Northern Michigan Real Estate Booming, Despite Pitfalls

August 31, 2016

New house constructionCommercial real estate in northern Michigan is thriving.

Traverse City’s real estate is in the best position it has been in years, with brokers and contractors being swamped with multiple offers from buyers and sellers. Real estate experts say that this is because Traverse City is the perfect location for commercial real estate, along with this season being the best time to buy and sell all year.

Molly Buttleman, a real estate agent in Traverse City, goes on to explain to 9 and 10 News, “Commercial right now is the thing that kind of sat idle for a few years, but I would say from the commercial stand point you’re seeing all these little nooks and crannies in the areas, the five county area, sat there for a while and now kind of gaining legs and getting life.”

Typically,the commercial real estate sector is split between large buildings over $2.5 million in value, and smaller buildings under $2.5 in value such as small strip malls, standalone convenience stores, and small retail spaces.

The demand for real estate in this area has gotten so sizable that larger contractors such as Burdco Incorporated are taking on twice as many projects than usual for this time of year.

But this sector comes with its fair share of controversy as well. According to the Commercial Real Estate Development Association, there is a lack of diversity among senior commercial executives. Their 2013 report shows that a full three-fourths of the positions available across the country were held by white men, amounting to 13,773 jobs.

This statistic compares to only 178 jobs held by black men, 397 jobs held by Hispanic men, and 216 jobs held by Asian men. Women are also severely underrepresented, with white women holding only 14.1% of jobs.

Additionally, according to the report, non-white women hold less than one percent of senior executive jobs nationwide.

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