spec projects are typically located in proven logistics corridors such as the Airport, I-275, Macomb County and Northern I-75. Many are thoughtfully designed so that they can be adapted and split for shallow or mid-bay users.

Metro Detroit’s fundamentals, including cross-border trade with Canada (the Gordie Howe International Bridge is coming online this year), a deep manufacturing base and extensive infrastructure, remain strong. If the first 45 days of the year are an accurate indication, the industrial market appears poised for continued stabilization rather than contraction. That said, for those developers courageous enough, speculative projects launched now may prove well-timed.

While significant build-to-suit deals (including data centers) have stolen headlines recently, metro Detroit is still building without tenants in hand, but now with greater precision, stronger underwriting and a clearer understanding of demand.

Spec is back, and smarter.

To read this original post visit https://rebusinessonline.com/return-of-the-spec-metro-detroits-next-industrial-chapter/

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DOMINION SELLS FORMER MASCO WORLD HEADQUARTERS AND FORD IT OFFICE FACILITY IN TAYLOR, MI

Bingham Farms, Michigan (December 2025) - DOMINION Real Estate Advisors is pleased to announce the successful disposition of the former Masco (NYSE:MAS) world headquarters building in Taylor, MI. The buildings historical significance lies in its former connection to the Manoogian family as the original HQ which was constructed by Alex and Richard Manoogian for the Masco Corporation as its R&D development center. The building is also famously known to have housed the Manoogian’s extensive 19th and 20th century American art collection; most of which now resides with the Detroit Institute of Arts (DIA) or other museums. When Masco downsized and relocated to Livonia in 2017, the facility was taken over by the Ford Motor Company (NYSE:F) on a long-term lease to be used for its IT support group and as transitional workspace as part of its Dearborn campus transformation. With approximately 2 years remaining on the Ford lease and the new campus nearing substantial completion the Landlord and Ford agreed to a negotiated settlement and lease termination.

The property which was built in 1967 is located at 21001 Van Born Road, Taylor MI and is a massive 415,606 square feet situated on +/- 19 acres. The property is well located with frontage along I-94 and has quick access to the Detroit International Airport.

The property was acquired by an investment group led by PMI – Taylor LLC, connected with a Chicago based real estate firm that intends to reenvision the property as a multi-tenant mixed use facility that will include general and medical office, a conference center, banquet facility a ghost kitchen and other related uses. The sale transaction was handled by Eric Banks and Andrew Boncore of Dominion Real Estate Advisors who represented the Seller was CORE BKG Van Born LLC (a Burton Katzman/Dominion RE company) and the Buyer was represented by Bob Waun of Dirt Realty. The Ford Lease Termination transaction was handled by Eric Banks on behalf of the Landlord/owner and Ed Wujek of CBRE on behalf of Ford Motor Company.

ABOUT DOMINION REAL ESTATE ADVISORS

Dominion Real Estate Advisors (DRA) is a full service commercial real estate firm recognized nationally as a leading provider of professional commercial real estate services.  DRA brings decades of experience and expertise in commercial brokerage, property and asset management, real estate advisory, construction, design, and development services.

DRA is committed to bringing its clients creative, cutting-edge solutions, providing the highest level of professional service and fostering long-lasting relationships based on loyalty, integrity, and trust.  DRA assists corporate clients, lenders, institutions, property owners, investors, and real estate developers in achieving their real estate objectives.

For more information, please visit:

LinkedIn: https://www.linkedin.com/company/dominionra

Instagram: https://www.instagram.com/dominion_realestateadvisors

Facebook: https://www.facebook.com/dominionra

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DOMINION AND LEE & ASSOCIATES WORKED TOGETHER TO REPRESENT THE LANDLORD OF THE CORNERSTONE MEDICAL BUILDINGS IN A 3-YEAR LEASE

Bingham Farms, Michigan (November 2025)- James Mitchell, Vice President of Brokerage at Dominion Real Estate Advisors (DRA) and Michele Rosenblum, Sr. Vice President at Lee & Associates represented the Landlord, LSPV Cornerstone, in a 3 year medical office lease at 1295 S. Linden Road in Flint, Michigan. The Tenant, Michigan Accident Care Coordinators, will occupy Suite F, a 1,767 SF medical office space, where they will help those injured in accidents, and provide a range of care from in-house chiropractic and physical therapy services to specialized referrals for MRIs, nerve studies, and pain management. The Tenant was represented by Patrick Murphy of the Brokaw Group in Davison, MI.

ABOUT DOMINION REAL ESTATE ADVISORS

Dominion Real Estate Advisors (DRA) is a full service commercial real estate firm recognized nationally as a leading provider of professional commercial real estate services.  DRA brings decades of experience and expertise in commercial brokerage, property and asset management, real estate advisory, construction, design, and development services.

DRA is committed to bringing its clients creative, cutting-edge solutions, providing the highest level of professional service and fostering long-lasting relationships based on loyalty, integrity, and trust.  DRA assists corporate clients, lenders, institutions, property owners, investors, and real estate developers in achieving their real estate objectives.

