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A few of the most notable projects would include: the Clinton Commons Development and Armory Square projects. This would cause the overall amounts of available offices to increase. The construction costs will vary between: $85.00 to as high as $200.00 per square foot. ("Syracuse Average Costs," 2007) While, the financing of purchasing any kind of properties is more difficult. This is because of the tight credit conditions that many financial institutions are facing. When you analyze the different properties, it is clear that the Jefferson Center is facing the greatest challenges. As the market is struggling with an oversupply of office space and declining rents. The other properties located in Liverpool and Dewitt, are situated in markets where the levels of rent are increasing and the available supply is decreasing. This shows, how a divergence is occurring, between the properties that are located in Downtown Syracuse and the suburbs. Where, suburban locations are able to insulate themselves from the severe effects of the recession. ("Market View," 2009)
How and what you would do to understand the wants and needs of the business.
To mitigate the various problems faced by the business, you would need to find out the specific reasons for the largest tenant leaving the Jefferson Center. If they are looking for more space or need a reduction in rent, it would be advantageous to offer them these kinds of options. This could help to address the medium term challenges that will be faced, by the tenant vacating the premises. At the same time, you would need to offer special incentives, for businesses to choose our properties over the competition. This could include: reduced rental rates and more flexibility in the lease. This would address the long-term issues, being faced by the Jefferson Center, as you are adjusting to changes in supply and demand. The other two properties are positioned in market, where demand is increasing. Therefore, the current strategy would be to remain competitive, with the average office rental rates in the area.
How and what you would do to understand the wants and needs of the other members of the family.
The structure of the business could be established as a limited partnership. This is where each family member, would be able to participate in the financial benefits of owning the property. Where, one person would be selected to run the day-to-day operations (the general partner). While the others, would only be interested in the monetary advantages of owning the properties. This would allow each person to receive an equal percentage of the income from the properties. At the same time, the general partner can be examining different strategies, to increase the overall levels of occupancy as much as possible. When you put these two elements together, it will allow for increased transparency and it will streamline the business model, to maximize profits. ("Limited Partnerships,"2010)
Clearly, the real estate business that is being examined needs to restructure, to deal with the various challenges it is facing. This is because, they are going to be losing their largest tenant and the building is located in market where, there is an oversupply of commercial office space. As a result, some kind of drastic action must be taken, to help mitigate these underlying effects. To achieve this objective, the business must reorganize into a limited partnership. At which point, there will be an emphasis on increasing occupancy rates, by offering lower rent and greater flexibility. This will help the properties that are located in: Syracuse, Liverpool and Dewitt to experience full occupancy. Once this takes place, is when the business is able to withstand changes in the marketplace. As this strategy, allows the company, to be able to adapt to the different challenges early. This will help to improve transparency and it will allow the business to remain economically viable.
Commercial Real Estate Failures are Easy to Spot. (2010). Dallas Morning News. Retrieved from: http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-Debt3Commercial_29bus.ART.State.Edition1.3591254.html
Limited Partnership. (2010). Quick MBA. Retrieved from: http://www.quickmba.com/law/partnership/limited/
Market View. (2009). CB Richard Ellis. Retrieved from: http://www.cbre.com/NR/rdonlyres/8EC796F1-C359-443B-A0C9-CDE1D38463AC/0/Spring2009CBREMarketView.pdf
Syracuse Average Costs. (2007). Syracuse Central. Retrieved from: http://www.syracusecentral.com/real_estate/average_costs.htm[continue]
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