Megatrends Driving Real Estate Through 2020

In a recent article by Michael Bull of Bull Realty, he points out six megatrends identified by PricewaterhouseCoopers that will shape the future of the real estate market into 2020.

 

The Six Megatrends Impacting Real Estate in 2020:

  1. Growing Cities
  2. An Aging Population
  3. Emerging Market Growth
  4. Attention to Sustainability
  5. Growth in Technology
  6. A Rise in Investable Real Estate and Capital

To read the entire article, click here.

 

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Factors Affecting The Commercial Real Estate Market

Secondary Issues Have An Impact On Commercial Real Estate

 

Most commercial real estate analysts watch vacancy rates, job reports and corporate financing rates as the main factors influencing the commercial real estate market. While these factors are tried and true barometers, the Counselor of Real Estate organization take a look at ten secondary issues they believe have a major influence in future forecasting.

 

A complete list of the ten issues can be viewed by clicking here.

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Gold Dust Corporate Scottsdale, AZ

Beautiful North Scottsdale Class A Office Space.

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The Impact of Natural Disasters On Commercial Real Estate

As the damage is still being assessed, Super Storm Sandy may break records for being the most destructive and financially impacting natural disaster the United States has experienced. Most media coverage is rightfully dedicated to the families and homes who have fallen victim to Sandy’s destructive force. The less told story is those of commercial businesses, large and small, who have lost not only buildings but also jobs, taxes and community landmarks.

 

Restaurants, office space and retailers along the Jersey Shore have been literally washed away leaving entrepreneurs and small business owners with few options for recovery. In lower Manhattan, financial institutions like Morgan Stanley are having a hard time keeping employees coming to work. Some large office tenants have already moved out of Manhattan and many plan to stay out. The impact will be far reaching; lower property values, increase vacancy rates and higher insurance rates for landlords.

 

To learn more about the financial impact on commercial real estate following natural disasters like Super Storm Sandy, please read The Impact of Hurricane Sandy on Commercial Real Estate.

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New Warehouse Space in Tempe, AZ

New Warehouse Space in Tempe Arizona

Construction of The Elliot Business Park in Tempe, Arizona may be a signal the market is beginning to respond to the decreasing warehouse space in the greater Phoenix area. As vacancy rates continue to fall, once cautious investors are now taking a second look at the Phoenix commercial real estate market and are putting money where it makes the most sense.

 

The warehouse being constructed is comprised of two buildings offering 316,000 square feet, making it only one of four available warehouses with over 100,000 square feet in the East Valley. With vacancy rates at only 8% and close proximity to the high-tech and aerospace companies in Mesa, Tempe, Gilbert and Chandler, the speculative warehouse build is well positioned to satisfy a growing market demand.

 

The demand for warehouse space in Tempe is mainly driven by the suppliers of the Valley’s largest manufacturers and distributors. Being close to I10, Sky Harbor airport and rail transportation, Tempe is an ideal hub for manufacturing and distribution companies. The Phoenix Valley has a large population of skilled and unskilled workers to meet staffing needs.

 

West Phoenix and the lower Buckeye area supports a majority of the larger warehouse facilities. Companies requiring spaces larger than 150,000 square feet had no choice but to look outside central Phoenix. This newer warehouse space in Tempe would satisfy the need for a centrally located warehouse.

 

To learn more about this project and the warehouse developer, Transpacific, visit the complete story in the East Valley Tribune.

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The Role of Property Management Companies

Choosing A Property Management Company

 

Whether you’re buying, selling or leasing, you should know the role of Arizona commercial property management companies, so that you can ensure that you get the most out of your management company, from start to finish. All the way down the line, your management agency should be dedicated to providing you with the services you require, be it leasing or buying and selling your property.

 

Property management is defined as the oversight, control and operation of commercial, residential or industrial properties – where these properties are in need of being supervised and cared for to ensure their continuing good condition. When you hire a commercial property management company in Arizona, you should find one that exemplifies the qualities you need in their position as, essentially, the caretakers of your property, and can handle their role as caretaker efficiently, responsibly and with an eye for accountability.

 

What is the role of a property management firm?

 

First and foremost, your Arizona commercial property management agency is acting as a liaison between you and your tenant or tenants – this means they handle all the minor details involved in the tenancy agreement and provide you with a buffer from dealing with tenants. They should be able to handle tenant applications and screenings, including credit and background checks that cover rental and criminal history, as well as determining their individual ability to pay their rent on time. They will contract out the lease and accept rent through the necessary legal documentation, and provide necessary mitigation and remediation in the event of the various maintenance problems that will crop up a property’s lifetime. They generally operate within a set budget, and with a limited power of attorney agreement provided by you that stipulates the boundaries of their legal decision making; the PoA provides them with the express or inferred consent to manage the commercial property as they see fit.