For more information, please visit:

LinkedIn: https://www.linkedin.com/company/dominionra

Instagram: https://www.instagram.com/dominion_realestateadvisors

Facebook: https://www.facebook.com/dominionra

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DETROIT'S REAL ESTATE INVESTMENT POTENTIAL RISES IN NATIONAL RANKING

Posted by Crain's Detroit Business | Kirk Pinho | November 18, 2025

Detroit’s real estate market edged upward in a national annual ranking of investment and development prospects, according to commercial real estate professionals’ assessments. 

Metro Detroit ranked 16th nationally, up a notch from last year, in the 47th annual 2026 Emerging Trends in Real Estate report, compiled by London-based global financial services and accounting giant PwC and the Urban Land Institute. 

The report singled out the region’s industrial sector as “the best buying opportunity” in Detroit, and noted that it should be among the “top rent growth performers” in the multifamily sphere, along with Chicago and Philadelphia, because of “weak supply growth.” 

Metro Detroit also has the distinction of being the only market from the Midwest to crack the top 20, which was also the case last year. It had skyrocketed from 39th in 2024 to 17th in the 2025 report. 

This year, PwC and ULI surveyed over 1,700 U.S. and Canadian real estate investors, developers, lenders and advisors to generate insights for the report. 

Of course, that doesn’t mean everything is rosy. During an unveiling of this year’s report at The Department at Hudson’s, the event space in Dan Gilbert’s Hudson’s Detroit development, local panelists noted some of the commercial real estate challenges that face the region.

Speculative industrial development has all but ground to a halt, even though vacancy rates are among the lowest in the nation, said Kyle Morton, who leads development in the Canton Township office of New York City-based Ashley Capital. Compare that to just five years ago, when developers from all over the country were flocking to put up hundreds of thousands, or even millions, of new spec square footage. 

Construction costs, plus maintenance and repair costs, are crimping multifamily developers, said Omar Eid, partner and vice president of development for Farmington Hills-based apartment builder Hunter Pasteur Homes. 

Across the U.S. and Canada, respondents pointed to what PwC described as a “fog” around the CRE market, with issues ranging from inflation and interest rates to policy shifts such as a massive tariff regime and mass deportations that create uncertainty.  

“Some feel like it’s a heavy fog, some feel it’s patchy and some think it’s clearing, but either way think we are in a fog,” Haley Anderson, director of PwC’s real estate practice, told attendees of the ULI Michigan event on Tuesday morning. 

The markets ahead of Detroit were Dallas/Fort Worth (No. 1); Jersey City; Miami; Brooklyn; Houston; Nashville; northern New Jersey; Tampa/St. Petersburg; Manhattan; Phoenix; Raleigh/Durham; Orlando; Atlanta; Charlotte; and Boston. 

Detroit also ranked 11th overall in the same survey for homebuilding prospects, up from 12th in the previous report. It was also the highest-ranked Midwestern city in that survey.  

To read this article on Crain's Detroit News, visit ttps://www.crainsdetroit.com/real-estate-insider/detroits-investment-potential-rises-national-ranking?utm-content=article1-readmore

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How to Hold a Successful Community Association Board Election: Protecting the Integrity of Your Neighborhood Through Fair Representation

Posted by MAGVW | September 11, 2025

In homeowners and condominium associations, the board of directors is typically responsible for overseeing the operations of the community. This includes maintaining common areas, enforcing rules, managing budgets, and making long-term decisions. The board holds significant authority and responsibility, so it is important that elections are conducted carefully and with integrity.

Board members are elected during the association’s annual meeting, through a process that must be conducted fairly, transparently, and in full compliance with the association’s governing documents. Ensuring proper election procedures before anyone assumes a leadership role is critical to upholding the legitimacy of the board, fostering community trust, encouraging member participation, and promoting effective governance. To ensure a successful election, community associations should keep the following five practices in mind:

1. Understand the Election Procedures

Clear, well-defined rules are the backbone of a fair and effective election. These rules, which are typically set out in the association’s governing documents, outline key procedural requirements, including how much notice must be given, how quorum is established, and who is eligible to vote. It’s essential to review these provisions in advance to ensure full compliance and avoid potential disputes. Pay close attention to timing requirements and the type of vote needed, whether by number of owners or by percentage of ownership.

In addition to the governing documents, state law also plays a role. In Michigan, the Nonprofit Corporation Act contains important provisions governing the logistics of meetings and elections, including notice requirements and voting procedures. Reviewing both the governing documents and applicable law in advance is essential to conducting elections that are transparent, defensible, and in full compliance.

2. Set the Date and Prepare the Notice

Often, an association’s bylaws will provide a specific date or timeframe for holding the annual meeting. Once the date and location are secured, the notice should be prepared. The Michigan Nonprofit Act states that written notice of an association meeting must be given to each member personally, by mail, or by electronic transmission, not less than 10 or more than 60 days before the meeting date. Specifically, MCL 450.2404 states as follows:

(1) Except as otherwise provided in this act, written notice of the time, place, if any, and purposes of a meeting of shareholders or members shall be given in any of the following manners:

  (a) Personally, by mail, or by electronic transmission, not less than 10 or more than 60 days before the date of the meeting to each shareholder or member of record that is entitled to vote at the meeting.

