Farmington Hills, Michigan (October 4, 2016) – The management, leasing, and construction teams at Friedman Integrated Real Estate Solutions, a national leader in commercial real estate, has breathed new life into several high-profile office buildings in Troy and Farmington Hills over the past few years. The most notable transformations can be seen at North Troy Corporate Park and Arboretum Office Park. While most of the media attention focuses on the resurgence of Downtown Detroit, Friedman currently has its sights set on Southfield as an ideal location for new real estate investment opportunities.
From the mid-1970’s through the 1990’s Southfield boasted higher rents and greater occupancy than many of the surrounding communities and especially Detroit, where corporate and individual income taxes and parking costs, as well as commuting time provided the opportunity for Southfield to take over as the preeminent office market in the metro area.
More recently, as the recession took its toll and work/walk/play/live/eat Urban locations have become more in vogue, coupled with Detroit’s resurgence and Southfield’s aging buildings, Southfield’s occupancy and rental rates began to suffer. In Friedman’s world, those types of challenges present opportunities.
The City of Southfield did not sit idly by either. The City of Southfield proactively bought the obsolete North Park Plaza office building and demolished it making way for new development. In addition, it acquired the largely vacant and decaying Northland Mall, decommissioned it, and is now in the process of selecting developers to redevelop that area. Closing down Northland Mall positively impacts all of the adjacent properties. These are just two examples of the many projects spearheaded by the city and its Downtown Development Authority destined to return the City of Southfield to its deserved position of prominence in the region.
According to Friedman’s Senior Managing Director, Scott Shefman, “Southfield’s centralized location, with respect to metropolitan Detroit’s major office markets provides an ideal destination due to its convenient access to many freeways and proximity to the majority of the population in the region.” Parks, city services, a positive business environment, and ample parking are also contributing factors to Southfield’s success. For purposes of leasing, parking seems to be a significant topic. “Many tenants in today’s office environment require high parking ratios for several reasons, and that’s not easy to accomplish in the City of Detroit without significant associated costs,” says David Friedman, Executive Managing Director – CEO.
Rochelle Freeman, Business & Economic Development Director of Southfield, says the city boasts more office space than the central business districts of Cleveland, Cincinnati, Detroit, or Indianapolis and is home to sound businesses such as BASF, Henry Ford Health System, Lear, and IBM.
“Generally speaking, Southfield has buildings with larger floor plates than you’ll find in other submarkets – thus, it can accommodate larger more financially stable companies,” Shefman remarked. “It’s a progressive, business-friendly government willing to work with landlords and tenants to make sure that they understand the financial incentives available to them for locating their businesses in Southfield.”
These factors, and other, contribute to the rising success of the city. As a result, you’ll find many Fortune 500 companies that base their operations in Southfield. Telegraph Road has become a major automotive supplier corridor, whose tenants include: Denso, Durr Industries, Eaton Corporation, Federal Mogul, Comau, and IAC. Friedman also noted that, “We have seen a major increase in demand from health care, insurance, and automotive supply companies, all of which have rooted themselves in the area in an effort to serve the Big Three and other businesses in the region.”
Galleria Atrium Rendering
Seeing the potential of Southfield, Friedman manages or owns some of the most recognizable buildings in the city. With the recent acquisition of the Galleria Officentre, Friedman currently manages upwards of 2.6 million square feet of commercial space and nearly 1,000 apartment homes in Southfield, making it one of the city’s largest landlords.
Friedman accomplishes much of its success by improving overall curb appeal, updating and remodeling the building’s interiors and exteriors, and improving the tenant experience through exceptional service and attention to detail. Friedman looks forward to having a successful and long-term presence in the City of Southfield.
Click here for more information on office availabilities in Southfield.
ABOUT FRIEDMAN INTEGRATED REAL ESTATE SOLUTIONS
As one of the largest privately-held full-service commercial real estate organizations in the nation, Friedman Integrated Real Estate Solutions provides clients with a single point of contact for the full range of Advisory, Property Management, Brokerage and Construction services that it offers.
Friedman manages more than 140 commercial properties encompassing more than 16M SF and more than 10,000 apartment homes throughout the United States. Friedman’s brokerage team has over 800 current listings with $10 billion in closed transactions. As owners and managers of commercial property for 30 years, Friedman understands what it takes to achieve results that maximize their clients’ objectives.
For more information, visit: www.friedmanrealestate.com.
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