In a recent insightful webinar hosted by Building Engines, professionals in the commercial real estate (CRE) industry gathered to discuss what’s in store for commercial property management this year. The conversation dove into the challenges, opportunities, and innovations shaping the industry. The panel of experts included:
- Daniel Russo, CEO and President, Property Management Technology, JLL
- Bob Six, CEO, Zeller and Chairman, BOMA
In this blog, we encapsulate the wealth of insights shared during the webinar with a focus on actionable strategies to help you map a path forward.
The role of technology in enhancing efficiency
Property managers continue to face many challenges, specifically with completing work orders. The webinar highlighted the two primary struggles: prioritizing work and a lack of staffing resources. Bob Six reflected on the impact of such challenges. Six commented, “We found challenges in hiring staff…people became fatigued…and a lot of people decided to retire.” Navigating these issues requires resilience and adaptability in workflows and building operations.
Daniel Russo shared insights into how technology can be leveraged to streamline property management and help with these challenges. He presented JLL’s innovative software solutions, Prism and Hank, designed to assist property and asset managers in enhancing building efficiency and increasing profitability.
Six added to the conversation, emphasizing the indispensability of tech in ensuring seamless operations and communication. He noted, “Tech is such an important ingredient…to bring everyone together so that they’re all on one platform, so that there is good communication.”
Sustainability and expense reduction
Both Russo and Six agreed that sustainability and energy efficiency remain at the forefront of property management priorities. It’s not just about cutting costs but increasingly about embracing responsible practices and making informed investments in energy-efficient infrastructure.
When discussing sustainability and energy efficiency, Russo contextualized these efforts as not merely optional, but as necessary steps toward future-proofing assets and enhancing their value, noting, “From an industry perspective, for sure, there is a lot of talk about it but what I’m seeing is not a lot. So, there’s a group of property investors and owners that are doing a heap. And then there’s a majority that are really not sure what to do.”
This reflects the current dichotomy within the industry, with some stakeholders progressing rapidly in terms of sustainability, while others are still uncertain about where to start.
The future is data-driven
In closing, both experts emphasized the importance of embracing change and the promise of technology. Russo asserted the transformative power of collecting feedback and data for continuous improvement. He said, “Measure the things you do…and don’t be afraid to explore ways to fix it.” While Six proposed leveraging data to fine-tune operations and solve problems swiftly, stating, “If you can’t measure it, you can’t manage it.”
As the industry takes on this year’s challenges, CRE professionals must approach with a blend of strategic foresight, a penchant for tech innovation, and a commitment to delivering superior tenant experiences. Technology is not just a facilitator of efficiency; it has become an integral part of CRE’s emergent narrative, paving the way for a smarter, data-driven, and connected future in property management.
Hear more of what the experts had to say, watch the free on-demand version of the webinar today.
