100%

Scanned image of the page. Keyboard directions: use + to zoom in, - to zoom out, arrow keys to pan inside the viewer.

Page Options

Share

Something wrong?

Something wrong with this page? Report problem.

Rights / Permissions

The University of Michigan Library provides access to these materials for educational and research purposes. These materials may be under copyright. If you decide to use any of these materials, you are responsible for making your own legal assessment and securing any necessary permission. If you have questions about the collection, please contact the Bentley Historical Library at bentley.ref@umich.edu

August 25, 1995 - Image 52

Resource type:
Text
Publication:
The Detroit Jewish News, 1995-08-25

Disclaimer: Computer generated plain text may have errors. Read more about this.

HIGH-RISE page 51

We've hammered out
a great rate for
Construction Loans

With Republic's below prime rate Construction Loan,

building your dream home has never been easier. Our Staff

of Professionals will process your applications quickly,

giving you the most flexible options available. So call us

today and take advantage of this great ground breaking rate!

Call 1-800-LOW-RATE

(1-800-569-7283)

REPUBLIC

BINSOP

MEMBER

0

EQUAL HOUSING
LENDER

"Financing the American Dream"

WATCH

BANDS

Southfield-West Bloomfield-Madison Heights
Pontiac-Mount Clemens

Evergbodqs Buzzin %out
Our Super Summer Si-orewide
Sale...

BIG SALE!

The More You Buy, The More You'll Save

Cr)

LLJ

Cr)

LLJ

THE DETRO

F-

52

SALE LIMITED TO IN STOCK MERCHANDISE
EXCLUDES PRIOR SALES, LAY-A-WAYS, NON-PREPAID REPAIRS, SALE ITEMS AND SPECIAL ORDERS

1-800-WATCHES

by next June Joel Feldman:
and we are Survey author.
well along the
way." The overall occu-
pancy rate in Southfield is
about 83 percent, up from
78.79 percent last year.
Brendan P. George of
the Southfield-based Lutz
Companies, the leasing
agent for the American
Center Building on
Franklin Road in South-
field, said capital im-
provements begun last
year in the 600,000-
square-foot high-rise have
resulted in higher occu-
pancy.
But a strong economy is
the most potent force in
turning around a building,
he said.
"It's funny. People don't
think of real estate as a typical
commodity, but it's governed by
supply and demand. Five years
ago when everything went to pot,
that was an artificial environ-
ment. The supply had outpaced
the demand.
"The economy goes in cycles
and because of that, it affects the
leasing at office buildings. I think
it's just a factor of the cyclical na-
ture of the economy," Mr. George
said.
The occupancy rate in the
American Center building is at
92 percent, but is expected to rise
to about 99 percent soon, Mr.
George said.
The only communities that
saw a slight downturn in office
tenancy since last year are Novi,
Birmingham and Dearborn, Mr.
Feldman's report shows.
But Novi, which experienced
a 2.14 percent drop in occupan-
cy, was never master-planned or

zoned to become a corporate cen-
ter, Mr. Feldman pointed out.
"Novi's niche is really not of-
fice," he said. "It's been zoned for
upscale housing and predomi-
nantly for high-tech buildings
and shopping centers."
Six of seven office buildings in
Novi foreclosed because of insuf-
ficient demand, and now nobody
is building office space there, he
said.
Mr. Feldman fears builders
will start constructing new office
space just when supply and de-
mand are about on par in most
markets.
But he also figures they
learned their lesson and that
banks won't put up the money
because "they were burned very
badly" a decade ago.
"If and when this next cycle of
building commences, it will be
done judiciously, versus shooting
from the hip," he said. ❑

Israel Beach Area
Has Rooms With A View

Work has at last begun on the western promenade
project in Netanya.

GALIT LIPKIS BECK SPECIAL TO THE JEWISH NEWS

nfrastructure work
on one of the largest
construction and
tourism develop-
ments in Israel has re-
cently started on the
southern beach of Ne-
tanya, 13 years after the
project was first
planned.
The Netanya munic-
ipality plans to invest
about $140 million in
the western promenade
project. The project will
join the existing prome-
nade from the Carmel

Back to Top

© 2024 Regents of the University of Michigan