(b) By including the notice, prominently displayed, in a newspaper or other periodical that is regularly published at least semiannually by or in behalf of the corporation and addressed and mailed, postage prepaid, to each member or shareholder entitled to vote at the meeting not less than 10 or more than 60 days before the meeting.

3. Establish and Communicate the Meeting Details

Transparency starts with timely and thorough communication. Make sure the election timeline is shared with the community well in advance, including nomination deadlines, the date and time of the election meeting and distribution of candidate and voting materials.

Many associations elect board members on a staggered basis to maintain continuity and institutional knowledge. For example, if there are five (5) board seats, perhaps only two or three are up for election each year. Let members know which seats are up for election and how they can participate in the process, for example, by submitting their own nomination, attending the meeting, or casting their vote for candidates.

4. Prepare and Distribute Proxies

Proxies often play an important role in helping achieve quorum. As a practical matter, they also allow members who cannot attend the meeting to still have their voices heard. Associations should consider including proxy forms with the election materials, along with clear instructions on how to complete and return them.

Care must be taken when adding requirements to the proxy form. In Michigan, the Nonprofit Corporation Act (MCL 450.2421) provides that a member entitled to vote may grant authority to another person to act as proxy by (1) delivering a writing by any reasonable means, including, but not limited to, facsimile signature, to the person (2) that authorizes that person to act for the member as proxy and (3) is executed by the member (or by an authorized officer, director, employee, or agent of the member). In short, the statute makes it relatively easy for members to participate in governance even if they cannot attend a meeting in person.

5. Verify Quorum Requirements

A common error is holding an election even though quorum hasn’t been established. Quorum refers to the minimum number of members who must be present, either in person or by proxy, in order for the meeting, and any votes taken at it, to be valid. The association’s bylaws typically specify the exact percentage of members needed to establish a quorum, which is often in the range of 25% to 35% of members in good standing (i.e., members who are current on their assessments and not otherwise restricted from voting).

Note that Michigan’s Nonprofit Act, at MCL 450.2415, provides as a default that quorum for a nonprofit corporation is a majority of the members entitled to cast a vote (i.e. in good standing) unless a greater or lesser quorum is provided in the association’s articles of incorporation or bylaws.

If quorum is not established, the association cannot legally conduct any official business (except to adjourn), including electing board members. Any actions taken without quorum would be invalid and could expose the association to legal challenges. Therefore, careful planning, including efforts to encourage attendance and solicit proxies in advance of the meeting, is essential to ensure that quorum requirements are satisfied.

6. Set Rules and Maintain Records

On the day of the election, all attendees should be required to sign in and verify their eligibility against the membership list. If utilizing paper ballots, eligible members should be provided with same. Following the vote, counting should immediately take place. We recommend neutral inspectors of election are appointed to oversee the process, manage ballot counting, and ensure impartiality.

Michigan law provides guidance on the selection of the inspectors of election – specifically, MCL 450.2431 states that, “[u]nless otherwise provided in the bylaws, the board, in advance of a shareholders’ or members’ meeting, may appoint 1 or more inspectors to act at the meeting or any adjournment thereof. If inspectors are not so appointed, the person presiding at a… members’ meeting may, and on request of a shareholder or member entitled to vote shall, appoint 1 or more inspectors.” In short, therefore, either the Board prior to the meeting or the chair at the meeting appoints the inspectors of election.

Whether using paper ballots or a secure electronic system, make sure all votes can be tracked and verified. Meeting minutes should capture all relevant discussions, actions, and outcomes, typically recorded by the board secretary. This documentation is essential in case disputes arise later.

Conclusion: Strong Elections Build Strong Communities

Strong election practices build confidence among members and contribute directly to the association’s ability to operate effectively and harmoniously. It is essential that every eligible member has a fair opportunity to participate in the voting process and that all votes are counted accurately, transparently, and in accordance with the governing documents. Just as a well-laid foundation supports a sturdy home, a fair election process upholds the strength and harmony of a planned community.

To read this original article visit https://maglawpllc.com/community-association-election/

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DOMINION COMPLETES A 3-YEAR MEDICAL OFFICE LEASE WITH VIDA CLINICAL STUDIES IN DEARBORN HEIGHTS

Bingham Farms, Michigan (October 2025) - James Mitchell, Vice President of Brokerage at Dominion Real Estate Advisors, LLC (DRA) successfully represented both the Landlord and the Tenant in a 3-year, 3,024 SF medical office lease at 8560 N. Silvery Lane in Dearborn Heights, Michigan. The Tenant, Vida Clinical Studies, is a company with over a decade of experience in the metro-detroit area. They foster innovative health care solutions and conduct high-quality clinical research that advances medical knowledge and enhances patient care.

ABOUT DOMINION REAL ESTATE ADVISORS

Dominion Real Estate Advisors (DRA) is a full service commercial real estate firm recognized nationally as a leading provider of professional commercial real estate services.  DRA brings decades of experience and expertise in commercial brokerage, property and asset management, real estate advisory, construction, design, and development services.

