Tricor Holding Own in Adverse Property Management Environment

Article excerpt

Anyone who manages an office building, shopping center or other commercial property in the sunbelt states does not need to hear how difficult it is these days to retain a sufficient number of tenants to stay profitable.

But Tricor, a diversified firm which handles a wide range of responsibilities from property management and leasing to investment counseling, is holding its own against stiff competition and the adverse economic conditions.

Since the company was formed in 1981, Tricor has grown to own and manage over one million square feet of office space in such states as Texas, Louisiana, as well as Oklahoma, where the frm is based.

The company also maintains 2,000 apartment units and 500,000 square feet of shopping centers and other commercial properties.

In Oklahoma City, Tricor manages and handles leasing for the Parkway, a six-story office building at 1300 S. Meridian Ave., which is approximately 87 percent occupied, and United Del City Bank Tower, which is approximately 97 percent occupied.

In addition, the company manages Eagle Crest Apartments, 10400 N. Council Rd., a 75-unit complex which is 88 percent occupied, as well as the Harvey Parkway Building at 301 NW 63rd St., where Tricor is headquartered. The Harvey Parkway Building presently has an occupancy rate of 84 percent.

According to Tim Austin, marketing representative for Tricor, the competition among office building managers and owners in Oklahoma City, Houston and other cities connected to energy production is so strong that all buildings have to be presented in their best light to prospective tenants.

"Competition is fierce because of the decline in rental rates," said Austin, "so we have to make sure that an office is ready on time before a new tenant moves into the building and make sure that everything is the way it should be.

"We are primarily concerned with providing the best quality service to our tenants. We have to be service-oriented, because there is so much available space out there we know how easy it would be for tenants to pack up their bags and go if we don't provide the type of quality they expect."

Something else which has proven an asset to Tricor is that the company has very strict standards about the office buildings it chooses to manage. …