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Cautiously confident.


As the national recession hits the East Coast hard and America moves into its third week of war, central Arkansas property managers are a cautious, but upbeat group.

That's one conclusion to be drawn from a package of stories assembled this week for Arkansas Business covering the commercial real estate market.

A random survey of the area's top managers indicates that at this point the recession for central Arkansas is more psychological, than actual. Renters are still out there, they say, they're just a little more reluctant.

Arkansas Business real estate writer George Waldon talks to a handful of property managers to find out what's on their minds, how they're coping and what strategies make sense to keep tenants happy.

The Big MAC Attack At Last

On another front, despite the near certainty that the fabled Big MAC II complex will pass unscathed through the legislature this session, property managers seem reconciled to the inevitability of the project.

In the recent past, when central Arkansas office rental rates were still bruised from the glutted years of overbuilding in the mid-1980s, the spectre of Big MAC II loomed dark over rent rolls and bottom lines.

This time, Rep. John Miller - Big MAC II's benefactor - has devised a five-phase construction plan with a new phase to be built every two years beginning in 1992. Miller has the votes to build 591,000 SF of office space and 2,420 parking spaces and the opposition is nowhere to be found.

Arkansas Business staffer Rex Nelson talks to Miller and others about how the deal got done.

Lemons Into Lemonade

Next, we take a look at George Pitts Jr. and his successful Beach Abstract & Guaranty Co. The 54-year-old businessman has assembled a collection of six abstract companies and has grown through banking and real estate savvy.

Last December, Pitts purchased Madison Guaranty S&L for $140,555, plus $2.54 million to capitalize the new bank, and is moving forward, making lemons out of the lemonade of the S&L industry collapse. Here's an inside look at how he built his budding empire.

Last, we're reprinting our list of top office property managers in the area just so everyone will know who's who.
COPYRIGHT 1991 Journal Publishing, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Title Annotation:attitudes of real estate managers in the face of recession fears
Publication:Arkansas Business
Article Type:directory
Date:Feb 4, 1991
Previous Article:Public service announcement.
Next Article:Abstract business.

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