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Article: Developers try a new approach: some looking to property management. (real estate developers) (Real Estate) (Industry Overview)
- Article from:
- Crain's Cleveland Business
- Article date:
- August 3, 1992
- Author:
CopyrightCOPYRIGHT 1992 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The formula for prosperity in the commercial real estate industry just a few years ago was simple: Just keep breaking new ground.
The '90s, however, have brought new commercial construction to a virtual standstill, leaving some developers with little or no potential for growth and others facing liquidation.
Their response has been to "break ground" in a new direction by pursuing property management opportunities.
"A lot of these developers are forced to make a transition if they want to stay in business -- to seek third-party management," said Larry Lance, vice president of The Galbreath Co.
Galbreath has responded in a big way to such changes in ...