I recently spoke to a colleague and was in agreement with his premise that were at 'Ground Zero' in the real estate industry. Although, the commercial sector is still going to bottom out over the next 9 months to year, construction companies, architects and developers in the Phoenix market are going by the wayside daily. These are proving to be very tough times and I'm pronouncing it the 'Year of Survival'.
While positioning to take advantage of this incredible time in history in the marketplace is alluring, it also requires the fortitude to stay the course. Unfortunately, as in the residential sector many companies are over-leveraged due to a continued lack of capital in the marketplace. Combine the dramatic drop in commercial projects and many companies are left by the roadside that were icons in one of the hottest markets in the United States.
Out of this will be born a new breed of developers that will be more nimble and synergistic in collaborating with other entities to get projects vertical. The same glut and greed that led to commercial corners being built and sold for quick transactions in the millions will now need to be held and based on needs of the community not wants of the developer.
That is the premise of mission based development in creating cultural marketplace centers that embrace and incorporate the attributes of the community it serves. In this time of coming out of ground zero it will be the beacon of light to guide the market back to a responsible path of development.
I embrace the opportunities before us and will survive to be the genius of a new breed of mission based developers!
Adelante,
JGW
|