DRA is committed to bringing its clients creative, cutting-edge solutions, providing the highest level of professional service and fostering long-lasting relationships based on loyalty, integrity, and trust.  DRA assists corporate clients, lenders, institutions, property owners, investors, and real estate developers in achieving their real estate objectives.

For more information, please visit:

LinkedIn: https://www.linkedin.com/company/dominionra

Instagram: https://www.instagram.com/dominion_realestateadvisors

Facebook: https://www.facebook.com/dominionra

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DOMINION REPRESENTS MEDICAL TRAINING COMPANY IN A 2-YEAR LEASE IN TROY

Bingham Farms, MI (August 2025) - James Mitchell, Vice President of Brokerage at Dominion Real Estate Advisors, LLC. (DRA) represented the tenant, Stepful, Inc., in a 2-year, 2,400 SF lease at 637 E Big Beaver in Troy, MI.

Stepful is a training center which was founded to deliver affordable, online, AI-powered training that helps learners launch high-demand careers in healthcare. In April of this year, Stepful was ranked the #1 EdTech company in the United States and was among the Top 10 globally on TIME Magazine’s 2025 World’s Top EdTech Companies list. Rick Ax of NAI Farbman represented the Landlord in this lease transaction.

ABOUT DOMINION REAL ESTATE ADVISORS

Dominion Real Estate Advisors (DRA) is a full service commercial real estate firm recognized nationally as a leading provider of professional commercial real estate services.  DRA brings decades of experience and expertise in commercial brokerage, property and asset management, real estate advisory, construction, design, and development services.

DRA is committed to bringing its clients creative, cutting-edge solutions, providing the highest level of professional service and fostering long-lasting relationships based on loyalty, integrity, and trust.  DRA assists corporate clients, lenders, institutions, property owners, investors, and real estate developers in achieving their real estate objectives.

For more information, please visit:

LinkedIn: https://www.linkedin.com/company/dominionra

Instagram: https://www.instagram.com/dominion_realestateadvisors

Facebook: https://www.facebook.com/dominionra

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NEW TECH CONTRIBUTES TO BIG BOOST IN PROFITABILITY FOR MORTGAGE COMPANY

Posted by Crain’s Detroit Business | Nic Antaya | August 7, 2025

UWM Holdings Corp. experienced its best quarter in nearly four years, driven in part by new technology rolled out by the Pontiac-based company in recent months. 

In its second-quarter earnings report released Thursday morning, the wholesale mortgage lender (NYSE: UWMC) reported an 18% jump in total loan origination from a year earlier, and overall profitability increased of more than 300% over the same period.

"Over the last several years, we've built scalability in our business by investing in technology," Mat Ishbia, the company's chairman, president and CEO, told analysts and investors during a Thursday morning conference call. "While you hear many other companies using AI as a buzzword, the difference is actually at UWM, we have products and services that are powered by AI that are actually impacting our business today and will impact our business even more when (mortgage) rates drop, and just going forward in the future."

In May, UWM rolled out a suite of AI tools available to the independent mortgage brokers that work with the company aimed at increasing efficiency in the lending process. 

Ishbia said those tools are already having an impact at the company. Specifically, a generative AI chatbot dubbed "Mia" is designed to act as a virtual assistant for mortgage brokers who historically have had difficulty staying in touch with past clients, Ishbia said. 

The technology, Ishbia said, has been steadily making calls on behalf of mortgage brokers to past clients who may benefit from a refinance loan, but the CEO acknowledged that market still remains somewhat slow given still-elevated interest rates. But market fundamentals are starting to shift, Ishbia said, and it will likely soon help drive more business. 

"It doesn't go at scale until rates drop a little bit more," Ishbia said. "But I think that's close to happening right now." 

The 30-year fixed-rate mortgage averaged 6.63% as of Aug. 7, down from 6.72% last week and up from 6.47% a year ago, according to Freddie Mac. The 15-year rate, popular with refinancers, averaged 5.75%, down from 5.85% last week and up from 5.63% a year ago.

UWM saw total lending volume of nearly $40 billion and net income of $314.5 million, according to the earnings release. 

While loans for home purchases continue to make up the lion’s share of the company’s lending volume, UWM continues to see an increase in current homeowners seeking refinancing. Refinance loans last quarter accounted for just shy of one-third of the company’s total lending, a notable stat given that UWM is not known as a large servicer of mortgage loans. 

UWM this week announced a temporary new incentive to juice refinances, as mortgage rates have dropped slightly in recent weeks. Called R/T 90, the offering provides a 90-basis points pricing incentive for conventional, jumbo, FHA and USDA rate and term mortgage refinances, and is available on rate locks through Sept. 16. 

In July, Ishbia — UWM's largest shareholder — began trimming his stake in the company, selling shares via a 10b5-1 trading arrangement that generally allows for public company executives to sell shares as part of a prearranged plan and serves as a shield against any potential allegations of insider trading. The goal is to increase the number of shares available for purchase on the open market. 

"The stock price is way too low to be doing it, but I don't get to choose that anymore," Ishbia said Thursday. "But we feel fine about it because I know it's a long-term play."

