REAL ESTATE IN RECOVERY
|More than 550 real estate types landed in the Frontiers of Flight Museum to hear DFW experts opine on their livelhood. Thanks to the North Texas Commercial Association of Realtors and Real Estate Professionals for the great breakfast . . . and the experts.|
NTCAR prez Manny Ybarra (Pillar Commercial) moderated Myers & Crow prez Marc Myers, Stream Realty co-founder Mike McVean, and The Weitzman Group CEO Herb Weitzman. Marc says today’s market compares to the bust 25 years ago, when cash was king. Without it, “you’re out of business.” Over-leverage and over-optimism are also common denominators in both downturns.
Mike mentioned Trammell Crow (where he started his career), which moved from a development focus to management and leasing in the '90s. You can’t be a developer every year of your life, he adds. In bad times, companies still need to work tenant rep or management and leasing. Or more succinctly: developers find themselves sitting on their hands.
Though Mike looks a bit concerned at where that finger is pointing, Herb was actually saying that we're all our own worst critics. He says successful companies are the ones that reinvent themselves to be more efficient. Herb adds that we can’t do business today like we did yesterday, citing the downfall of retail giant Montgomery Ward and the struggles of Sears, due to not changing their business model.
Langford Property prez Eric Langford, Jackson Walker’s William Dahlstrom, and KDC SVP Bill Guthrey. Eric’s development company focuses on retail, but a stagnant market means he’s waiting before making any big moves. William, a land-use attorney doing many evaluations of entitlement, sees more economic incentive packages and public-private partnerships as cities try to open the doors for business.
Century21 Judge Fite’s Chris Flesner, Stan Nelson, and Roman Palomares. After 20 years in California, Stan must've felt the need for a bigger state (and Alaska is so chilly this time of all year long), so he's just arrived in Texas. While the recession has caused office vacancies, things are still better in Texas than elsewhere, he says.
|Hudson Peters Commercial’s Michelle Hudson says she’s seeing more industrial RFPs in the last two months than she did the previous four. Herrin Commercial Real Estate’s Sharon Herrin says local and regional retail tenants are active, and she has sales in the works.|
The Colony Economic Development Corporation interim director Keri Samford shows us the emergency exits (or more likely, that’s The Cascades mixed-use development), with colleague Cindi Lane and board member David Peerson (prez of the Banking Center at The Colony's Prosperity Bank). EDC hopes opening the 121 toll road and the subsequent ease of traffic draws more attention to the city. Keri says The Colony has 700 acres ready for development along 121 in addition to the Cascades and Austin Ranch projects.