Formation of Real Estate Firms a Result of Competitive Market / Commercial Property Management
Tipton, David, THE JOURNAL RECORD
Changes in the commercial real estate market during the past few years caused by the decline in the oil business and the g lut of office space have prompted some changes in the way in which commercial properties are managed.
The formation of two new real estate management firms within the past two weeks indicates professionals in the business see joining up with other professionals as a way to survive in a fiercely competitive environment.
The genesis of one of the new firms, Property Resource Group Inc., was slightly unusual in that the company started by assuming the management responsibilities of nine office buildings in the metropolitan area previously managed by Boston-based Spaulding and Slye Real Estate Brokerage.
Because of the severe slump in development and construction in the metropolitan area, Spaulding and Slye announced earlier this year it would close its Oklahoma City office and concentrate more on its developments in Boston, Washington, D.C., and Charlotte, N.C.
Of course, Property Resource Group was not formed solely to maintain the management of the Spaulding and Slye properties. Principals of the firm feel they have the expertise to work as the managersand brokers for various properties throughout the city, especially facilities owned by large investors.
All three of the principals are former Spaulding and Slye employees. Ginny Houpe is serving in the capacity of property manager, while David A. Huffman and Donald S. McCarty will head the brokerageand leasing activities for the firm.
Huffman said he and his partners' previous experience with Spaulding and Slye will give them an advantage over the competition.
"A few years ago, when the office market was in good shape, many of the buildings were actually managed by the developers or the owners themselves," said Huffman, "but in the present economic climate, a professional is needed to handle the managing and leasing.
"It is very tough right now to get into this business in a big way. I think we have an advantage over other firms in that we have had that experience with Spaulding and Slye which helps us provide the most professional service available."
The properties which Property Resource Group oversees include five facilities in Broadway Executive Park at NW 63rd St. and Broadway, totaling 180,000 square feet; Two Grand Park, 5701 N. Shartel Ave.; Enterprise …
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Publication information: Article title: Formation of Real Estate Firms a Result of Competitive Market / Commercial Property Management. Contributors: Tipton, David - Author. Newspaper title: THE JOURNAL RECORD. Publication date: August 1, 1986. Page number: Not available. © 2009 THE JOURNAL RECORD. Provided by ProQuest LLC. All Rights Reserved.