The company's stock price was trading up Thursday morning following the earnings report, with shares trading as high as $4.84. 

To read this original article on Crain’s Detroit Business, visit https://www.crainsdetroit.com/banking-finance/uwm-sees-big-boost-mortgage-profitability-new-tech

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Does Your HOA Have a Solar Energy Policy?

Posted by The Michigan community Association Law Blog | By Michael Pereira | February 13, 2025

Michigan Homeowners’ Energy Policy Act Takes Effect April 1, 2025:  Does Your HOA Have a Solar Energy Policy?

On July 8, 2024, the Governor signed the Homeowners’ Energy Policy Act, MCL 559.301, et seq. (“HEPA”), which becomes effective on April 1, 2025.  The HEPA is intended to limit a homeowners association’s ability to restrict or prohibit an owner from installing solar panels and other energy-saving devices.  In addition, the HEPA also requires each homeowners association to adopt a solar energy policy that contains a number of provisions required by the statute.  This article focuses on the Act’s requirement to adopt a solar energy policy, including what the various provisions mean.

Does Your Association Need to Comply with the Homeowners’ Energy Policy Act?

As discussed in more detail in a previous article, HB 5028 Passes: A Michigan HOAs’ Guide to Solar Panels and Energy-Saving Improvements under the Homeowners’ Energy Policy Act, the HEPA uses the term “homeowners association” without any explanation of whether the statute only applies to homeowners associations or whether it also applies to other community associations such as condominium associations, cooperatives, or summer resort associations.  For this article, we will focus on homeowners associations because the HEPA clearly applies to such associations.  To discuss whether a condominium association, co-op, or summer resort is subject to the HEPA and the requirement to adopt a solar energy policy, please contact a community association attorney.

Additionally, Section 13 of the HEPA, MCL 559.313, states in part that the statute does not apply to the installation of solar panels on a shared roof.  A shared roof is “a roof that serves more than 1 home or unit, including, but not limited to, a contiguous roof that serves adjacent homes or units.”  MCL 559.303(g).  The majority of homeowner associations are single-family homes, meaning it is unlikely that the shared roof exception would apply.

The Written Solar Energy Policy

Under Section 9 of the HEPA, MCL 559.309, each homeowners association is required to adopt a written solar energy policy statement within one (1) year after the effective date of the statute.  The effective date of the Homeowners’ Energy Policy Act is ninety (90) days after when the Michigan Legislature adjourned the 2024 session sine die, or April 1, 2025.  Accordingly, the clock is ticking for Michigan HOAs to adopt a written solar energy policy by the deadline of April 1, 2026.  MCL 559.309 further identifies the provisions that the written solar energy policy must include and what the policy may not include.

What Must Be Included in the Written Solar Energy Policy?

Section 9(1)(a) and (f) of the HEPA identifies a number of statements that must be included in the written solar energy policy:

(a)        The policy must include the standards established under this act to be enforced by the homeowners’ association.

(f)        The policy must include the following statements:

(i) That the approval of an adjacent home or unit owner is not required to approve a member’s application to install a solar energy system on the member’s home or unit.

(ii) That the homeowners’ association will not do any of the following:

(A) Inquire into a member’s energy usage.

(B) Impose conditions that impair the operation of a solar energy system.

(C) Impose conditions that negatively impact any component industry standard warranty.

(D) Require postinstallation reporting.

(E) Require a fee for submitting an application to isntall a solar energy system above that which it assesses for other applications related to a change to the property.

(F) Prohibit a member from resubmitting a written application to install a solar energy system after a written application submitted after the effective date of this act was denied by the homeowners’ association.

(iii) That the homeowners’ association will not deny a member’s application to install a solar energy system because of the identity of the entity that owns the solar energy system or financing method chosen by the member.

(iv) That a homeowners’ association may deny an application to install a solar energy system or require the removal of a solar energy system if 1 or more of the following apply:

(A) A court has found that the installation of the solar energy system violates a law.

(B) The installed solar energy system does not substantially conform with the member’s application to install the solar energy system as approved by the homeowners’ association.

(C) The homeowners’ association has determined that the solar energy system will be installed on the roof of a home or unit of the member requesting installation and 1 or more of the following apply:

(I) The solar energy system will extend above or beyond the roof of that home or unit by more than 6 inches.

(II) The solar energy system does not conform to the slope of the roof and has a top edge that is not parallel to the roof line.

(III) The solar energy system has a frame, support bracket, or visible conduit or wiring that is not silver, bronze, or black tone that are commonly available in the marketplace.

(D) The homeowners’ association has determined that both of the following apply:

(I) The solar energy system will be installed in a fenced yard or patio rather than on the roof of a home or unit.

(II) The solar energy system will be taller than the fence line.

(v) That a member shall comply with state and local building codes and permit requirements in the replacement, maintenance, installation, or operation of an energy-saving improvement or modification or the installation of a solar energy system.

(vi) That both of the following apply:

(A) A member who wants to install a solar energy system in the member’s home or unit shall comply with the application requirements under section 11(1).

(B) A member may resubmit a written application to install a solar energy system in accordance with section 11(4).

What Cannot Be Included in the Written Solar Energy Policy?

