Main challenges of Property Management today: experts

What are the main challenges that real estate management teams are facing today? Experts from Knight Frank present  their predictions  on the future of the property management market and talk about the expected changes. 

The coronavirus pandemic has led to a crisis situation in many European markets. In most cases, there has been a freeze on the economy and a slowdown in the commercial property market. 

"The paradox of the situation is that, despite significant limitations and restrictions, property managers are working twice as hard, responding to changes in the environment,” Izabela Miazgowska, Head of Property Management, Knight Frank Poland, explained.

In her opinion, the biggest challenge in the current situation is uncertainty and the need to make quick decisions in such circumstances and this requires a consistent and credible information policy towards all stakeholders. 

"Another challenge we see in all markets is that the property management departments must take numerous precautions related to the new hygiene standards. This is a newly established criteria that property managers will have to accept and meet even after the crisis,” Nela Sotonova, Business Development Director, Knight Frank Czech Republic, commented.

"The safety of employees who are already gradually returning to their offices and the adaptation of buildings and office spaces to new requirements is also becoming one of the key topics for discussion," Neil McLocklin, Partner, Head of Strategic Consulting EMEA line, Knight Frank United Kingdom, added.

(WBJ)