More sophisticated management services are being requested by tenants; more tech, more advisory, even fundamentals are being pushed to a higher level. Management services must become more sophisticated as tenants’ businesses become more specialized. Management employees are changing as Gen X and Millennials replace retiring Boomers; Boomers have been harder-working, while young employees are interested in more work-life balance; younger workers are more comfortable with tech; 60% of boomer managers are nearing retirement. If tenants and landlords request more robust and varied services, how are management companies to price that? Sometimes it pays off to give more without increasing the fees to retain loyalty to your property management group, but customers are usually willing to pay more if they see they are getting more. Property management services are in danger of becoming a ‘commodity’, so how to differentiate your company from the competition? Should fees be lowered or quality and quantity of services be increased? Don’t just get cheap on your fee-quality delivery of service matters the most. Click to read more at www.rednews.com.
Each year when Rafael Tapia attends ICSC’s Red River States Conference, he goes in with the goal of having as many face-to-face meetings as he can. As the executive director of the Alamo Economic Development Corporation in Alamo, Texas, he’s working to bring new retailers to his community. “ICSC allows for one-on-one meetings with these contacts, which creates a sort of familiarity,” Tapia says. Just five minutes from McAllen on the Texas border, Alamo is quickly becoming one of the most vibrant cities in South Texas. The area boasts a robust economy, low cost of living, as well as a skilled and bilingual workforce. “Since 2014, the city has seen at least an estimated $21 million of private investment in commercial projects,” Tapia says. The list is impressive for a city its size. A fast-food franchise and Goodwill recently opened locations in Alamo. Also of note: the relocation of a small distribution company into a new 12,000-square-foot facility, the establishment of a 130-bed, 51,000-square-foot skilled nursing facility and the repurposing of a 97,000-square-foot facility for distribution. “Alamo offers plenty of opportunity for growth,” emphasizes Tapia. Click to read more at www.rednews.com.
The following is an overview from REDNews Texas Net Lease & 1031 Summit which was paneled with single-minded experts, focusing on the net lease market in Texas and around the United States. It’s a segment of the industry that has evolved considerably over the past two decades, according to Net Realty Advisors partner Gavin Kam. Back in 2001, Kam said he had just started at Marcus & Millichap, joining as a retail agent. “One day, the office manager came up to me asked, ‘Have you ever heard of triple net deals?’ Of course, I said, ‘No.’ He handed me a list, some research, and instructions, then said, ‘Why don’t you take a look at this list and start calling?’” recalled Kam. Nineteen years on, it’s clear those phone calls paid off. His company, Net Realty Advisors, specializes mostly in multi-tenant investment sales. Kam told the summit’s attendees that he’s watched net leases go from a tool used institutionally by retailers to something more developers and brokers are utilizing. Click to read more at www.rednews.com.
Cedar Hill, Texas is the place “where opportunities grow naturally.” Once the county seat of Dallas County, the city of roughly 50,000 has historic roots with an eye to the future. Its city leaders and economic development team work closely with residents to maintain the community’s exceptional quality of life. REDNews recently caught up with Cedar Hill leadership for a Q&A about what’s new in the Dallas community. REDNews: How would you describe Cedar Hill? Cedar Hill: Over the past three decades, robust growth has made Cedar Hill the prime location for development opportunities. Located in a beautiful natural environment with Joe Pool Lake and Cedar Hill State Park, Cedar Hill is the top choice for those who want big-city amenities with a small-town ambiance. Planners, economists and site selectors alike identify Cedar Hill as one of the brightest spots for economic development in Texas, offering numerous advantages for businesses relocation. That includes being 20 minutes from downtown Dallas, 30 minutes from DFW Airport and 40 minutes from downtown Fort Worth. Other assets include the Cedar Hill Business Park located near US Hwy 67 with rail access from BNSF, the business-friendly environment with ample workforce of more than one million in a 30-minute commute, maintaining low taxes, affordable cost of living and quality education, as well as more than 3 million square feet of retail and Class A office space. Click to read more at www.rednews.com.