The cost of doing business in Huron Township, Michigan

In the Metro Detroit area and Huron Township LDFA region, according to the Detroit Areotropolis, business benefits by locating in this area because the cost of doing business in this region is one of the lowest in Michigan even though Michigan currently ranks 12th highest in the nation for the cost of doing business.

For Office Buildings

Rent Per SF $4.62

Vacancy Rate 1.70%

Vacant SF 329,700

Available SF 1,535,211

Existing Buildings 396

Existing SF 19,064,552

Sales Price Per SF $32

Asking Price Per SF $51 ($43 5 year average)

For Warehouse buildings

Rent Per SF $4.25

Vacancy Rate 3.70%

Vacant SF 300,530

Available SF 957,078

Existing Buildings 222

Existing SF 8,130,910

Sale Price Per SF $27

Asking Price Per SF $56

One of the most important sectors of Michigan’s economy is manufacturing. According to the Bureau of Economic Analysis (BEA), 16 percent of Michigan’s economy is predicated on the manufacturing industries, compared to just 7 percent of the national economy.

Michigan is an extremely affordable place to live. Entrepreneurs enjoy low real estate costs and moderate taxes. The cost of living index compiled by Sperling’s Best Places measures different cities and states as compared to the nation’s average cost of living; Michigan was found to be significantly less expensive than the U.S. as a whole, particularly when it comes to housing costs.

Michigan hosts a number of development centers for small business. Each is dedicated to supporting the development and retention of small businesses, helping entrepreneurs do everything from crafting business plans to navigate the state’s tax code. You can find your region’s small business development center at the link below. Michigan SBDC Network.

The Local Development Financing Act (LDFA), allows eligible entities to establish area boundaries, create and implement a development plan, acquire and dispose of interest in real and personal property, issue bonds and use tax increment financing to fund public infrastructure improvements for eligible property.  The tool is designed to promote economic growth and job creation.  The group has used these tools to support companies in manufacturing, agricultural processing, and high technology operations.

Huron Township LDFA is home to many successful other manufacturing businesses with space to grow new companies! Recently the group has developed a new LDFA2 district with many opportunities for new business. Call R.P. Lilly, chairman  for more information 517-375-1624.

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