 

Arizona commercial property management agencies are also typically responsible for the accounts and finances for the property or properties in question, as well as any litigation – whether initiated by themselves or tenants, contractors or insurance agents. Litigation may, however, be deferred to an attorney if need be. These litigations often include issues within the scope of landlord/tenant law, such as evictions, harassment, failure to pay, failure to perform contracted services, and public nuisance complaints. Because of the potential for these and other legal issues, you should always make sure that your commercial property management agency in Arizona is current across the board in the appropriate city, county, state and federal housing laws and practices, and has all the applicable licensing they need to practice in their city and state.

 

AZ Property Management for Commercial Use

 

When you’re looking to find the Arizona commercial property management agency that best fits your requirements for leasing, buying or selling commercial spaces, ensure that they are capable of fulfilling the duties their role entails them, as well as any other responsibilities you, as the client, need them to handle. Their fair housing practices, licensing and abilities all go to making up the type of management firm they are, which in turn translates to how they’ll handle your property should you hire them to manage it.

 

Verve Commercial Real Estate has the dedication and experience to provide you with the best property management services.

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Choosing A Property Management Company in Phoenix

Property Management Company In Phoenix

 

Finding the right kind of property management company Phoenix has to offer is a matter of searching through the various agencies until you find one that best meets your needs. Whether you’re trying to lease office space out, or maybe a retail space, or any other kind of commercial property, you should find a management firm that can handle your needs efficiently, responsibly and effectively. Keep in mind that the commercial property management company you hire will need to oversee your property, from necessary improvements to handling tenant relations, so they should be skilled in dealing with the various things that can crop up in this type of property management.

 

Find a company that has the skills and resources to handle whatever issues are at hand, whether it’s maintaining the property and ensuring the overall safety and health requirements or simply keeping it looking nice and attractive for potential lessees. Your property management company Phoenix should be able to address potential and current problems with your property as they occur, as well as determine the available opportunities that come along in terms of leasing or selling your commercial space, whichever it is you’re looking to do.

 

Phoenix Commercial Property Management Agency

 

Your commercial property management team should be able to play up the space’s assets to potential tenants or buyers, as well as make the necessary improvements to afford them a greater pool of possibilities. They should be able to work with you to determine your goals by way of strategies both parties put into play, things like reducing the cost of occupancy, providing you with a buffer between yourself and your tenants, relieving you of the headaches that can be caused by dealing with the day to day issues of managing your property which in turn allows you to focus on the other businesses within your aegis, increasing the productivity of your property, and providing the services your property needs to run smoothly and efficiently, without the need for your constant attention and assistance. Choosing a property management company Phoenix should be based on how much of a relief their management skills provide you with, without sacrificing the overall productivity or depriving you of the potential revenue to be earned by that property.

 

Quality Commercial Real Estate Management

 

Your commercial property management company should, in short, be an asset that simultaneously improves the overall quality of your property while alleviating you of the burden of dealing with that space on a daily basis. They have the skills, the knowledge, the tools and the experience that allows them to deal effectively and reliably with virtually any given issue, from litigation to renovation, and therefore leave you free to handle your other business ventures. When you’re looking to hire one of the many different property management companies Phoenix, Arizona has to offer, ensure you find a reliable firm, one with a reputation for providing clients and tenants alike with the services, timeliness and respect that they deserve, while ensuring that you both get the absolute best out of the commercial property in question. That way, everyone involved is getting exactly what they need out of the arrangement.

 

Choosing the right commercial real estate property management company is key when it comes to your properties best interested. That’s why it’s critical to  Contact Verve Commercial Real Estate today!

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Hiring a Commercial Property Manager

Arizona Commercial Property Management Solutions

 

When you’re looking to obtain some prime commercial property management Phoenix, Arizona, has to offer, the sky really is the limit. Whether you’re interested in leasing or buying office, retail, or multi-tenant spaces, you won’t find a more beautiful region of the country, or a more perfect time to lease. Finding a company that specializes in leasing commercial spaces is easy, when you know what you’re looking for in your piece of real estate.

 

Commercial Real Estate Agencies

 

In this time of economic turmoil, finding commercial property management Phoenix to buy or lease might be easier than you think – so long as you make sure you find an agency that will help you out every step of the way. After all, for many small business entrepreneurs, there’s no room for a real estate mistake; whether it’s the location or the various problems that buildings face as they age, you’ll want to ensure that you take advantage of a location that meets all of your various needs in a commercial space. And, if you’re the owner looking to lease your property to a tenant (or tenants) you’ll want your agency to ensure they manage that property properly.

