Brokerage Outlook: Michigan

• West Michigan Retail

• Detroit Industrial

• Michigan Multifamily

• Detroit Multifamily

• Southeastern Michigan Office

West Michigan Retail Bussey Submitted by Bill Bussey, vice president of Grand Rapids, Mich.-based Grubb & Ellis|Paramount Commerce. Posted 03-09-07. Click to view third quarter 2006 statistics. Click to view fourth quarter 2006 statistics. What area is your expertise? • West Michigan retail real estate. What trends do you see presently in retail development in your area? • West Michigan continues to be an economically vibrant area with development in almost all sectors. New projects will continue to be built as long as they are matched with confirmed anchor interest. Later this year, for example, we expect to see a firm announcement that a new lifestyle center (the first in this area) will be built on Michigan Highway 37 and 3 Mile Road. The development team for this project is lead by Robert B. Aikens & Associates and its partner, CBL & Associates, and is expected to feature a number of new restaurants and retailers. It is important to note that the retail health of any area is closely related to the overall economic health and activity of an area. One of the reasons that West Michigan has as vibrant and expanding retail market is because of our strong overall economy. We are blessed with a very balanced economy; 19 of 20 industrial groups are represented here and we are not dependent upon any one or two industries for our survival or growth. For example, unlike Detroit, automotive related businesses play a minor part of our overall gross economic product for the area. In addition, West Michigan is the home of many private companies that are doing well, such as Amway, Steelcase, Herman Miller and Meijer, which is the 28th largest retailer in the world. The strongest office development activity is in the medical sector, which includes the world famous Van Andel Institute, the second highest endowed medical facility in the country behind Howard Hughes; a number of related research facilities; expansion of all three hospitals; etc. What type of retail product is doing well in your area? • Big boxes (all the following continue to expand): Wal-Mart Supercenter, Meijer, Target and Costco; Medium boxes: sports-related retailers, because there are more hunting and fishing licenses on the west side of the state than on the east side; Small: coffee retailers, restaurants and value-priced merchants. What retailers are new to your area? • Costco has recently come into our market with two stores. New restaurants include Texas Roadhouse (3 sites) and Longhorn Steakhouse (1 site). Cabela’s is in serious discussions with the City of Walker for tax incentives as an inducement for them to locate a second Michigan store in northwest Grand Rapids. Who are the active retail developers in your area? • Ramco Gershenson Properties, Robert B. Aikens & Associates, CBL & Associates, Geenen DeKock Properties and EdMark Development. Robert B. Aikens & Associates and CBL & Associates are planning Village at Orchard Hills, a 400,000-square-foot lifestyle center, in West Michigan. Please name one or two significant retail developments in your area. What impact will these projects have on the market? • The most significant development will be a new lifestyle center, Village at Orchard Hills, which is proposed for Michigan Highway 37 and 3 Mile Road, and will be built by Robert B. Aikens & Associates and CBL & Associates. The approximately 400,000-square-foot retail component can be accessed via a newly created Main Street with the shops lining the street fronts of additional new roads. Parking will be available on the street as well as in abundance behind each building. The center will feature over 50 retailers, the majority of which will be familiar to those who have visited other lifestyle centers. Announced tenants so far include Barnes & Noble, P.F. Chang’s China Bistro and Biaggi. • Ramco Gershenson Properties recently completed a 393,000-square-foot retail development at the intersection of Michigan Highway 6 and Kalamazoo, with Meijer, Target and Staples. M-6 is the new connector highway on the south side of Grand Rapids, which is spurring development at almost every interchange. • Grand Landing, located in Grand Haven, Mich., is a mixed-use development on US-31, southwest of Grand Rapids, which will contain approximately 225,000 square feet of commercial space. • Westshore Mall, located in Holland, Mich., has recently been purchased and is in the process of a very detailed renovation and expansion program. Where is the majority of development taking place? Why is this area doing well? • Along the new South Beltline (M-6): This highway connects Interstate 96, US-131 and Interstate 196 along the south side of Grand Rapids. • 28th Street (Michigan Highway 11) at I-96: This is a high traffic area that is bounded on the west side by higher incomes. It also offers unique accessibility. • Michigan Highway 37 between Knapp and Three Mile: This area has a new theater, several new restaurants, a number of new office buildings and other retail establishments in mixed-use developments, as well as a very successful Meijer. It also has numerous office parks in the area and soon will have a new lifestyle center at the corner of M-37 and Three Mile. This area is doing well because of traffic, daytime population and residential demographics. • US-31 and Sternberg in Muskegon, Mich.: This has become the retail hub of Muskegon, including Lakeshore Marketplace, Barnes & Noble, a new Target, Toys “R” Us and Elder Beerman, CBL’s Lakes Mall, which features Sears, JC Penney and Dick’s Clothing and Sporting Goods, and numerous other smaller retail developments. This area is doing well because Muskegon was greatly underserved by retailers and restaurants; once development started at this location, others quickly followed. It is also very accessible near the interchange of US-31 and I-96. Please describe the retail leasing activity in your area. • Retail leasing activity in West Michigan continues to be strong, as is evident by the new developments in Grand Rapids, Muskegon, Grand Haven, Holland and many smaller towns in between. Many retailers are less aggressive than they were 3 years ago, and some require more time to make a commitment; however, demand is still high enough in the better areas that many existing retailers are seeking additional sites, and retailers new to the area are also active. Please give a measure of retail vacancy rates. Please give a measure of available sublease space. • Retail vacancy rates are divided into corridors that surround Great Grand Rapids. The 28th Street Southeast corridor is one of the lowest with a 5.9 percent vacancy rate, while the 28th Street Southwest corridor is higher at 15.8 percent vacancy. This is largely due to the 150,000-square-foot Rogers Department Store building coming into to the market. Alpine Avenue and the East Beltline corridor are holding steady around 5.5 percent. Plainfield/Northland Drive has a vacancy rate of 13.6 percent, while the lowest vacancy rate of 4.2 percent is the Rivertown Parkway corridor. Overall, the Greater Grand Rapids has a vacancy rate of 7.5 percent, which is the healthiest market in our area. Currently, there are only 35,500 square feet of sublease space available throughout the entire market. What types of retailers should look into your market in the coming year? What type of retail is needed? • We expect a positive decision from Cabela’s to select a second Michigan location in Grand Rapids — it’s first location is in Dundee, Mich., south of Detroit. This should be an excellent location for Cabela’s because the market for sporting equipment of all types is strong in West Michigan. Additionally, The Fresh Market is scheduled to open this fall and Whole Foods Market is currently evaluating the market for a possible store at the proposed lifestyle center. Would you like to make any additional observations about the retail market in your area? •West Michigan is a very interesting area because it has some unique features that all speak well for retail:      • Western Michigan has the highest percentage of charity of any major city, with the exception of Salt Lake City. This is important because we have seen many millions of dollars donated to start a new historical museum, an art museum, a civic center, an arena, the expansion of the Grand Rapids Ballet Company and many others. This has yielded secondary development throughout the area and has had a very positive effect on the retention of younger people, influx of conventions and new businesses.  • West Michigan has a median age of 34 — one of the lowest median ages in the Midwest. This compares, for example, to 36 in Indianapolis, 39 in Cleveland, 35 in Chicago and 37 for the United States as a whole. This is important because it means that young people in West Michigan are staying in this area after graduating from high school and college; more importantly, young people who come into this area for higher education or jobs are staying.      • There are 60,000 college students in the greater Grand Rapids area, with 39,000 in downtown Grand Rapids alone.      • Household income has risen almost 20 percent from 2000 to 2006.      • This area is in the top 10 metro areas in the country in terms of patents issued per-capita.      • We have a highly educated population, third only to Indianapolis and Madison, Wis.      • The above statistics indicate to us that we have a very educated population that is in the time of life when family expenses are highest, and they do have money to spend.

