Summary:

30 Oak Hollow is a Class A office building located in Southfield, Michigan in an area known as the “mixing bowl”. This area is the confluence of two major highways and a major surface arterial road. It is easily accessible from most of the metropolitan Detroit area making it a desirable location for nationally based tenants. The building was in good condition but market conditions in the Detroit area were depressed.

Challenge:

Because of market conditions rents and occupancy were dropping. There was a glut of office space in the market.

Solution:

BOSC reset some of the rents downward and pressed forward on an aggressive leasing campaign. A tenant retention strategy was implemented.

Results:

Occupancy went from 70% to 80% within 12 months. Subsequent to that the market began a correction and occupancy went to 95% and rents took a dramatic rise.