David Friedman is a believer in Michigan. And the president and chief executive officer of Farmington Hills, Mich.-based Friedman Integrated Real Estate Solutions, is confident that the rest of the country soon will be, too.
That’s because the commercial real estate market in this state is on the rebound, and redevelopment efforts in the key city of Detroit are having an impact.
Friedman expressed optimism about his state in a recent question-and-answer that he sent to Midwest Real Estate News. His optimism is well-received. After all, few states have suffered as much during the country’s economic downtown as has Michigan. To see the commercial real estate market starting to bounce back here is definitely a positive sign for other Midwest markets.
As Friedman puts it in his q-and-a: “It is hardly news that our state was perhaps the hardest hit market during this recession. The Detroit office and industrial markets took quite a beating over the last couple of years, but we’ve weathered the storm and are finally seeing slow and steady growth in the office, industrial and multi-family markets.”
Friedman told us that last year the Michigan office market saw its largest single-quarter gain in absorption since 2005. At the same time, he said, large chunks of industrial space are seeing increased leasing activity as automotive suppliers and manufacturers continue to boost the country’s economic recovery.
“While we still have a ways to go, we’re now seeing positive indicators to support the view that the worst is behind us as we continue a path of slow but steady growth,” Friedman said.
If you want to read more about Friedman’s hopes for Michigan and Detroit, you’ll have to pick up Midwest Real Estate News’ February issue. In it, Friedman discusses the reasons behind Michigan’s recovering commercial real estate market and the positive changes taking place in Detroit.