May 14, 2010

Hoff & Leigh’s Weekend Market Report
Hoff & Leigh, Inc.
Leasing, Sales, Management, Buyer Representation
4445 Northpark Drive, Suite 200
Colorado Springs, CO USA 80907
May 14, 2010

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All Market Average Office Building Sale Price PSF = $102.03
We are currently tracking 85 office buildings for sale.
This is 813,658 square feet, which represents a total market value of $83,017,414.

All Market Average Industrial Building Sale Price PSF = $95.38
We are currently tracking 68 industrial buildings for sale.
This is 819,115 square feet, which represents a total market value of $78,129,906.

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http://hoffleigh.com/Doc/Tim%20Leigh.pdf

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http://hoffleigh.com/Doc/5.7.10.pdf

Tim’s Market Report

I’ll be honest, it is killing me; sitting at this key-board, looking at the very clear, blue sky framing the white topped Pikes Peak. It’s already late in the day for me (7:30) and I plan to be illegally climbing that dreaded incline within the hour. In the meantime, some thoughts:

Contemplating the state of the world and wondering how the heck we’re doing, I’d have to say that for people looking for security and investments; keep looking. It used to be, you could count on your pension; but then we’re told PERA is un-fundable under their current 8% growth rate assumptions and we’re told we should plan to work into our late 70’s or early 80’s – now there’s an idea.

And I don’t know, but I’d say we’re in for an interesting ride this week and over the coming months; I mean, come-on, the Grecian economy slid off the cliff last week infecting all world markets; the Dow dropped 1,000 points then “recovered” so the daily close was “only” down about 400 points; about 6% for the week. And who believes the reason for the drop – clerical error; come-on. (Psst - hey, I’ve got some swamp land in Arizona that I need to sell!) And as the Dow dropped, gold ramped up to its highest 1 day close. Did we miss that bus? I can remember simpler times when a drop of 50 points was cataclysmic.

And if that’s not enough, the Chinese government is worried about their housing bubble. I read an article that stated the Peoples Bank of China now forbids loans for 3rd homes and has raised the down payment requirement for 2nd homes. Apparently, speculation is rampant and there’s a report floating around claiming (in 70 leading Chinese cities) home prices rose nearly 12% in March. In one month! Andy Xie, formerly chief Asia economist at Morgan Stanley says China’s real estate market is 100% overvalued. That’s going to be an interesting foot to watch fall, and I wonder, “What will be the impact on our economy be?”

THE CAMPAIGN: Yes; that’s the answer to everyone’s question. Yes; the mayor’s position should be a full-time job. I’ve previously said, “Running for mayor is a full-time job.” (In fact, I’ve already lost some clients who felt that I couldn’t fairly represent them because of time limitations.) And if running for mayor is a full-time job, heck; I don’t know, maybe actually being the mayor is a full-time job.

Here are a few examples.

Let’s see; being the city’s number 1 encourager & advocate – that would be a full-time job;
Or being the city’s number 1 salesman & promoter – that would be a full-time job;
Or being a proponent of existing businesses – that would be a full-time job;
Or helping create new employment options - that would be a full-time job;
Or being aware of the various departmental budgets and making wise decisions as they relate to the efficient operation of the city – that would be a full-time job;
Or being involved in public safety and being aware of crime and police and fire department requirements; that would be a full-time job;
Or being aware of utilities rate needs to fund exotic new water delivery systems - that would be a full-time job;
Or being aware of the hospital’s budget & requirements for structural change – that would be a full-time job;
Or being aware of enplanements & the need for better air service – that would be a full-time job;
Or being involved with state and national legislative issues that impact our region – that would be a full-time job;
Or moderating timely conversations about, Oh, I don’t know – medical marijuana, homeless camps, opening Pikes Peak to recreational use, filling pot holes, relighting dark street lamps, replacing trash cans, watering parks, etc., etc., those all seem to me, an indication that being mayor is a full-time job.
Let’s see; promoting arts & culture – that would a full-time job; or traveling with the Chamber, the EDC, the VCB – that would be a full-time job; or promoting trails & open space – that would be a full-time job.

Let’s see; actually talking to each council person and promoting common agendas – that would be a full-time job; or promoting a vision, “where we look to the past to find our future”, where we’re, once again a world class destination city, where we promote a sports & wellness culture – that would be a full-time job.

Yes; a full-time mayor. IT’S TIME.

By the way, the last guy that I knew about who could multi-task like a mayor was Padre Pio. He was the renowned Catholic mystic who passed in 1968. Because of his ability to multi-task, he actually became St. Pio (www.padrepio.com). It was said that he could be in more than one location at a time and always left people feeling better.

Realize, right now, we have 9 very well intended, part-time employees being paid about $500 per month who are asked to run a $2 Billion dollar corporation; that, my friends, is silly on its face. We need a change. The city has outgrown its business model. We need qualified, full-time employees who have time to focus on the various issues and make timely and wise decisions.


Sincerely, TJL Tim Leigh 719-337-9551 Tim@HoffLeigh.com