Detroit Industrial Kolar David Kolar, managing member with Bloomfield Hills, Mich., office of Sperry Van Ness/Kolar Commercial Group. Posted 07/02/07. What area is your expertise? • I predominantly work Oakland County in the southeast Michigan industrial market. What trends do you see presently in industrial development in your area? • The sluggish automotive industry combined with the consolidation of automotive suppliers has slowed demand for industrial space. There is little if any speculative development. Virtually all new construction is build-to-suit. What type of industrial product is doing well in your area? • There is no particular product type or industrial niche that is dramatically outperforming the other sectors. Newer buildings have higher ceilings and are outperforming their older counterparts that have physical obsolescence or deferred maintenance. The vacancy rate for Oakland County manufacturing space is averaging about 12 percent and warehouse/distribution space is about 14.5 percent Who are the active industrial developers in your area? • Ashley Capital, First Industrial Realty Trust, Inc., Stuart Frankel, General Development, Schonsheck, Inc., R.A. DeMattia, Quadrants, Magnum and others are active in the market. Please name one or two significant industrial developments in your area. What impact will these projects have on the market? • Daimler Chrysler broke ground on a new engine plant in Trenton, Michigan. This plant will have 780,000 square feet and will cost an estimated $730 million. The pending sale of 80.1 percent of Chrysler to Cerberus Capital Management has created some uncertainty as to the Chrysler Groups future and direction. This groundbreaking sends a reassuring message to Michigan as to what we can expect from Cerberus Capital Management. Where is the majority of development taking place? Why is this area doing well? • In Oakland County, Auburn Hills is seeing steady development. This area benefits from easy access to Interstate 75, and is called “Automation Alley.” Close proximity to Daimler Chrysler headquarters, the GM Orion Plant and the availability of vacant land are factors to its success. In addition, the Michigan Economic Development Corporation (MEDC) is providing incentives for companies growing in or relocating to Michigan. What area do you expect to be the next big industrial development market? Why? • In the current business climate, I do not see any particular area that will experience broad industrial development within the next year. The market will continue to be driven by build-to-suits in 2007. However, Chrysler has announced their intention to build another new plant in Marysville (St. Clair Township) with a $670 million price tag that is currently in the approval process. Please describe the industrial leasing activity in your area. • Industrial leasing is slow in southeast Michigan and there are numerous buildings available. Activity is better on buildings that are for sale than for lease as many prospective tenants would rather buy than lease. Please describe the industrial sales activity in your area. • Numerous industrial transactions have occurred in 2007 with sales to both users and investors. The largest transaction was the acquisition of a five-building portfolio by WelshInvest from Liberty Property Trust. This portfolio had three buildings in Romulus, Michigan (6505 Cogswell; 7525 Cogswell; and 38100 Ecorse) and two buildings in Belleville, Michigan (41133 Van Born and 41199 Van Born). The five buildings totaled approximately 1.37 million square feet and were 93 percent occupied at time of closing. The sale also included a 21.6-acre vacant parcel of land in Romulus for future development. The recent expansion of Detroit Metropolitan Airport will continue to enhance the demand for space in the area. Please give a measure of industrial vacancy rates and a measure of available sublease space. • Oakland County includes the cities of Auburn Hills, Rochester Hills, Bloomfield Township, Troy, Madison Heights, Royal Oak, Oak Park and Southfield. This market consists of about 113 million square feet with direct vacancy of 14 million square feet or 12.39 percent. Including sublease space, the vacancy is 13.28 percent. What impact do current interest rates have on the industrial market? What predictions do you have for interest rates and their effect on the industrial market in the next year? • The low interest rates have users looking to buy as the mortgage payment with a 25- or 30-year amortization is often less than the asking rent NNN. What industries do you expect to expand in the next year to absorb a great deal of industrial space? What areas will be affected? • Demand for pure manufacturing space will continue to be sluggish through 2007. However, there is conversion of manufacturing space happening in some markets. The entire Birmingham industrial district has been rezoned to mixed-use now allowing four-story redevelopment. Crosswinds Communities redeveloped the former Erb Lumber site into 144 live/work units that have been well received by the market. Charter Development demolished the former Stanley Door building and has begun site preparation for 136 additional live/work units called Kenning Square. The former Collins and Aikman Industrial building in Troy located on Crooks Road just south of 15 Mile has been converted to retail showroom use and is now occupied by a Harley Davidson shop. Troy is evaluating rezoning the properties fronting on the Maple (15 Mile) Road corridor between Coolidge Highway and I-75. This would accommodate retail and/or mixed-use development and spur redevelopment of numerous industrial and residential buildings fronting on Maple (15 Mile) Road. This corridor currently has a mixed bag of residential, retail, office and industrial uses.

