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32769 Northwestern Hwy
2012
Cautious Optimism
Commercial real estate market has
turned the corner, experts say.
T
Open 7 Days lunch & Dinner
Sun-Thu llam-lOpm
Fri & Sat 11am-11pin
14 June t
.
Bill Carroll
Contributing Writer
248-737-9600
111411111111111111/M2
A view of the First National
and Comerica buildings from
Campus Martiusi Downtown_
11181111111111
(s. of 14 Mile Rd.)
hings are "picking up on the
commercial real estate front?'
The market has "turned the
corner."
The "worst is definitely over."
Those are just some of the corn-
ments about the commercial real
estate market from experts nation-
wide, although they also agree recov-
ery from the recession is not complete
and there's still a "stretch to go"-until
things are back to normal.
So, is this a good time to open a new
real estate company?
Six young local entrepreneurs, all
in their late 30s or early 40s, appar-
ently think so. Confident of a thorough
turnaround in the commercial real
estate market, they launched Keystone
Commercial Real Estate in Southfield
in January and report pleasant results
after almost a half-year of operation.
Two of the company's three princi-
pals are Jewish: Gregory Newman of
Keego Harbor and Matthew Berke of
West Bloomfield. The third is Ryan
Kattoo of Southfield. The other three
of the six are senior sales associ-
ates Kevin Berke of Bloomfield
Hills, Matthew's brother, Ryan Duff
of Walled Lake and salesman Steve
Shamoun of West Bloomfield.
Going Out On Their Own
All of them were formerly with the
Beale Group, a Southfield-based,
35-year-old commercial real estate
company, but split off on their own,
"amicably," when the Beale Group
decided to "focus in a different direc-
tion:' according to Newman.
"We like to gauge the recovery in
the economy by how much the phone
is ringing in the office during the day:'
offered Newman. "And the phones are
ringing a lot more lately. Many lenders,
investors and prospective tenants have
seemed to return to the fold.
"You know things are better when
you get at least five prospective buyers
for one piece of property or possible
tenants for a store; more listings are
coming in. Although I have to say it's
still a buyers' market out there, not yet
a sellers' market."
Matthew Berke pointed out "things
are picking up on the commercial
front largely because of the recovery
by the auto industry. The automakers
are maintaining year-to-year sales
increases, and their profits continue