December 19, 2012 Category: Commercial Real Estate
Educating students often requires a significant amount of space. The University of Michigan has increased its leasing of commercial real estate in 2012, according to a recent report released in early December. The school already holds more commercial rental leases than most other entities in its region. The university is currently leasing six properties which exceed 50,000 square feet. This includes some offices which are currently under construction.
The school also significantly expanded some of its office locations, including increasing its space leased at Domino’s Farms Office Park by another 18,000 square feet. The university currently leases about one-fourth of the office complex, which is almost 1 million square feet. The university now rents 240,290 square feet of space at Domino’s Farms. The space houses different departments, which include sports medicine and plastic surgery.
Another large commercial lease that the university holds is 125,815 square feet of space located at the KMS Building. The school uses the location for hospital clinical billing and other health services. University of Michigan also currently holds a lease at the Burlington Office Center. The university uses this space to house a variety of departments, including rehabilitation and physical medicine.
When looking to rent or lease out commercial real estate property, one should be aware of all the legal implications involved in doing so. Michigan law requires some types of businesses to choose locations that meet specific legal requirements. For example, certain types of food businesses may be required to have a specific type of equipment or sink installation for sanitation purposes. Therefore, it is best to educate oneself on applicable laws before making commercial real estate decisions.
Source: AnnArbor.com, ” Annual report: University of Michigan’s biggest commercial real estate leases ,” Lizzy Alfs, Dec. 11, 2012