Maintaining your edge in a competitive market.
Many building owners in Manhattan have spent hundreds of millions of dollars upgrading and maintaining their office buildings. At the same time, demand for high quality Class A office space continues to increase in almost every market segment. Wooing these tenants in this competitive market means having an edge on the competition - offering services and attractive amenities that the other guy doesn't. When Class A space is at a premium, the smallest advantage can make all the difference.
This advantage can come from any number of areas, but as the office market continues to tighten and companies sign longer and more expensive leases, tenant's demands are going to increase and their requirements are going to become more and more sophisticated. Nothing could be more counterproductive for owners than to spend millions of dollars on improvements and renovations for their buildings, only to have their cleaning service do a sub-par job.
A building's identity and marketability can so often be based on appearance, and nothing can undo millions of dollars in improvements faster than a poorly maintained building. To this end, property managers must be discerning in their choice of maintenance companies and select a firm that offers them a comprehensive plan that meets their specific needs and follows through with high-quality, efficient work.
In addition to quality building maintenance, high-paying tenants demand first-class amenities and services that not only help their businesses run more smoothly, but make their building environment a safer and more user-friendly place to work. Savvy property managers have taken advantage of companies like Harvard Maintenance that provide them with myriad integral building services, including cleaning services, full-time security, messenger centers and concierge service. Utilizing specialized business services and upgrading one's building maintenance should be an essential part of any renovation and improvement plan, functioning much in the same way as any capital or cosmetic improvement.
The business of commercial real estate has become a game of inches, and will continue to constrict as large tenants sign long-term deals. Owners will have to go the extra mile to sign these companies to long leases at the height of the market. Through strategic property management that presents current and potential tenants with a clean, safe building that is packed with amenities, owners increase their chances of landing the large tenants and attracting high-profile clients for the coming millennium.
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||Focus on Property Management: Preparing for 21st Century|
|Author:||Doobin, Stanley K.|
|Publication:||Real Estate Weekly|
|Date:||Apr 21, 1999|
|Previous Article:||Real estate risk management and claims prevention.|
|Next Article:||Beauty is more than skin deep in property management.|