In the past, the 800-mile Trans-Alaska Pipeline System has provided substantial income for the state of Alaska. However, President Barack Obama reportedly has plans to bar 12 million acres of Alaska’s Arctic National Wildlife Refuge (ANWR) from further gas explorations, despite a decline in the state’s oil production. An article in Wall Street Journal stated that this move threatens to slow down oil production even more.
In addition to this, many businesses and industries in the state are anxious about the effects of slumping oil prices to the economy, which is heavily dependent on the petroleum industry. An online article from Alaska’s Journal of Commerce states, however, that the commercial real estate industry in the municipality of Anchorage is not about to slow down despite current developments in the oil industry.
In fact, construction of offices have increased in the Alaskan municipality with more office spaces good for leasing, real estate analyst Theodore Jensen said in the report. In case of an economic downturn, the current strength of the Anchorage commercial real estate sector would be enough to withstand a hit for a year or two.
This positive outlook is an adequate reason for business owners to look for excellence in property managers. With economic crisis just right around the corner, competent management is highly needed to anticipate its possible effects. Seasoned companies, such as Graham Commercial Real Estate, can help commercial property owners in optimizing the profitability of their assets now, while conditions are favorable, and set up buffers and contingencies for when conditions turn to less than ideal.
Property management in Anchorage involves helping businesses earn money from their real estate assets through proper handling on behalf of their clients. This includes advertising for new tenants, legal documentation of the property, proper maintenance through repairs, and other services. Successful property managers can help their clients build a solid reputation for their properties, making these desirable to potential tenants and buyers. Additionally, these managers play a major part in property maintenance, thus helping preserve its value.
With qualified managers at the helm, Anchorage’s commercial property market will have excellent chances of making it through the storm.
(Source: Anchorage office market hesitant, retail future bright. Alaska Journal of Commerce. Jan. 22, 2015.)