Vacancy rates for corporate real estate remain low throughout the US, reports REIT.com. As a result, Corporate Property Managers have an added responsibility to ensure occupied facilities are in tip-top shape. At the same time, the demand to cut costs has never been higher. Fortunately, the use of technology can improve service for Facilities Manager clients and build brand value. First, corporate managers need to understand the challenges of multi-portfolio facilities management, how technology impacts service levels and its additional benefits to tenants and their customers.
Challenges of Facilities Management for Corporate Property Managers
Corporate Property Managers are comparable to Facilities Managers. However, they operate on a much larger scale. They may oversee dozens of individual properties, send out detailed budgets for on-site staff and more. At the same time, they communicate with existing Facilities Managers and work to form a better picture of facility health for consumers. However, this comes with unique challenges, including:
- Multiple systems are used to manage facilities.
- Large distances between facilities.
- Lack of access to site-specific data.
- Stretched budgets.
- Poor visibility into expected costs for an informed potential tenant.
- Lack of knowledge to make repairs or address other facility management needs.
Connected Systems Give Facilities Managers Access to Multi-Site Data
Utilizing technology for facilities management helps Corporate Property Managers identify excess spending costs, avoid unnecessary expenses and more, says FM Link. As technology has evolved, the ability to predict asset malfunctions increased. The use of data and connected systems, including predictive and prescriptive analytics, empower Corporate Property Managers will more information on facility condition. The same information gives Facilities Managers insight into the prioritization of needs and refinement of the budget.
Additional Benefits of Using Technology to Improve CRE Management
Key benefits of using technology to improve service to facility management clients include:
- Enhanced comfort and satisfaction of tenants.
- Faster remediation of complaints.
- Reduced overhead for tenants, resulting in more lease renewals.
- Ability to offer more services to tenants’ consumers, such as Wi-Fi.
- Greater visibility into contractual relationships, especially among field service vendors.
- Optimal emergency management, including planning and recovery.
- Real-time alerts and notifications that trigger automated field service calls.
Put the Power of Technology in Facilities Management to Work in Your CRE Space Now
Today’s Corporate Property Managers are responsible for overseeing many locations and the aging infrastructure throughout the U.S. Unfortunately, some areas have experienced a decline in demand for CRE space, and others have seen the average price per square foot skyrocket. Fortunately, deployed technology in facilities management will continue to empower Corporate Property Managers, which have the burden of overseeing all operations and needs for extensive portfolios.