Downtown Ann Arbor condo developments are booming. Urban living is more desirable than ever all across the country. A recent NPR broadcast reports larger cities, that were once ghost towns on the weekends, are emerging as the new places that Millennials want to live and developers are altering their mindset from office developments to walkable residential community.
Some cities are turning vacant floors in office buildings or total office buildings into higher-end residential condos or apartments. Detroit, Michigan, Wilke-Barre, Pennsylvania, Cleveland, Ohio, and Milwaukee, Wisconsin have all had residential conversions and are experiencing an upturn in downtown living.
Detroit has numerous companies that have moved from the suburbs to downtown.
Office markets are improving, due in part to conversions pulling office space out of the market.
The largest age group living in cities is 25-34 followed by Baby Boomers who are finding it increasingly more attractive to live “downtown”.
Source: Crain’s Detroit
Source: Urban Milwaukee
Source: Citizens Voice