 

To that end, if you’re looking to buy you should seek out a real estate agency that focuses on the client, not on their commission. Find an agency that is dedicated to providing you not with a list of viable properties, but assistance all the way through the selection process – you want to work with an agency that is committed to providing you with the service you need to make a completely informed decision regarding the commercial space you eventually lease.

 

And, if you’re looking to lease, make sure you find an agency that knows how to portray you property in the best possible light, in order to quickly gain the right tenant for that property. They should know how to manage your property, financially and responsibly, so as to provide you with the revenue and retention your commercial property deserves. Make sure the commercial property management Phoenix agency manages your property as carefully, as efficiently, as they would their own.

 

Key Factors in Choosing a Real Estate Agency

 

First of all, you need to make sure that the agency you choose is experienced in the type of real estate you’re looking for. After all, it doesn’t really make much sense to opt for an agency that specializes in providing clients with the ideal industrial real estate they need if you’re in the market for a retail space, or if you’re trying to lease out an office building. In fact, you should ensure that you’re dealing with a reputable, reliable agency with a reputation for timeliness in their reports, effective communication down the line – with clients and tenants alike – and that their property management and financial reporting is optimal for your needs.

 

Choosing the Phoenix Commercial Real Estate Agency that Works Best for You

 

When you’re trying to choose the commercial property management Phoenix property management company in Phoenix, Arizona, either to lease or buy property, your best bet is to find a reliable, reputable company – one you can trust to deal squarely and honestly with you, from beginning to end.

 

Rely on Verve Commercial Real Estate for all of your commercial property management services.

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Good Property Management Helps both Client and Tenant

Property Management Services In Arizona

 

When you’re looking through the various different Arizona commercial property management teams in an effort to find the one you want to handle your own commercial space, it’s important to understand the benefits of property management, both to the client and the tenant. Knowing the purpose of property management companies, especially in the commercial sector, will enable you to make a properly informed decision, rather than leaving you unsure with how to proceed.

 

Benefits Of A Property Manager

 

The most obvious benefit for the client is the simple fact that a property manager takes the stress of dealing with the small issues – and sometimes the major ones – that crop up with commercial properties over the course of time. Whether it’s a problem with a tenant or tenants such as non-payment or litigations, or one that involves the physical property itself like necessary repairs or improvements, your property manager should be able to reliably and efficiently handle the matter in your stead, acting in your best interest. This means that the Arizona commercial property management firm you choose should be familiar with this type of property, and have the tools and skills available to handle potential problems. That way, you’re free to pursue your other business interests without the constant distraction that managing your commercial property by yourself would entail.

 

Managing Commercial Space

 

You’ll have the freedom that comes with knowing your commercial space is being managed by skilled and reputable hands, without the worry that your property is being mishandled or going to waste. You want to know that your tenanted property is being handled efficiently, with your management team handling the responsibilities of accounting, handling tenant applications, credit and criminal checks, maintaining the premises with regular repairs and improvements, and in general overseeing your property to ensure that it provides you with the best possible return on your investment. Basically, your Arizona commercial property management agency should use their position between you and the tenant to deal with your commercial space as you, yourself, would.

 

Property Management Firm

 

For the tenants, property managers make it possible to get a more timely response on any given issue they may have. For commercial space tenants who are in need of repairs or improvements that need to be handled quickly, it can be hard to have to wait for an owner who has several things on his or her plate at any one time before they have the time to handle the issue at hand. Whereas an Arizona commercial property management firm is equipped to handle these needs quickly and efficiently, leaving both the client free from the hassle, and the tenant with a commercial space that gets timely repairs as needed. Furthermore, if your tenants are having any other issues, they won’t need to constantly get in contact with you to deal with them, interrupting your day while simultaneously being forced to wait until you have the chance to handle it.

 

Your property management team at Verve Commercial Real Estate is literally in place to handle these kinds of issues, which is just good business, and simply helps both you and your tenant in the long run.

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She and her staff are the best, hands down. We are blessed to have her on our side.

Simply stated, Peggy and her staff make our lives as landlords much easier. She does everything and she does it professionally and efficiently. She keeps our books, pays our bills, and assures that the property is well maintained. Her relationship with the tenants is cordial and pro-active. They trust her to be fair, to make repairs timely and she always does. We can ask nothing more of her.

 

So, indeed, she and her staff are the best, hands down. We are blessed to have her on our side.

 

Tony Palumbo

PALUMBO WOLFE & PALUMBO, P.C.

Phoenix, AZ

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