Cleveland, OH (PRWEB) August 22, 2013
Commercial real estate was not immune to the market collapse brought on by the recession, and nowhere was that fact more evident than in the Midwest. But market indicators suggest the tide is turning, and Cleveland commercial real estate company Ostendorf-Morris is serving as a solid case study that those indicators might be right on the mark. As evidence, the firm recently promoted three of its employees to prominent new roles.
Earlier this month, the CoStar Commercial Repeat Sale Indices (CCRSI) announced national results revealing that commercial real estate prices surged in the second quarter of 2013. Indeed, “pricing in the General Commercial segment advanced a stellar 9.2% from the previous quarter and increased 11.7% over the last 12-month period.” Even the Midwest region of the country, which includes Chicago, Minneapolis and the major Ohio cities, finally started to gain some momentum. As the CCRSI report pointed out, “This region has been the laggard in the recovery, with pricing finally bottoming out in the second quarter of last year, at least a year behind the other regions.”
If commercial real estate company Ostendorf-Morris is any indication, then that second quarter showing is not a fluke. Rather than laying off employees as might be expected in a slow market, the Cleveland-based business recently promoted three of its employees.
Taking on new roles within the company were Cathy Schulz, Kathy Folk and Allen Hagen. Previously a property manager, Schulz now holds the title of Vice President, Real Estate Management Services. Meanwhile, in her new full-time role as Assistant Property Manager, Folk will manage various buildings in the Ostendorf-Morris portfolio. In addition, she will provided as-needed building assistance to the company’s property managers.
Finally, longtime team member Hagan will leverage his 18 years of managed buildings experience when he assumes the position of Operations Manager, Real Estate Management Services. On top of all that the title will require, he will soon be transitioning into the Ostendorf-Morris office as well as an operations management employee. Effective September 1st, Hagan will be handling several new duties including oversight of the field personnel in Ostendorf-Morris’s managed buildings and providing assistance to the company’s property managers with respect to tenant improvements, capital improvements and general day-to-day operations of the managed buildings.
“We take great pride in being able to recognize the talents of our strongest team members with more demanding roles within the company,” explains Ostendorf-Morris’s spokesperson. “For three-quarters of a century, through ups and downs, we’ve managed to stay a market leader. We owe much of this success to the professionalism of our team. In their new capacities, we know these three individuals will continue to help us thrive.”
Headquartered in Cleveland, Ohio, Ostendorf-Morris has been providing commercial real estate experience around the globe since 1939. The company takes pride in the fact that its real estate professionals have completed more transactions, solved more tough deals and demonstrated more leadership than anyone else in the industry. Ostendorf-Morris’s appraisal, brokerage, corporate services and property management professionals offer unmatched knowledge and experience to guide their clients through today’s complicated and competitive real estate market. The company has a wide-range of available properties for lease and/or sale, industrial, office and retail space, investment opportunities, distressed assets and owner/user properties.