Michigan Multifamily Robert Pliska, managing director with the Birmingham, Mich., office of Sperry Van Ness/Property Investment Advisors, LLC. Posted 06/28/07. Pliska What area is your expertise? • The Michigan market. What trends do you see presently in multifamily development in your area? • The Detroit and Michigan economies appear to have bottomed out in 2006 and they are now showing signs of positive recovery. This year, they have demonstrated an increase in activity and we see 2008 being no different. A shift is occurring from a strong auto-related economy, to that of a technology-based one that is utilizing the area’s great available resources such as universities, engineering in the auto industry, trained employees, R&D companies and international firms. Additionally, alternative energy, the life sciences and biotech seem to be taking a strong hold. Who are the active multifamily developers in your area? • There has been very limited development occurring due to the slowdown in the economy in recent years. Apartment construction slowed to just 1,100 units in metropolitan Detroit in 2006. This construction slowdown should be boon to the Detroit economy as it continues to recover. Less inventory equals higher demand. Please name one or two significant multifamily developments in your area. • In Ann Arbor, home of the University of Michigan, Joseph Freed & Associates is building a multifamily high-rise. In downtown Detroit, the Riverfront Apartments are being converted into condos. Additionally, The Westin Book Cadillac and the historic Vinton Building are adding upscale units. Where is the majority of development taking place? Why is this area doing well? New development of multifamily units is located in the suburban markets of Oakland, Macomb and western Wayne counties. These areas are where employment opportunities are increasing. What area do you consider to be the next big development market? Why? • The next big development area will continue to be in the suburban markets. However, downtown Detroit is experiencing a revitalization due to the strength of many organizations such as Detroit Renaissance, the convention bureau, regional chamber of commerce and other factors. What areas are doing well in terms of apartment leasing? Which areas are struggling? • Southeast Oakland County will continue to have the lowest vacancies due to its high desirability and upscale areas. Northeast Wayne County will have higher vacancies due to residents relocating to more desirable areas.  Please give a measure of vacancy rates. • Vacancy rates are ranging from the 6.5 percent levels in southeast Oakland County to 10 percent in northeast Wayne County. Please give a measure of condo sales activity. • Condo sales have been reduced to a trickle at this time. Projects such as Joseph Freed & Associates’ Monarch have been cancelled. Others, like their project in Ann Arbor, have been converted from a condo development back to an apartment community. What impact do current interest rates have on the apartment and condo markets? What predictions do you have for interest rates and their effect on the multifamily market in the next year? • Rising interest rates should have a positive impact on the multifamily market. Also, with the higher underwriting standards caused by problems in the subprime lending market, it will be even more difficult to obtain a mortgage. Fewer people will be able to afford a home and will be forced into apartments — causing a higher demand for apartments and, in turn, an increase in rents. All this combined with little to no recent construction and a reduction in inventory due to conversions to condos over the last several years will drive demand even more for apartments. What is the status of job growth/unemployment rates what bearing will it have on the multifamily market. • Job growth should improve in the future as the local auto industry restructurings take hold and industries such as high-tech, alternative energy, life sciences, communications, IT and biotech take hold. This, along with the demand created by a rising interest rates, should cause the multifamily market to become a better investment in the area. Would you like to make any additional observations about the multifamily market in your area? • Recently, many substantial purchasers have come to the Detroit area, purchasing a large number of units. These include 5,000 units by New Jersey-based Lightstone Group for $216 million last year and most recently 2,500 units purchased by New York-based GFI Realty Services at $95 million. Investors expect the Detroit market to improve and are betting a substantial amount of money that it will. Detroit continues to get higher cap rates and better returns than the rest of the country.

