By David Strusiner, Co-owner of Craig/Steven Development Corporation
One of the greatest advantages of owning commercial real estate is having control over the decisions that impact each property’s long-term success. At Craig/Steven Development Corporation, ownership allows us to make decisions based on what is best for our properties, our tenants, and the future of our portfolio. I believe staying actively involved as an owner is essential to building strong relationships and maintaining successful properties.
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Historically, we managed our properties internally, giving us firsthand experience with the day-to-day responsibilities of commercial real estate. As our business has evolved, we’ve recognized the value of finding the right third-party management partner.
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In my previous article, Real Estate Ownership: The Demands and Rewards of a Job Well Done, I discussed the importance of proactive management, communication, and having the right team in place. While our management approach has changed, our commitment to our properties and tenants remains the same.
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For me, ownership also provides flexibility when negotiating deals, investing in improvements, and making financial decisions. We’re able to respond quickly without depending on outside ownership approval. Over the years, changing market conditions have taught us to think outside the box, remain flexible, and adapt when necessary. Working with trusted management partners allows us to maintain our properties while focusing on these important ownership decisions.
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Ultimately, successful ownership goes beyond simply holding real estate. It means making thoughtful investments, maintaining strong tenant relationships, and helping keep our tenants successful. With a portfolio that remains more than 90% occupied, I believe our approach demonstrates the value of hands-on ownership and strong partnerships. By staying involved and working with the right people, we continue creating long-term value for our properties and tenants.