Gloom and Boom

It’s not a typo.  It’s not all gloom and doom unless you decide to get caught up in it.  I attended the Apartment Association of Metro Denver’s Economic Conference this morning and the economists who presented were painting as optimistic a picture as they possibly could.  The whole time I couldn’t help but think of this title because it seemed to be the exact picture they were painting.  Denver is slated to be one of the top markets in the nation in 2011.  Jobs are coming back.  Concessions are decreasing.  The gloom is where we are today and what we have all gone through up to this point.  Personally, many of us have experienced either job loss or income reduction.  Professionally, our companies have experienced layoffs, budget cuts and become reliant on concessions.   Jeff Riggs of Baron Properties put it well when he said, “there are challenges, but we have an opportunity to gain back what we lost… we have a different environment and have a chance to catch up.”  The boom comes in building confidence at the site level that generates excitement and enthusiasm rather than doubt and fear as you take away their concessions.  Occupancies start to go up, rents start to go up and we start to “catch up”.  I know catching up doesn’t exactly sound like a boom, but it’s all how you look at it.  We surely can’t get ahead until we catch up.

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1 Comment

  1. I just got done reading an article where a PM company was going for the gusto by maxing out rents in order to recoup what has been lost. Bad form in my opinion. Catching up as you stated will be a process as we crawl out of this recession. Thanks for the post Brian.


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