Michigan Economic Development Corporation President and CEO James C. Epolito announced today that the MEDC has signed an agreement with the 650-member statewideCommercial Board of Realtors (CBOR) in an effort to further working relationships between the commercial real estate industry, local economic development offices and the MEDC. The newly integrated Commercial Property Information Exchange (CPIX) system will provide access to a statewide database of more than 20,000 listings, and enable the MEDC to more effectively showcase commercial and industrial properties in Michigan.
“MEDC is the first state economic development agency to establish a working relationship with the commercial real estate sector that enables us to offer this site-selection resource to our partners,” Epolito said.
Speaking at “Synergy,” the 6th annual statewide commercial real estate conference held in East Lansing today, Epolito called CPIX a “gold standard” in commercial real estate information systems.
“The CPIX system has now been integrated into the MEDC Web site,” Epolito said, adding that additional levels of involvement include licensing of MEDC interlocal partners through CBOR to load listings into CPIX and providing access to public CPIX data on their own economic development Web sites.
Listings in CPIX are drawn from throughout Michigan and include 4,000 industrial properties. Data is added by some 2,300 brokers and/or property owners and can include pictures, maps, site plans, surveys, leases and legal documents from which customized reports and maps can be produced. To keep the information fresh, entries not validated and updated every 30 days are automatically removed from the system.
Epolito emphasized that utilizing CPIX will give Michigan economic developers and commercial brokers a much broader audience for their properties. Listings in good standing are automatically uploaded to the CCIMnet platform, which is the international commercial real estate database of the Chicago-based CCIM Institute, an affiliate of the National Association of Realtors. To access the new system, please visit www.michigan.org/sites.
“There is no precedent in the U.S. for the MEDC’s historic alliance with Michigan’s Commercial Board of Realtors,” said Randy Thomas, a senior Colliers International broker who serves as CPIX committee chair. “No other state has either this kind of statewide commercial information exchange, or a statewide, contractual relationship between its real estate and economic development communities. This new economic development tool could not be better positioned to help fuel Michigan’s economic recovery.”
Today’s Synergy conference was the second year that MEDC has sponsored the event. It drew an audience of some 600 commercial real estate brokers, agents, developers, affiliate practitioners and service providers. Hosted by the Commercial Board of Realtors, it included a keynote luncheon and a dozen break-out sessions. Co-hosts included the Michigan chapters of CCIM and SIOR (Society of Industrial and Office Realtors), BOMA (Building Owners and Managers Association), CoreNet Global, IREM (Institute of Real Estate Management) and CREW (Commercial Real Estate for Women). Corporate sponsors in addition to the MEDC were LandAmerica, Huntington Bank, BuyLeaseBuild Magazines, Plante Moran, Warner Norcross & Judd and Signature Associates. For further information, go to www.synergymichigan.com.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information about the MEDC, please visit the Web site at www.MichiganBusiness.org.
# # #