Downtown Condos in Demand Across the Country

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Commercial Real Estate, Downtown Condos, Office Space

Downtown Ann Arbor condo developments are booming. Urban living is more desirable than ever all across the country. A recent NPR broadcast reports larger cities, that were once ghost towns on the weekends, are emerging as the new places that Millennials want to live and developers are altering their mindset from office developments to walkable residential community.

Some cities are turning vacant floors in office buildings or total office buildings into higher-end residential condos or apartments. Detroit, Michigan, Wilke-Barre, Pennsylvania, Cleveland, Ohio, and Milwaukee, Wisconsin have all had residential conversions and are experiencing an upturn in downtown living.

Detroit has numerous companies that have moved from the suburbs to downtown.

Office markets are improving, due in part to conversions pulling office space out of the market.

The largest age group living in cities is 25-34 followed by Baby Boomers who are finding it increasingly more attractive to live “downtown”.

Source: Crain’s Detroit

Source: Urban Milwaukee

Source: Cleveland.com

Source: Citizens Voice

 

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Work-Life Integration

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Business, Commercial Real Estate, Labor force, Startups

Work-life balance is now about work-life integration.

Startups are currently looking for spaces and  buildings where their workers can live and work.  Co-living, or group living, with a small personal space and large communal spaces for living and working.

It’s not a 9 to 5 workday, it’s 24 hour accessibility for hours that work best for work, rest or play.

Both shared and independent office space are in high demand. Freelance workers, independent contractors, and the self-employed are estimated to be 33% of the work force and may grow to 50% by the end of this decade, certainly an opportunity for landlords to be creative.

Source: Buzzfeed

Source: Bizshift-Trends

Photo: Death to the Stock Photo

Two Small Free-Standing Buildings for Sale

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Commercial Listing, Free-Standing Building, Investment Property, Owner/User

Bela Sipos of Reinhart Commercial has two smaller free-standing buildings listed for sale. One is good for an owner/user, the other as an investment property. Located in Manchester and Canton, Michigan.

1450 SF Building on Main St in quaint Manchester, Michigan. Good for a number of uses. Currently used by a catering business. View details.

Brick, 3570 SF Office Building on Canton Center Rd, just North of Ford Rd, Canton, Michigan. 100% occupied with 5 long-term tenants. View details.

 

 

Office Work Space – Open Reigns

Tags

Commercial Real Estate, Millennials, Office Buildings

For several years the square footage of workers private office space has been getting smaller. The trend is toward open concept work areas verses individual offices and cubicles. In those companies that still use office cubicles, workers find these shrinking, as well.

As technology is increasingly mobile, it effects the way we work and the spaces we work in. We are always connected with each other.  We can (and do) work anywhere.  The open concept work space is an extension of that.

Open office floor plans (ideally):

• Save money
• Encourage worker collaboration
• Promote creativity
• Increase productivity
• Attract younger talent

Some of the drawbacks can be: distraction, noise, lack of personal space and overhearing workers who talk too loud on the phone.

Nevertheless, traditional offices are on the way out and the open concept use will continue to grow.

Source: The New York Times

Source: Newtimes.com

Source: Entrepreneur

Source: Los Angeles Times

Source: Quartz

Bottom photo: DeathtoStockPhotos