Commercial real estate (CRE) and property managers play a vital role in the success of global companies. In the U.S. CRE space is in high demand. Vacancy rates declined slightly in 2018, reflecting an increase in occupied areas and demand for quality facilities. Potential tenants also face the uncertainty in brick-and-mortar businesses, and to attract new tenants is to make a given space the most attractive it can be. As a result, more CRE providers are turning to integrated facility management to streamline operations and attract tenants.
Challenges of Commercial Real Estate Facility Management
CRE providers have many challenges. They oversee multiple facilities, manage tenant leasing activities, handle complaints, and much more. Their list of responsibilities is in constant flux, and the ability to control the unique needs of each facility may fall by the wayside.
Even with robust facility management systems in place at each facility, the overarching picture can be forgotten. Buying power is the power to lower costs through untapped, unrecognized potential. As a company operates multiple locations, it should leverage buying power to make the most of its vendors and their resources. Integrated facility management makes this possible.
Integrated Facility Management Is Ideal for Multi-Site Portfolios
Integrated facilities management means looking beyond a single facility or system. Dozens of systems exist to handle every need. Consumer complaints are treated in system A. Leases are managed in system B. Facility maintenance is executed in system C. The list is endless. Furthermore, there is a growing concern regarding the safety and security of facilities and the data they generate.
As explained by FM Link, simplification of monitoring and security management are key reasons CRE providers turn to integrated facility management. Integrated systems allow for a unified view of the safety and security systems within a facility. As a result, needs can be addressed quickly, and CRE managers can review the status of their portfolios from remote locations.
How to Deploy Integrated Facility Management Solutions in CRE Spaces
Deploying integrated facility management solutions in CRE spaces differs slightly from the traditional use of such services in other establishments. This is the result of the variety that exists within a single CRE portfolio.
- Recognize the scale of systems and services needed. It is essential to consider the unique needs of all applicable facilities.
- Research available platforms and vendors. Since tenants may operate retail establishments, restaurants, office firms, and other types of businesses, it is essential to select a servicer capable of handling a variety of needs. It is not enough to cover office maintenance and retail. The servicer must have it all covered.
- Conduct a facility inspection or audit to determine the current state of the maintenance backlog. The next issue on the docket is an inspection. While this same process takes place in other industries, it will also include the comprehensive review of current utility bills for the CRE provider, contracts, and all documents relating to the facility. As a result, it may be necessary to let a third-party handle the inspection and review.
- Deploy technology; recommission facility assets. Technology to manage CRE spaces must have a core component of recommissioning. Recommissioning involves the collection of information for all facilities and their assets, as well as the retrofitting of such assets with sensors and technology to gather data.
- Leverage data to prove its value. Lastly, a CRE provider should use technology, powered by a computerized maintenance management system and analytics, to make informed decisions. The same process can be handled through an integrated facility management
Cut Through the Confusion With Integrated Facility Management
Integrated facility management can be confusing, especially for CRE providers that do not know where to begin. However, integrated facility management remains the most effective and efficient means of multi-site facilities management. Stop losing money on single site management, and focus on the big picture with an integrated solution.