In addition to the mandatory provisions identified in Section 9(1)(f) of the Homeowners’ Energy Policy Act, there are also a number of provisions that cannot be included in the written policy.  These include:

The policy may not prohibit elements of the solar energy system from being installed on a roof face. MCL 559.309(1)(b).

The policy may not require that a specific technology be used for the installation of the solar panels, such as requiring solar shingles rather than traditional solar panels. MCL 559.309(1)(c).

The standards identified in the policy cannot result in a more than 10% reduction in the production of electricity or increase the total cost of installation of the solar system by more than $1,000.00. MCL 559.309(1)(d).

The policy cannot include a provision that contradicts the Homeowners’ Energy Policy Act. MCL 559.309(1)(e).

What Purpose Does the Written Solar Energy Policy Serve?

There will certainly be a number of homeowners associations that adopt a solar energy policy because of the statutory requirement and think nothing more of it.  However, the policy does serve an important purpose.  Solar panels are becoming more prevalent with decreasing costs, increasing efficiency, and tax credits.  With the HEPA preventing HOAs from banning solar panels, an association’s written policy is a helpful guide for owners to submit a proper request to install a solar panel and for the association’s board of directors or architectural review committee to review and approve or disapprove the request.

With a written solar energy policy that complies with the HEPA, an owner should understand that they are still required to submit a written request to the association to install a solar panel.  As required by Section 11(1), MCL 559.311(1), a homeowner’s application must include (1) their name, (2) the street address where the solar panel will be installed, (3) the name and contact information of the installer of the solar panel, (4) an image of the solar panel layout on the home, and (5) a description of the solar panel system.

After receipt of the homeowner’s written application, the association can use the written solar energy policy to review the application.  Specifically, the association can verify whether the solar energy system (1) extends above or beyond the roof by more than six inches, (2) does not conform to the slope of the roof and has a top edge that is not parallel to the roof line, or (3) the solar energy system has a frame, support bracket, or visible conduit or wiring that is not silver, bronze, or black tone commonly available in the marketplace.  If the homeowners association, during its review of the application, determines that any of these three elements are present, then the association is permitted to deny the application.  For a homeowner’s application to install a solar panel in a fenced yard, the association is permitted to deny the application if the solar panels will extend above the fence line.

The written policy will also help the homeowners association avoid pitfalls in the application review process.  For example, the association cannot require the homeowner to obtain their neighbors’ approval or require a fee above what is customarily charged (if any) for modification requests.  Further, the association would be aware that it cannot impose conditions on the installation of the solar panels that impair the operation of the solar panels or negatively impact any of the solar panel’s component’s standard warranty.  If an owner submitted a request to install a solar panel that was previously denied by the association, then the association must allow the owner to resubmit a new application for review.

Having and following a written solar energy policy can save owners and homeowners associations time, money, and headaches by ensuring that owners’ written applications contain the required information, the homeowners association properly reviews the written application, and the solar panels are installed in conformity with the HEPA.

We Drafted a Written Solar Energy Policy.  Now What?

The governing documents for most homeowners associations require that new rules, regulations, and policies be provided to owners before they become effective.  The HEPA contains a similar requirement, albeit with a deadline: After an association adopts a written solar energy policy, it is required to “[m]ake a copy of the policy available to a member within 30 days after the adoption of the policy, or on request.”  MCL 559.309(2)(a).  Additionally, homeowners associations with a community website must post a copy of the written policy on the website: “If the homeowners’ association maintains an internet website, post a copy of the policy on its website.”  MCL 559.309(2)(b).

Are There Penalties for Not Adopting a Written Solar Energy Policy?

A homeowners association may face a number of potential penalties if it does not adopt a written solar energy policy by April 1, 2026.  First, a homeowner has a right under Section 15, MCL 559.315, to bring a lawsuit against a homeowners association for a violation of the HEPA and, if successful, recover their attorney fees and costs from the association.  Because a homeowners association must adopt a written solar energy policy, its failure to do so by April 1, 2026, could permit a homeowner to file a lawsuit to force the association to adopt the policy and recover their attorney fees and costs.

In addition to the potential for a lawsuit, an owner may install solar panels without needing to seek approval if the written solar energy policy is not adopted by April 1, 2026.  Under MCL 559.311(2): “If a homeowners’ association fails to adopt the policy within the time period specified under section 9(1) . . ., a member may proceed with the installation of the solar energy system.”  To avoid this situation, a homeowners association should adopt the written policy by April 1, 2026.

Conclusion

The Homeowners’ Energy Policy Act is unlikely to be well-received by many homeowners associations because it imposes an onerous regulatory scheme and takes away the association’s architectural authority and discretion with respect to solar panels.  Unless the HEPA is amended or repealed by the Legislature in the future or limited by the courts, homeowners associations in Michigan should nonetheless comply with the HEPA and adopt a written solar energy policy to avoid potential liability.  Because of the numerous requirements that must be included in the written policy, homeowners associations should contact an experienced community association attorney to draft or review the written policy.

