Colorado-Real-Estate-Journal_393744

INSIDE I n today’s commercial real estate industry, property man- agers are faced with a diverse range of challenges, from fluc- tuating market dynamics to evolving tenant expectations, lead- ing the property management sec- tor into an entirely new era. Technological advancements, market conditions and global events have changed the methodologies that property managers employ, the assignments they work on, the tools they use, the composition of the workforce and the locations of businesses. Operating within such a dynamic time is exciting, but also presents obstacles. Here are some of the most relevant topics in prop- erty management today: n Market adapt- ability. Property values have been impacted due to several shifts in commercial lend- ing driven by the pandemic, adjusted work habits, con- sumer trends and firms reducing their overall foot- print. Additionally, adjustments in consumer behavior and the rise in e-commerce have reshaped tra- ditional brick-and-mortar spaces, propelling a reimagination of space to remain pertinent and maintain customer engagement. The transition to remote work during the pandemic has also prompted the need for adaption. Employees have shown less inclina- tion to return to the office, favoring the conveniences remote work has to offer, and thus diminishing the demand for traditional office space. However, emerging data indicates another evolution from fully remote work to a more hybrid schedule, emphasizing the value and benefits of in-office work that employees desire, including effective train- ing, mentorship and collaboration. Younger employees are demonstrat- ing more of a desire to be in the office three to five days a week. n Tenant experience and engage- ment. Over the last few years, the tenant experience has become a critical focus for property manag- ers and owners. An elevated tenant experience through building ameni- ties and services was traditionally Innovative approaches will lead CRE industry toward a decarbonized world Decarbonizing Understanding building codes will help ensure roof isn't gone with the wind Roofing PAGE 14 Roundup: Legislative issues, building performance compliance & BOMA Best BOMA Please see Heede, Page 18 April 2024 PAGES 21-23 PAGE 8 Jennifer Heede Vice president, property management, Newmark Proper t y management evolution: Welcome to the modern era