CREJ

Page 2 — Property Management Quarterly — October 2019 www.crej.com Letter from the Editor A s we begin the fourth quarter, managers find themselves tasked with a plethora of projects to set the stage for the coming year before the end-of-year mad- ness takes over. To help, this issue of Property Management Quarterly hits on a variety of those items. Possibly the biggest undertak- ing is creating an asset’s budget. To that end, BOMA International Fel- low David Hewett shares insights he’s learned over his career to create successful budgets on Page 10. While a budget is made up of numbers, Hewett explains that the story you tell to support the numbers is critical. Managers must recognize the owner’s goals for the property – as well as the property’s immediate and longer-term needs – and marry the two to create a com- pelling plan for the asset’s overall health. It’s no easy task. All budgets should touch on the maintenance of a building’s systems. Routine maintenance can go a long way in preventing a catastrophic event, but – as many of you have discovered from personal experi- ence – being proactive is easier said than done. In hopes of helping to jumpstart maintenance plans on a few fronts, this issue touches on tips for reviewing your emergency pre- paredness plans (Page 14), guidelines for keeping the heating, ventilation and air-conditioning system in tip- top shape (Page 15) – very important as the winter season approaches – and recommendations for flat-roof inspections late in the fall to extend a roof’s health (Page 18). Next year’s budgets also outline expectations for tenant experiences. As competition among buildings remains stiff, customer service and unique tenant experiences become incredibly important. CBRE’s Judy Duran identifies ways managers should focus on creating communi- ties on Page 4. She offers a variety of suggestions that are succeeding at local properties. While on Page 16, Lowe’s Daisy Gauck shares how her company’s subsidiary is learning and borrowing from the hospital- ity industry to create vibrant office communities. Beyond creating communities, another obvious enticement for tenants is upgraded or new ameni- ties. Outdoor fitness areas is one trend that is taking off across the state, which is not surprising as it combines a love for the outdoors and fitness, both popular among Coloradans. What’s more, this trend is helping managers with limited space and budgets get creative in order to tick off the “must-have” gym amenity for an asset. Options, ideas and examples are explored on Page 19. Whatever your goals may be, best of luck for a successful 2020 budget. Michelle Z. Askeland maskeland@crej.com 303-623-1148, Ext. 104 Planning for next year Contents Property management news Collaborate to create communities within buildings Judy V. Duran Approaching flex space as a property manager Paul Schloff Should managers carry a concealed weapon? Mike Pacheco Guidelines to help with the upcoming budget season David W. Hewett Leadership principles for all property managers Steven S. Sessions Create a comprehensive building emergency plan Jackie Bauer Preventative care lowers mechanical costs Joc Tatum Office owners should borrow from hospitality Daisy Gauck Exterior changes can prompt value increases Jim Diaz Inspections extend the life of flat-roof systems Jed Sybrowsky Fitness facilities flourish out in the elements Bruce Schlagel 3 4 6 8 10 12 14 15 16 17 18 19