15 Jan Commercial Property Management Trends for 2020: Staying Ahead of the Game
Commercial property management is an ever-changing industry. You can’t expect old methods to continue to be effective in the face of changing times, and the best property managers work to stay one step ahead of industry trends. Here’s what you can expect for commercial property management in 2020—and how to make it work for you.
Ah, technological advances—always a culprit when it comes to trends and change. This year, it’s coming at commercial property management from all directions.
It’s impacting management software in a big way. 3D renderings—digital twins for buildings—are giving managers a complete look at their assets in one image. Combine that with efficient document storage and retrieval, customizable dashboards, and user access controls, and your workday is simplified in a way that wasn’t possible even a few years ago.
Meanwhile, according to a Newmark Knight Frank report, technology is impacting the supply chain with drones, AI, and robotics. This matters to managers when it comes to making their spaces desirable. For example, new picking and sorting techniques within distribution centers allow for higher ceilings. If your building doesn’t have them, that affects who may be interested in your space. It impacts how you choose to market your units and which units you add to your portfolio.
That circles back to your commercial property management software. If it’s up to the task, you can track your rental history and compare it to the rest of the market to ensure you’re meeting current demands.
You have to know who you’re talking to. Hint: it’s Gen Z. Millennials still seem to get a lot of press, but Gen Z (those born between 1995 and 2010) became the largest population group last year, and by 2030 the two generations together will account for 75 percent of the workforce.
These are the people who are or will be looking for commercial properties, and more than half of them are spending upwards of five hours a day on their mobile devices—often interacting with more than one screen at once. They gravitate toward Instagram and YouTube. If you’re not present on these social platforms, and if you’re not marketing with apps, virtual reality, and video, you’re not reaching them.
Speaking of Gen Z, they like experiences. They want to customize their work life, and that includes their office space. They want to be able to see their options and interact with them before making a decision. A digital twin of their building can, for example, allow them to truly visualize the space and everything they want to put in it.
They also want to feel a human connection and get to know the faces of the commercial property management company they’re working with. Expect to create a dialogue with these renters as you work together to shape their experience.
Oh, my goodness, it’s Gen Z again. They love the planet! They want to ensure we can all enjoy it for years to come! And that concern will impact their choice in property.
Building sustainable features into your properties—recycling programs, solar panels, natural light, renewable technologies, sustainable materials—will be attractive to this new generation of renters. Consider how you can make eco-friendliness a part of your property’s image. Now, weave it into your commercial property management firm’s lifestyle. That way, everybody wins.
For more information on commercial property management trends—especially that technology thing—contact us.