Detroit Multifamily Dillon Kevin P. Dillon, associate partner with the Detroit office of Hendricks & Partners. Posted 09/21/07. What area is your expertise? • My area of expertise is in multifamily advisory and brokerage throughout Michigan. What trends do you see presently in multifamily development in your area? • Multifamily development continues to be extremely limited in the Detroit Metropolitan Area and it could be a few years before developers really return to the market. We are expecting approximately 550 units to be completed in 2007, up slightly from the 484 units completed last year. As condominium sales have cooled with the slow down in the single-family housing market, several condominium developers have resorted to finishing their developments as apartments. Condo conversion has all but stopped. Who are the active multifamily developers in your area? • The most active multifamily developers in the Detroit Metropolitan Area have been Buzz Silverman of Silverman Companies, Gary Grewal of Singh Development, and Jonathan Holtzman of Village Green Companies. Each of these developers has built several new properties over the past five years, though Village Green has focused on the redevelopment and repositioning of older assets in the market as well as development. Please name one or two significant multifamily developments in your area. What impact will these projects have on the market? • The most notable new apartment development is Cider Mill Village in Rochester Hills, Mich. Constructed by Singh Development, this 339-unit community is located in a growing neighborhood and should be one of the more desirable properties as the market continues to improve. Where is the majority of the development taking place? Why is this area doing well? • The majority of the developments have been taking place in Oakland County. Oakland County is one of the wealthiest counties in the country and a majority of the business growth in the Detroit Metropolitan Area has occurred in this area. More specifically, the Interstate 75 corridor, including parts of Troy, Auburn Hills, Rochester Hills, and Clarkston, have experienced a large portion of the development to the north; while Novi and Wixom, along the I-96 corridor, have experienced growth to the west. Other western communities that have recorded growth have been along the I-275 corridor and include Northville, Plymouth and Canton. The majority of the growth has been through urban sprawl, which is contracting with the slowing of the single-family home sales. This contraction will deter certain developments in the furthest outlying communities. What area do you expect to be the next big development market? Why? • The next big development markets will be the continuation of the urban sprawl in the Clarkston, Wixom, Milford, and South Lyon areas. These communities continue to be among the stronger growing and stronger performing areas in the metropolitan area. Macomb County is also an area to watch, as developers are planning some larger projects in this submarket. What areas are doing well in terms of apartment leasing? Which areas are struggling with leasing? • While the overall apartment market continues to struggle, there are pockets of areas where leasing activity has recently shown improvement. The Southeast Oakland County submarket recorded vacancy of 6.4 percent in first quarter 2007, down 90 basis points from first quarter 2006. Vacancy in the Southwest Wayne County submarket is down 60 basis points during the same period to 6.9 percent. Conversely, the Northwest Wayne County continues to struggle, with vacancy recorded at a metro-high 11.9 percent in first quarter 2007. Please give a measure of apartment vacancy rates and please note the city/state these apply to. • Vacancy was recorded at 7.3 percent for the Detroit Metropolitan Area in first quarter 2007, up 30 basis points from one year prior. Vacancy is expected to remain in the low- to mid- 7 percent range for the remainder of the year as little new development and an improving economic outlook help to stabilize the apartment market. Please give a measure of condo sales activity in the area and please note that the city/state these numbers refer to. • Rising interest rates and the slowing single-family home market have significantly cooled condo sales activity in the Detroit Metropolitan Area. Many condo developers have lowered their expectations and we are starting to see condo units return to the rental inventory. What impact do current interest rates have on the apartment and condo markets? What predictions do you have for interest rates and their effect on the multifamily market in the next year? • The interest rates have a severe impact on the apartment and condominium market throughout the Michigan market. Rising rates have helped the rental market, as foreclosed homeowners are forced back into the rental pool and potential home buyers are remaining on the sidelines. Unfortunately, the increased cost of capital is also keeping some potential apartment investors on the sidelines as well. The rising interest rates have already greatly affected the condominium market. Condominium sales slowed to a point where many developers have stopped the construction of new buildings. Condo prices have dropped precipitously through developer concessions such as prepaid taxes for twelve months, no common area maintenance dues for the first year, and even covering interest costs for buyers for the first twelve months What is the status of job growth/unemployment rates and what bearing will it have on the multifamily market? • The labor market in the Detroit Metropolitan Area has recorded substantial losses over the past several years, however, relief may be on the way. The unemployment rate in Detroit was recorded at 6.9 percent in May of 2007, down from 8.0 percent recorded in January of 2007. Job growth is expected to turn positive as early as 2008, which would reverse a trend dating back to 2000. Job growth would likely help begin to stabilize the multifamily market as new construction is expected to remain limited. Would you like to make any additional observations about the multifamily market in your area? • While still struggling, the Detroit apartment market has several factors working it its favor. A combination of limited new apartment development, improved economic conditions, a slumping housing market, and rising interest rates should present a more favorable environment for apartment owners and investors. It might be a little premature to call for a recovery in the next year, but it may be time to start taking a closer look at upside properties in this area.

