Lessons Learned from Real Estate Recession

By May, Bill | THE JOURNAL RECORD, August 2, 1991 | Go to article overview

Lessons Learned from Real Estate Recession


May, Bill, THE JOURNAL RECORD


If anything positive came out of Oklahoma City's real estate recession of the past few years it's that building owners and managers have learned a valuable lesson, according to Gary Brooks, office lease specialist for Jerry Hocker & Associates.

"The hard times have forced building owners and managers back to the basics of taking care of their tenants," Brooks said. "They have learned that if you take care of your tenants, they will stay with you. That is, the people still in business have learned that.

"People who never learned that are not in business now.

"One thing the bad times did for us, it got rid of all those poeple who just came in to cash in on a fast buck. Back in the early 1980s, when there just wasn't enough office space, we got a lot of people from other states who set up shop and ran things the way they wanted. They didn't care about their tenants, now they're out of business." Competent building management rates such a high priority on Brook's list of desirables in leasing space that he often advises clients to pay more rent in a particular building, just because of a certain management company, manager or owner.

"I honestly feel that owners can justifably charge more for buildings that are well managed," he said. "When I'm helping a client find lease space, I always advise going where the best managers are, and often those are the buildings with the higher rates." While tenants are finding happiness with better building managers, these same managers have learned that happy tenants make happy owners.

"We've got a lot of activity going on right now. It's mostly local business expansions and people moving, just jockeying for position because they realize the market is about to go up and they want the good leases now," Brooks said.

"But, if tenants are happy where they are, if their needs are taken care of and the manager treats them as if they are important, they may not move. That means the manager doesn't have a vacancy to fill.

"That means if the building manager will take care of his tenants, they will stay with you." With a lot of activity in the market, and the occupancy rate slowly moving upward, higher rents can't be far behind. In fact, it's already occurring in the better-maintained class A buildings, which have a higher occupancy rate than other classes of buildings, Brooks said.

"As these buildings fill up with expansions, people wanting better space at a good price, new businesses moving in, then that's going to affect the entire market," he said. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Lessons Learned from Real Estate Recession
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.