To read this original article visit https://micondolaw.com/2025/02/13/michigan-homeowners-energy-policy-act-takes-effect-april-1-2025-does-your-hoa-have-a-solar-energy-policy/

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DOMINION REPRESENTS LANDLORD AND TENANT IN A 5-YEAR LEASE WITH NATIONAL MEDICAL OFFICE TENANT

Bingham Farms, MI (July 2025) - James Mitchell, Vice President of Brokerage at Dominion Real Estate Advisors (DRA) and Michele Rosenblum of Lee & Associates worked together to successfully complete a 60-month, 2,495 SF medical office lease with Limitless Male at 1303 S. Linden Road in Flint, MI., commonly known as The Cornerstone Buildings.

Limitless Male Medical Clinic is headquartered in Omaha, NE, and though this will be there first office in Michigan, they also have locations in Iowa, South Dakota, North Dakota and Kansas.

Mitchell and Rosenblum represented both the Landlord and the Tenant throughout the lease negotiations.

ABOUT DOMINION REAL ESTATE ADVISORS

Dominion Real Estate Advisors (DRA) is a full service commercial real estate firm recognized nationally as a leading provider of professional commercial real estate services.  DRA brings decades of experience and expertise in commercial brokerage, property and asset management, real estate advisory, construction, design, and development services.

DRA is committed to bringing its clients creative, cutting-edge solutions, providing the highest level of professional service and fostering long-lasting relationships based on loyalty, integrity, and trust.  DRA assists corporate clients, lenders, institutions, property owners, investors, and real estate developers in achieving their real estate objectives.

For more information, please visit:

LinkedIn: https://www.linkedin.com/company/dominionra

Instagram: https://www.instagram.com/dominion_realestateadvisors

Facebook: https://www.facebook.com/dominionra

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Forecasters stay nimble as policies wobble: Policy uncertainty continues to weigh on business investment and new hiring

Posted by CoStar News | Christine Cooper, Chuck McShane | April 30 2025

Forecasting the economy's path has become increasingly challenging as the new administration’s policy announcements fluctuate. Economists have been digesting the news as it unfolds, adjusting their forecasts amid policy whiplash and uncertainty.

The latest update from Oxford Economics, CoStar’s macroeconomic forecast provider, calls for significantly slower economic growth in 2025 as the impact of tariffs on China and other trading partners is expected to fuel increased inflation. Though Oxford's forecast stops short of calling for a recession, estimating its probability at 45%, policy uncertainty is expected to continue weighing on business investment and new hiring.

The forecast was Oxford Economics’ third consecutive monthly downgrade for 2025, a year initially expected to build on the solid economic environment seen in 2024.

The Trump administration's year began on a high note, with expectations of regulatory relief and a focus on extending the 2017 tax cuts. Indeed, there continues to be talk of expanding some tax code provisions that would likely generate a fiscal shot in the arm. Immigration reform and changes in trade policies were expected further down the road.

Yet the administration instead turned its attention to trade policy, announcing widespread tariffs across trading partners, an initiative expected to weigh on the economy’s growth path rather than boost it.

Although the reciprocal tariffs have been put on hold until the end of July, the specter of increased import costs has motivated retailers to front-load goods, bringing products into the country before they are hit with import duties. As a result, Oxford Economics estimates that the economy contracted in the first quarter of the year. After inventory adjustments in the second quarter, economic growth is forecast to slow to about 0.5% at a seasonally adjusted annualized rate for the remainder of the year, a remarkable markdown from the 2.5% annual growth forecast in the fourth quarter of 2024 and the 2.8% annual growth rate in 2024.

Higher costs from tariffs are expected to be borne at least in part by consumers, as importers pass on some of their higher costs. However, higher prices are not yet visible in the current data, as most tariffs were imposed or announced in April. The latest release of the consumer price index actually showed prices easing by 0.1% in March over the prior month and up 2.4% over the year, a few steps lower than the yearly gain of 2.8% shown in February.

However, Oxford Economics projects inflation to accelerate, with the consumer price index rising to 4.1% by mid-year, a gain of 170 basis points from its current year-over-year rate of 2.4%. Household appliances and goods, electrical and communications equipment, and medical equipment are the most likely to see immediate price increases.

The subsequent weakening of the economy will bring core inflation below the Federal Reserve’s 2% target in 2026.

Both consumer surveys and business sentiment indicators have weakened in recent months as the tariffs were initially announced. The latest report from the University of Michigan shows consumer sentiment plunged in April, its fourth consecutive monthly drop. The index has fallen by 32% since the beginning of the year as consumers expect a weaker labor market ahead and income growth to slow amid the prospect of inflation accelerating.

Uncertainty can motivate consumers to become more cautious and increase their savings by spending less, triggering an economic slowdown. With little clarity or confidence in the future of trade policy, businesses are also likely to hold off on investment and expansion decisions, and, with fewer sales, slow hiring.

Oxford Economics expects the U.S. unemployment rate to rise to 4.8% by the end of the year, a level not seen since August 2021 when the economy was still reeling from COVID-related shutdowns. Federal layoffs, a federal hiring freeze, and economic slowing are expected to contribute to higher unemployment.

