Colliers becomes the latest commercial real estate company to choose Royal Oak

Several leading real estate companies have recently chosen to move their local offices or headquarters to Royal Oak.

The latest: brokerage firm Colliers International Inc., which is moving its longtime Southfield office to 2 Corporate Dr. in the building at 450 W. Fourth St. downtown, which also houses Howard & Howard Attorneys PLC.

Paul Choukourian, executive general manager and market leader for Colliers’ Southeast Michigan region, said his business was growing from 16,000 square feet to 18,500 square feet in Royal Oak — a break from the broader trend of office users to reduce their footprint during the COVID-19 pandemic.

Expanding the space by about 2,500 square feet allows the company to add about 30 more people to its existing payroll of about 80, he said. The Southfield space is set up for large offices and it would have been difficult to cut this space into smaller ones.

So after a roughly $2 million build, the local Colliers team will be housed in a more collaborative and open office, with a bar and a big screen that can do everything from displaying Google Earth to presentations at the golf course function. simulator.

There is more than just a larger space.

Royal Oak offers something the current Southfield location does not, Choukourian said.

“It’s great in terms of access, but the building, there are no amenities (around it),” he said. “So basically you walk in, sit at your desk, and get in your car if you have to go somewhere… It gives us an opportunity to change our culture. We found a location with parking, right in downtown neighborhood, walkable, restaurants, amenities and it’s still very good access to I-75 and 696 so it just ticked all the boxes for a cultural shift to a more accessible environment on foot and more optimistic.

(Competitor JLL, which is based in Chicago and has an office on East Hudson in Royal Oak, moved to its current location about a decade ago.)

The Colliers move, which is expected to be completed in February following an undisclosed amount of construction, is the latest in a series of real estate companies to relocate to Royal Oak, the Oakland County suburb known for long for its active downtown nightlife. and the lack of daytime office population in the central business district.

Developer Etkin LLC, which at the time was based in Southfield, built a new 74,000 square foot office building at 150 W. Second St. at 11 Mile Road and moved its headquarters there, and brought Stout Risius Ross with him from Southfield Town Centre. This happened before the pandemic in the late 2010s.

Symmetry Property Management, previously based in Orchard Lake, has moved its offices to downtown Royal Oak on Main Street

Architecture and planning firm HED is moving its Michigan office and 100 employees to downtown Royal Oak in the Vectorform space. HED, formerly known as Harley Ellis Devereaux Corp., is reducing its workforce from approximately 36,000 square feet in the Beaumont Health headquarters building in Southfield to 19,000 square feet in the building on the corner of South Main Streets and Fifth which housed the downtown Royal Oak’s Barnes & Noble Inc. location.

And Agree Realty Corp. (NYSE:ADC), a retail real estate investment trust currently based in Bloomfield Hills, is building the former Art Van Furniture Inc. store on Woodward Avenue, taking 50,000 feet there – doubling the size from its current 25,000 – square foot footprint at Woodward and Long Lake Road to the north.

Community leaders in Royal Oak have long sought to increase foot traffic during the week, a goal they have sought to achieve by attracting more office workers.

Several new buildings were constructed, including a new Henry Ford Medical Center property by developer Ron Boji; the new Etkin/Stout Riuss Ross building; and a new Baker College campus is slated to open in January, adding density and daytime population.

Additionally, demolition of the Main Art Theater property began in July, creating what is now a vacant site slated for development into a new five-story building with office space by Bloomfield Township-based AF Jonna Development LLC.


Source link

Comments are closed.