The right commercial property management company can be an incredible asset to property owners and investors who don’t have the time or experience to market and manage their commercial real estate.
They’re also a boon to property investors who want to widen their portfolio beyond their local area.
The right management partner will help maximize investment returns by improving cash flow, retaining good tenants and increasing the overall value of the property.
Here, we’ll look at the best of the best commercial property management companies in the United States today.
Commercial Property Management
Whether you’re a commercial real estate broker recommending property management companies to a client or a CRE investor choosing a company to manage your properties, there’s a lot to consider when looking at your options.
Simply typing “commercial property management companies near me” into a search engine or looking at a list of the largest commercial property management companies and picking one at random is probably not the way to get the results you’re looking for.
Here are some of the things we looked at to determine the best companies working today:
1. Service Offerings
2. Asset Class Coverage
Most commercial property management companies offer a wide range of services. The top companies offer most, sometimes all of the following:
- Management planning
- Reporting (occupancy, rent roll, budget, etc.)
- Budget development and management (maintenance, marketing, personnel, operations)
- Maintenance management
- Market rent analysis
- Marketing strategy and programs
- Rent collection
- Lease negotiation
- Tenant relations
- Purchasing procedures (equipment, supplies, contracted building services, insurance coverage)
- Contract specifications
- Project management (construction etc.)
- Compliance procedures (for government and administrative rules and regulations and health, fire and safety codes)
Asset Class Coverage
Some commercial property management companies provide management services for all asset classes, whereas some only cover specific property types.
If you limit your investments to one or two asset types, it may be best to choose a management company that specializes in these types of properties.
Similarly, if a property has specific challenges, such as ongoing vacancies, maintenance issues or marketing problems, the owner would need a manager that’s experienced in dealing with such issues.
It’s one thing to be a certified manager, but it’s another thing to be well-versed and skilled at handling certain tasks and situations.
The top management companies have a mastery over multiple elements of taking care of a property.
Of course, reviews are always a key factor in understanding services of any kind.
Industry leading property management companies are, of course, those that have solid ratings online, as well as powerful testimonials that back up their marketing efforts.
Commercial Property Management Fees
Commercial property management fees vary widely based on a firm’s offerings, so this can be a heavy ranking factor in separating elite companies from very good companies.
Typically, property management fees are calculated as a percentage of rent collections. This percentage may run anywhere from 4 to 12 percent.
Other property management companies charge a flat fee, while still others use some combination of these payment structures.
Property management fees are based on factors like property size, rent level, difficulty of property maintenance, and the amount of time necessary to maintain the property.
In addition to a flat fee or a percentage of the rent collected, commercial property management companies may charge extra fees for vacancies, lease renewals and certain other services.
Because property management fees are dependent on so many factors, many commercial property management companies don’t list their fee structure on their website.
In general, you will need to contact the companies you’re considering in order to obtain information on their pricing.
Commercial Property Management Companies
Here we review several of the top commercial property management companies in business today.
We look at a range of companies, from the largest commercial property management companies to smaller, more specialized companies.
Cushman & Wakefield
Cushman & Wakefield began in 1917 as a small family business in New York. They now have 400 offices in 70 countries and manage 3.6 billion square feet of property.
Some of the high points of their illustrious history include selling the land for the United Nations project and acting as project developer of Chicago’s Sears Tower.
They offer a variety of services for developers, investors, lenders, and tenants.
Whether you’re looking to acquire property, have your property or portfolio appraised, develop a portfolio strategy, dispose of property, enhance sustainability, finance or invest in real estate, lease space, manage property taxes, property or projects, recover asset value, or reduce your real estate costs, they can help.
Cushman & Wakefield manages all types of real estate on behalf of corporate, institutional, and private clients.
Many of their employees have worked on owner property teams or as external management resources in their respective markets for decades, giving them an understanding of both an owner’s perspective and local dynamics.
Their property managers work to minimize operating costs, improve efficiencies, and enhance customer service in order to protect the value of each investment.
A leading global real estate services and investment management company, Colliers International manages two billion square feet of property in 68 countries.
Although they were originally established in Australia, they expanded to the United States in 1978, which now holds their largest market share.
Colliers’ real estate management services include building operations and maintenance, repair and maintenance inspections (scheduled and random), facilities management, lease administration, property accounting and financial reporting, contract management, and construction management.
They offer management teams comprised of local experts with strong backgrounds in the specific asset class they service, a 24-hour tenant service center accessible via phone, email or internet, and a single point of contact for tenant issues and inquiries.
Additional offerings include investment strategy, connecting clients with owners and developers, securing financing, property valuation and appraisal, lease administration, marketing strategies, and project management for both new construction and renovations.
These and their property management services are available for a wide range of asset classes.
With JLL you can buy, build, occupy and invest in a variety of assets including industrial, commercial, retail, residential and hotel real estate.
They have locations across the globe and have been named one of the World’s Most Ethical Companies by Ethisphere Institute for twelve years in a row.
JLL has 4.6 billion square feet of managed properties and facilities.
They use smart technology and connected systems to track and asses every facet of building management, evaluating productivity, sustainability and safety programs, improving maintenance, procurement and financial planning, and providing real-time data to investors.
JLL offers a scalable menu of services, so you can choose only the services you need:
● Work with experts in real estate financial planning and reporting, accounting, and accounts payable to drive profitable growth.
● Source products and services to manage your property or facility and leverage economies of scale for purchasing power and cost savings.
● Evaluate lease obligations and space requirements to create a flexible and productive portfolio strategy.
● Manage your transactions and secure or dispose of space at the right time, on the right terms.
