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Market Report

Detroit Industrial Market Report

Midyear 2023

Nearby Auto Investments and the Removal of Obsolete
Space Generate Long-Term Tailwinds

Ford doubles down on Michigan presence. In February 2023, Ford announced that the company will build a $3.5 billion factory in Marshall to produce electric vehicle (EV) batteries. The plant will employ 2,500 workers and is expected to be operational by 2025. While Marshall is roughly 100 miles outside of Detroit, the battery plant is still a major boon for the metro’s auto industry as much of the necessary engineering and tooling are performed in the market. Ford has also begun its $950 million redevelopment of Michigan Central Station into an innovation district aimed at relocating tech- and auto-centric jobs to Detroit. The growing presence of EV and hybrid operations from both established and upstart automakers offers long-term tailwinds to the metro’s industrial sector as suppliers and industry-related tenants seek proximity to the plants. 
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