Southeastern Michigan Office Timmis Truman D. Timmis, managing director with the Bingham Farms, Mich., office of Sperry Van Ness/Timmis Group, Ltd. Posted 06/08/07. What area is your expertise? • Office real estate in southeastern Michigan. What trends do you see presently in office development in your area? • Historically, the economy of Detroit and the surrounding southeastern Michigan area have remained closely tied to the domestic automotive industry. As a consequence, economic setbacks suffered by the automobile industry have had broader economic consequences for the area. State and local leaders continue to push for recovery through economic diversification, leveraging the many natural, institutional and human resources of the region. Of note, the recent divestiture of Chrysler by Daimler was originally met with a sense of trepidation. It is now the subject of mild optimism, as industry insiders suggest that domestic control of this former Big Three automobile company will facilitate its economic recovery and pathway into the future. Who are the active office developers in your area? • While new speculative office development has come to a virtual standstill, companies such as Kojaian, REDICO and Etkin Equities remain dominant players. Over the recent past, Northern Equities has also been a key player, with significant deliveries of office space in the M-5/Haggerty corridor. Please name one or two significant office developments in your area. What impact will these projects have on the market? • The recently completed 325 N. Old Woodward development in downtown Birmingham, Mich., demonstrates the trend toward mixed-use developments in suburban central business districts (CBDs). This project was developed through a joint venture between Burton-Katzman Development Company and Gershenson Realty & Investment LLC on the site of the former Jacobson’s department store. The development consists of 38,641 square feet of retail space on the first floor; 74,078 square feet of Class A office space on the second and third floors; and 12 terraced penthouse condominiums ranging from 1,300 square feet to 5,575 square feet on the fourth floor. The project also includes underground parking for the condominium owners and select commercial tenants. Delivered in January 2007, the project has captured a number of national and regional securities firms, along with Google, and the office component is now more than 97 percent leased. Where is the majority of development taking place? Why is this area doing well? • Medical office space has been the dominant subcategory of office development over the recent past, as hospitals and healthcare systems move services off campus and into new freestanding facilities. Medical office development will continue into the future, and will be facilitated by a well-insured, aging population, with expanding medical needs and a desire to receive treatment in newer, more convenient medical facilities. What area do you expect to be the next big development market? Why? • There is an emerging trend toward providing office space in more integrated, mixed-use environments. This has led to the development of new mixed-use projects in suburban CBDs of communities such as Birmingham and Royal Oak. An interesting corollary trend has been the conversion of older, obsolete but historically significant buildings in Detroit’s CBD into residential loft space. This trend is part of a broader revitalization of Detroit’s CBD. What areas are doing well in terms of office leasing? Which areas are struggling with office leasing? • As noted above, office space in suburban CBDs has performed well, as many companies, particularly those with younger and/or more sophisticated work forces seek out the convenience and amenities of an integrated, walkable urban environment. Conversely, much of the more generic suburban office space developed during the past 20 years has struggled recently as a result of conditions in the local economy. Please give a measure of office vacancy rates and a measure of available sublease space. • The metropolitan Detroit office market contains 90.7 million square feet of office space, with an overall vacancy of 20.3 million square feet or 22.35 percent. Of that vacancy, sublease space accounts for 1.1 million square feet or a 1.2 percent component of the overall 22.35 percent total vacancy. What impact do current interest rates have on the office market? What predictions do you have for interest rates and their effect on the office market in the next year? • Interest rates have remained relatively stable in the recent past. However, current pronouncements by Federal Reserve Chairman Ben Bernanke suggest the potential for future interest rate hikes based on inflation concerns. Overall, a rise in interest rates will have little impact on office development in the southeastern Michigan market, as there is virtually no speculative office development underway. However, a rise in interest rates does have the potential to cool economic growth. What is the status of job growth/(un)employment rates and what bearing will it have on the office market? • Corporate downsizings in the wake of the downturn in the automobile industry have resulted in a loss of jobs and a rise in the unemployment rate, which now stands at 6.6 percent in the metropolitan Detroit area. In turn, this trend has resulted in a rise in office vacancy rates. Is there any type of office tenant absorbing a majority of space? What industries do you expect to expand in the next year to absorb a great deal of office space? What areas will be affected? • As noted above, medical users are the only category of tenant absorbing significant office space, and that absorption is localized in dedicated medical office facilities. Would you like to make any additional observations about the office market in your area? • Southeastern Michigan’s economy is highly cyclical due to its unique tie to the domestic auto industry. It is often said that when the U.S. economy catches a cold, Detroit catches pneumonia. At the same time, with each downturn, the area has also experienced a recovery and with each recovery the local economy becomes more diversified and robust.

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