● Implement strategies to reduce energy consumption and operating costs.
● For new developments and renovations, design buildings and spaces that earn sustainability certifications.
With JLL’s IntelliCommand, identify building problems that often go undetected. Catch potential failures before they happen. Monitor, analyze, and optimize energy usage and maintain peak performance.
CBRE Group Inc.
CBRE Group, Inc. is the world’s largest commercial real estate services and investment firm, with 2018 revenues of $21.3 billion, and more than 90,000 employees. CBRE has been included on the Fortune 500 since 2008, ranking #146 in 2019.
It has also been voted the industry’s top brand by the Lipsey Company for 18 consecutive years and has been named one of Fortune’s “Most Admired Companies” for seven years in a row.
CBRE offers a broad range of integrated occupier and investor services for industries across all asset types.
Services include facilities, transaction and project management, property management, investment management, appraisal and valuation, property leasing, strategic consulting, property sales, mortgage services and development services.
Here’s a list of CBRE’s commercial property management services:
● Accounting: Customized real estate accounting and financial reporting solutions
● Asset View: Global Operating Platform enabling intelligent insight and optimized decision-making
● Axis Portal: Proprietary web-based management and leasing platform
● Business Continuity: Emergency contingency planning and implementation
● Client Care: Leveraging of resources across a portfolio, based on client needs
● Consulting: Due diligence, property audits, standard operating procedures, design development and construction advisory services
● Digital Solutions: End-to-end digital platforms that cover the entire spectrum of property management
● Experience Services (Host): Enhanced employee experiences in the workplace
● Energy and Sustainability: Optimization of assets that drive operational efficiencies and cost savings
● Global Standards: Standardization of global procedures across CBRE’s managed portfolio
● Human Resources: Talent attraction, onboarding, training and development
● Learning and Development: Training via online and in-person courses
● Lease Administration: Full lease and lifecycle management
● Procurement: Vendor relations, pricing and purchase management
● Project Management: Holistic management of capital projects and new construction
● REIT Services: Property management and advisory services for Real Estate Investment Trusts
● Risk Management: Management of insurance and asset protection
● Security: Customized security planning, tools and services
● Technical Services: Maintenance, technology and engineering services
● Tenant Services: Tenant relations and retention management
● Transition: Execute seamless transition of property operations
Newmark Knight Frank
With roots dating back to 1929, Newmark Knight Frank is a fully integrated platform of services providing clients with a single-source solution for every phase of owning or occupying a property.
They serve prominent multinational corporations and institutional investors across the globe as well as owners, occupiers and developers of real estate
Newmark Knight Frank’s 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents. They offer a wide range of commercial property management services.
The firm’s Emergency Preparedness Plan, developed exclusively for Newmark Knight Frank’s property management services, is the most comprehensive emergency planning tool available for commercial and corporate facilities. Planning templates reduce plan development time.
Emergency plans can be standardized across a portfolio or customized for an individual property. Newmark Knight Frank is also one of a limited number of real estate management companies providing full-time engineering services in-house.
SVN was founded in 1987. They have 200 offices around the world, all independently owned and operated, with over 40 million square feet in properties managed between them.
Core services include corporate services, sales, leasing, property management and tenant representation.
SVN serves a range of asset classes – retail, office, industrial, multi-family, self-storage, medical office, student housing and single tenant.
Within the company, product councils give SVN advisors the opportunity to network and share expertise with colleagues who work in similar property sectors.
Each council is led by a senior-level advisor with a proven record of success, hands-on experience and superior knowledge within his or her asset class.
Pinnacle Property Management Services
Pinnacle Property Management Services is a privately held organization that manages multifamily properties nationwide.
Established in 1980, they are one of the largest multifamily management companies in the United States, with a portfolio of over 172,000 units, 15 offices across the United States and 4,300 team members.
Their clients include pension funds, private partnerships, international investors, insurance companies, lenders, special servicers, syndicators, government agencies and high net worth individuals.
Pinnacle handles all aspects of property management, focusing especially on areas like integrated property management, facilities management, accounting, marketing, leasing and risk management.
Within the asset class they serve are upscale properties, new development, mixed use buildings, value-add properties, affordable housing, senior housing, student housing, distressed assets, and properties governed by associations, condo boards and HOA management.
Founded in 2006 during one of the toughest real estate climates, Franklin Street has evolved to become one of the fastest-growing full-service commercial real estate firms in the southeastern United States.
Although smaller than the international property management giants, this regional company still provides comprehensive service offerings – capital advisory, investment sales, insurance services, landlord representation, tenant representation, property and facilities management, and project management teams.
They serve all asset types, including retail, office, multi-family, industrial, mixed-use and more
Franklin Street’s property management services team offers:
● Acquisition identification and due diligence support
● Marketing plan development, including pricing strategy and advertising campaign execution
● Development of capital and operational improvement plan
● Full-service accounting support
● Education training and career path progression for onsite staff
● Senior support for onsite teams from VP level professionals (paid for by Franklin Street)
● Tailored performance metrics
● Development of a strategic leasing analysis for commercial properties
● Disposition and transitional support during the exit
● Facilities management services
● Space planning and construction oversight
● Budget development and management
● Utilities monitoring
● Vendor procurement
● Landlord interaction and process management
● Preventative and corrective maintenance
These are some of the top commercial property management companies available to investors.
Whether you choose to work with one of the companies profiled here or to look for a more local or specialized management company for your commercial property portfolio, we encourage you to carefully consider the company’s service offering, experience, reputation and fee structure to find a company that will best assist you to maximize your return on investment.