CREJ - Property Management Quarterly - April 2016
In February, the Colorado Real Estate Journal hosted the 13th annual Property Management Conference. The event showcased strong content, and I found every panel discussion full of topics that were interesting and informative. A few of the discussions spurred articles in this issue, including a column by Lyla Gambow on Page 10 about why everyone thinks offices need to be “fun” and a question-and-answer column on Page 4 about dogs in the workplace – apparently that’s a new tenant demand some managers are dealing with – as well as the cover story about why spec space is king. I’d like to share a few other comments I heard at the conference that piqued my interest. The first was a statement that conference rooms and conference centers as building amenities are a waste of space. The general thought seemed to be that if an asset had multiple conference rooms, some should be replaced with different collaborative, open areas in order to maximize use. The same panel discussed millennials’ impact on the office environment. Many “new” workplace demands – nice gyms, big windows, cool break areas – are liked by everyone; however, the millennial generation is the only generation “smart enough” to ask for them, one of the brokers joked. Another broker agreed, and said that in a tight job market with higher turnover rates than previous generation, many millennials are demanding these office environments. Buildings need to keep up with these demands in order to stay relevant. From the investment panel, property managers were warned that investors are getting savvy to the kick-the-can mentality of not dealing with older or original major building components. Addressing big-ticket items can’t be avoided much longer, they said. When dealing with a property that’s for sale, property managers need to view the process as a collaborative effort with the investment broker. They warned that problems don’t kill deals; surprises kill deals. Tom Bahn outlines four priorities property managers should consider when an asset is put up for sale on Page 12. And finally, the qualifications for a great property manager were discussed by building owners. A great property manager is a people person, a strong communicator, understands each owner’s individual ownership style, knows her leases, can do the books, is willing to speak up and educate her building’s owner when needed, and knows her tenants. Michelle Z. Askeland maskeland@crej.com 303-623-1148, Ext. 104