Oxford Economics notes its subjective odds for the economy falling into recession by the end of the year to be 45%. The company attaches some weight to the risk of a policy error as the Federal Reserve keeps its monetary policy restrictive despite a slowing economy, viewing still elevated inflation and heightened inflation expectations as more deserving of attention. Oxford expects the Federal Reserve to ease its policy rate by only 25 basis points this year, whereas projections from futures markets are expecting four rate cuts in 2025, with the first one in June.

What we’re watching …

The latest housing data shows a slowing single-family for-sale market accompanied by an increasingly fuzzy outlook. New home sales in March rose 6% annually to 724,000, while the larger existing home sales market slowed by 2.4% on an annualized basis to just more than 4 million home sales.

Higher housing supply offered some price relief for homebuyers in March as the median sales price of new homes fell to $403,600, a 7.5% year-over-year decline. Though the supply of new homes fell to 8.3 months in March, it was still well above the five-year pre-pandemic average of 5.6 months. While existing-home inventory also rose, listings remain historically tight at four months of supply, and median sale prices for existing homes continued to rise.

Uncertainty around tariff policy is unlikely to help with new home construction. About 60% of respondents to the April National Association of Home Builders/Wells Fargo Housing Market Index survey reported that suppliers had either announced or enacted higher material prices in response to tariff announcements. On average, supply costs were up 6.3%, adding an estimated $10,900 per home.

Homebuilders’ sentiment regarding current sales conditions and prospective buyer traffic rose slightly in April. However, sales expectations for the next six months fell to their lowest since November 2023.

The more prolonged policy uncertainty persists, the more pessimistic outlooks will likely flow into current market conditions, housing, and other important sectors.

To read this article on CoStar News, visit https://product.costar.com/home/news/1899486814

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DOMINION BROKERS A 10 YEAR MEDICAL OFFICE LEASE AT MEADOWBROOK MEDICAL CENTER IN NOVI, MI

Bingham Farms, MI (June 2025) - Eric Banks, Group President and Jim Mitchell, VP Brokerage Services represented the Landlord, Meadowbrook Medical Building, LLC in a 10-year lease at 25500 Meadowbrook Road in Novi, Michigan. Doctors Robert M. Ermentrout and Morgan J. Whitmore have come together to open the first Michigan Radiant Vascular Institute, PC ("Tenant") location. RVI is a full-service interventional radiology clinic, and they will occupy 4,917 SF of first-generation space within the Meadowbrook Medical Center, a class "A" medical office and surgery center.  Remy Isdaner and Nicholas Zagar of Mirlo Real Estate Partners in Ann Arbor represented the Tenant in this lease transaction.

ABOUT DOMINION REAL ESTATE ADVISORS

Dominion Real Estate Advisors (DRA) is a full service commercial real estate firm recognized nationally as a leading provider of professional commercial real estate services.  DRA brings decades of experience and expertise in commercial brokerage, property and asset management, real estate advisory, construction, design, and development services.

DRA is committed to bringing its clients creative, cutting-edge solutions, providing the highest level of professional service and fostering long-lasting relationships based on loyalty, integrity, and trust.  DRA assists corporate clients, lenders, institutions, property owners, investors, and real estate developers in achieving their real estate objectives.

For more information, please visit:

LinkedIn: https://www.linkedin.com/company/dominionra

Instagram: https://www.instagram.com/dominion_realestateadvisors

Facebook: https://www.facebook.com/dominionra

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Detroit’s retail market is staring down a third straight year of negative space demand

Posted by Costar | By Mateusz Wnek | May 12, 2025

Despite limited supply-side pressure, retail space demand across Detroit has been declining sequentially each year since 2023. That contrasts with other large retail markets nationwide, where tenant move-ins continue to outpace move-outs.

Gross move-outs totaled 8.6 million square feet last year, the highest annual tally since 2007’s 9.5 million square feet. The parade of move-outs continued into 2025, with tenants returning a gross 2.4 million square feet of retail space to landlords between January and March, marking a roughly 43% increase from the end of 2024.

Digging deeper, neighborhood centers led move-out activity during the first quarter, with more than 706,000 square feet vacated. Properties were particularly affected in the Airport District and the Southern I-275 Corridor, with retail owners in each node seeing around 150,000 square feet of gross move-outs.

Heading into mid-May, CoStar data shows that Detroit’s retail availability rate is at 6.7%, a level held since the third quarter of 2024. That’s the highest availability measure among all national markets with at least 150 million square feet of inventory. For context, comparatively sized markets like Washington, D.C., Boston and Minneapolis all have availability rates under 5%.

Net absorption, or the change in occupied space, totaled minus 529,000 square feet across Detroit in the first quarter. Meanwhile, current leasing trends and expected lease expirations peg the second quarter to see net absorption amount to nearly minus 700,000 square feet. 

Looking ahead, CoStar’s Base Case forecast anticipates a rebound in retail space demand during the second half of 2025. However, it’s unlikely to meaningfully offset the weakness in the first six months of the year. Accordingly, rent growth is expected to continue moderating toward 1% by the winter months from 2.5% recorded at the beginning of this year.

To read this original article visit https://product.costar.com/home/news/1853656985