Koll Development Co., based in Dallas, is almost ready to open a 134,000-sf speculative industrial building on Squirrel Road in the Oakland Technology Park, with parking for about 500 automobiles. If the historical success of leasing Auburn Hills space continues, the company should be able to fill those spaces easily. Many automotive suppliers have clamored over each other to get into the city.
The architect on the project is Langdon Wilson Architects.
"It's currently the largest project in Auburn Hills," says David Miller of Signature Associates-Oncor International of Southfield. "The three-story building has many unique features."
Office layouts for the building are planned as using more open space, such as open-bay, rather than clusters of offices, Miller says. Companies have found that more open space and taller ceilings is more efficient than many private offices, he adds.
The company has not announced any tenants for the building yet. Officials could not be reached for lease rates. According to the First Quarter Office Index by CB Richard Ellis of Southfield, office space is leasing in Auburn Hills at $23.79. The city has a 35% vacancy rate, high because there s so much development in the market, Miller says. He adds the recent economy slowdown has boosted the high vacancy.
"Troy, Southfield and Auburn Hills are seeing a little higher vacancy rate; activity has slowed down," Miller says. The market will come out of its "hold" status soon, he adds, and expansion will begin again.
For more than 35 years, Koll has developed commercial real estate projects. The company has a regional office in Dearborn.
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