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The personal property tax was repealed, giving businesses a $590 million a year tax break. This should make Michigan more competitive with neighboring states that no longer have this tax on equipment and machinery. Local communities fear the loss of the revenue that helps them pay their bills.
Dan Gilbert buys 5 downtown Detroit buildings, bringing his total To 15, eight were purchased in 2012.
Gilbert's five new assets on Woodward Avenue and Broadway Street, a mix of occupied and unoccupied buildings including the Kresge building, will house retail on the ground floor and a mix of office and residential space above.
Absorption was positive again in the most recent quarter. This included more than 2 million square feet in the industrial sector. Although small amount of construction activity is taking place, the absence of any large, significant projects and delays in differed maintenance are also playing a role on the number of quality available buildings. The other factor is the amount of building debt coming due through 2014 that could result in more buildings taking hands and signaling a bottom to the market.