Evening star., 1926-11-20
GROWTH OF OFFICE BUILDINGS
IS SEEN AS CONTINUING HERE
LF.M. Bowie Gives Lecture to Y. NJ. G. A.
Glass on Real Estate Problems and
Explains Market Change.

The need Of the District for office
buildings has been fairly we'll met Tor
the present, but their erection Is like
ly to continue. declared j. F; NJ. BOWIE
in a. lecture last Monday before the
y NJ. G.. A, class in real estate.
Mr.. Bowie lectured on TRenting.
Leasing and Property MANAGEMENT.
Stressing that in Washington the ire
mendous growth in apartment mouse
construction and the great increase
of commercial development have placed
upon rental and leasing experts an
unusual burden and responsibility,
MFR. Bowie outlined to the studehts
the various requirements IN oroer 10
efficiently meet the demands OF tne
owners of the property and to serve
the leSSeeS.
Vast Detail Involved.
In taking up the matter Of apart
mont renting. Mr. Bowie pointed OUT
that renting and leasing ordinarily
was not made much of In the average
office because of the small commls.
sion and the vast amount or detali
involved. It is only profitable when
there are a large number or apart
ment houses represented py one
office, but it is usually the startins
point for beginners and is very I'M
portant because OF the ehcenen.
growth of work it provides In the way
of bringing about proper contacts
| leads to other business and unoer
standing of loans and mortgages, ana
practically every phase of the real
estate business. said the speaker
In controlling the producing income
| of millions of dollars worth OF prop
ertv for owners, the rental agent has
a great responsibility and the position
| of rental mana ger is a difficult job. be-
cause he owes duty not only TO the
| landlord and owner but also TO look
after the interest and retain the gooo
will of the tenant, declared Mr..
| Bowie.
House Renting Low.
There have been practically no
houses erected for renting during and
since the war and therefore this
phase of rental is practically off the
market, it was pointed out.
In connection with apartment
houses, it is proper that an owner
should receive about 10 per cent gross
on the value of a building In order
to make it profitable. Tracing the
great development of apartment
house building in Washington during
the past 10 years; Mr.. Bowie declared
It was evident that people considered
this type Of home a very attractive
one and splendid way of living.
Because of the continued contact
and position as chief representative OF
the company on the premises. the jan
itor must be closely supervised and
every attention to fires, cleanliness OF
the building and minor repairs should
be properly looked into. said Mr..
ID hot Pu
reau of Mines Bulletin on Firing Boil
ers is very helpful. The question Of
advertising in the newspapers and
signs must be looked after. Tenants
must be secured by looking after
them, as advertising does not bring
in all prospects, said the speaker. who
stressed that 1t is particularly impor-
tant to thoroughly examine the social
status of tenants so that they will he
| agreeable. because OF the fact that
good tenants make the success of the
building, while poor tenants ruin it.
While Washington has some exceed
ingly splendid apartment houses, the
development of the larger and more
expensive type has been neglected
He referred to the room and ?
bath, room and bath and 20
room and 10 bath type of apa rtment
to rent for $12 900 to 900 a year
This, he said, was a n entirely different
proposition to handle becaus" of the
detail service required. Smaller apart
ments. he said, have the problem of
the violation of leases.
Office Buildings Status.
He then took up the matter Of office
buildings, in which he pointed out
there has been tremendous develop.
sment here in the past 10 wears
Offices are rented largely on the
square-foot basis. with better grades
renting from 81 to SO per square foot
per year, including elevator service,
cleaning. refrigerated water. etc The
marketing of this type of space is
difficult problem and should be begun
five or six months before the compile
tion of the building. and he pointed
out an instance where within 30 days
Of the completion Of the building II
was practically fully rented
The business properties such as
store leases are rather profitable. ac-
cording to the lecturer. where rents