Commercial real estate experts say the residential market willsuffer the most at first, as scientists move to other Pfizer sitesacross the country. The area already had a glut of lab space, saysJeff Hauptman, president of locally based Oxford Commercial. "Wehad 26,000 sf of lab space we were trying to lease before thePfizer closure announcement. We ended up leasing it as office andwarehouse space. University of Michigan had 22,000 sf of lab spacesitting vacant, they're removing the labs and leasing it asoffice."

Pfizer has 173 acres of land in the Ann Arbor area it plans toclose, though the company has not divulged what it plans to do withthe property. Hauptman says if the company decides to put the landup for sale, the land could be split up. "There are many localdevelopers who would love to have their hands on that land,"Hauptman tells GlobeSt.com. "It depends on what kind of pricingPfizer will look for, and if it would make sense for thedevelopers."

Regardless, Hauptman says the city is down, but not out. Googleis still bringing new jobs by bringing its AdWords division, andthe university and hospitals keep their hold on more than 30,000jobs. "You're not going to see a huge change in the community," hesays.