WEST BLOOMFIELD BEACON • APRIL 5, 2023
8A
Real estate
Somerset Collection, but the weakest will get redeveloped, such as Eastland, Northland, Summit Place and Lakeside.
from page 3A
retail, office space, multifamily and industrial real estate. Dan Elsea, the owner of Real Estate One, presented reports, trends and predictions on residential real estate.
Retail
Szymczak said retail real estate is looking overall positive. According to his presentation, most retail came out of the pandemic better than expected, and consumer spending is strong. Areas that are doing well are fitness, beauty and self-care properties, and dollar stores, while malls are struggling. He predicts that the strongest malls are doing OK, such as
Office space
According to Szymczak’s presentation, office space real estate is a little more complicated due to companies downsizing and the issue of debt. Currently, there is an active market for spaces under 5,000 square feet, moderate demand for spaces 5,000-10,000 square feet, and low demand for spaces 10,000 square feet and over. Another layer to office space rental is that many loan terms mature in 2023-24. Szymczak shared how some locations in the area are in a higher demand than others.
“If you own an office building in Royal Oak, Birmingham or Bloomfield Hills, that is where people want to be,” Szymczak said. The most desired amenity for an office is a short commute. Easy parking, and walkability to lunch spots and community assets are also highly desired.
Multifamily
According to Szymczak, multifamily real estate bought preCOVID is doing fine. He said the market is seeing a lot of new supply, and people can expect the new supply to be absorbed. As more high-end options are becoming available, the oversupply is expected to hurt the low end the most. See REAL ESTATE on page 24A
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