There is a lot to be said for quality. There is a lot to be gained by a commitment to quality property management.
In the world where being grunge is often applauded and rewarded, I remain convinced that being tacky is a cultural statement about one’s point of reference.
Is it just me or have you also noticed some of the creeping influences of grunge within the world of CRE?
Of late, I’m becoming more acutely aware of the relationship between cracked stucco, peeling paint, potholed parking lots, leaking roofs and the level of an owner’s commitment to creating and maintain property value through capital improvements and dedication to property management.
I See Ugly Properties
My recent observations of properties in the metro Phoenix, Arizona commercial real estate market have led me to the conclusion that something grungy is happening. Once pristine properties are now left to the elements. The same grunge is becoming more and more apparent in the Prescott, Flagstaff and Sedona, Arizona commercial real estate markets.
There appears to be a deliberate draw-down on capital commitments and property management. It’s obvious, it’s annoying and it most certainly can impact a commercial property’s actual and perceived value. Capital is tight and owners are hesitant to spend.
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The Northern Arizona commercial real estate market is tracking with the national markets. Leases were up by about 50 percent in 2008 over 2007 while the sales transactions over the same time period decline by about 45 percent.
