The Kings of Commercial
These days, he says, "the market is about 70 percent recovered, which is OK, but not close to where it should be. There's a ton of space all over the place, and some great locations have been [vacant] two years, like the Ufer Insurance building on East Stadium.
"We're booming on retail, and I hear housing is doing well, and apartments are booming. But medical died two years ago, and it hasn't come back. We don't even get calls for medical [space] anymore, and we used to do 25 percent of our business in medical. It's because medical is scared to death at what the cost of health care is going to be because of the health care law."
For the moment, "our business is good, not great," Chaconas says. "The last three years we've had good growth. There were ten or eleven big deals in town, and we got most of them." He believes the reason they were successful in hard times was "we never backed off. We kept marketing. We kept talking to banks. Yeah, we did some foreclosures--it was the times--but not for people we sold to, thank God."
Despite his commanding presence in the market, Chaconas keeps his staff small. "When I was at McKinley, it was up to fourteen people, and they got rid of eleven. I didn't need more then. I was already doing so much of it anyway. Now I have five people, and I don't need more."