What Is Office Property Management and Why Does It Matter?
Office property management involves overseeing commercial property leased to office tenants.
This covers several property types including:
- High-rise buildings
- Suburban business parks
- Co-working spaces
- Mixed-use developments.
Professional office property managers serve as intermediaries between building owners and tenants. They handle day-to-day operations, maintenance, finances, leasing, and tenant relations on the owner’s behalf.
With office properties being more hands-on than residential, management of commercial office properties is crucial for optimising asset performance. It also reduces risks for owners and creates an environment for tenants to thrive.
Types of Office Properties in Perth
Office property management in Perth offers a diverse mix of office buildings and workspaces that cater to all types of tenants and businesses. Here are some of the main office property types:
Class A, B & C Office Buildings
Office buildings are not rigidly categorised but vary in class from the top-tier office towers located in Perth’s CBD and West Perth, to the well-maintained, mid-range offices located just outside the CBD in areas like Subiaco or Osborne Park. There are also the more budget-friendly spaces in Perth’s suburbs, appealing to businesses focused on keeping costs low.
Beyond Class A, B and C, office differences include:
Mixed-Use Developments:
Office spaces combined with warehouse, workshop, or light industrial spaces, enabling a mix of functions in one location. Most prevalent in Osborne Park, Kewdale, Canning Vale, and Belmont.
Business Parks and Office Strips:
Developments located outside Perth’s core that combine office buildings with on-site amenities like eateries, gyms, and green space. A popular choice for back-office functions with examples including Belmont, Victoria Park, Stirling, Burswood, Rivervale.
High-rises and Office Towers:
Properties that require close attention to building systems, common areas, and amenities. They largely feature advanced connectivity options and modern interiors.
Co-working Spaces:
Modern shared work environments offering open desk space, private offices, meeting rooms, and amenities. Prime spots are in the CBD, West Perth, and Osborne Park.
It’s important for property managers to tailor services to suit each office property category in Perth’s market.
Key Responsibilities of an Office Property Manager
From tenant relations and financial management to legal compliance and property enhancement, an experienced office property manager will manage several services including:
Lease Administration
- Negotiating favourable lease terms for owners and enforcing the terms.
- Preparation of detailed lease agreements that are compliant with regulations.
Financial Management
- Billing and collecting rent and other charges.
- Enforcing collections from delinquent tenants.
- Managing rates, strata, and utility bills.
- Managing vacancies and securing desirable tenants.
Tenant Relations
- Being the link between property owners and office tenants.
- Addressing maintenance requests, complaints, and other issues promptly.
- Supporting tenant retention by delivering excellent service.
- Enforcing lease policies equitably among tenants.
Maintenance & Repairs
- Performing inspections and preventative maintenance.
- Overseeing repairs and maintenance projects.
- Ensuring properties meet safety, accessibility, and building standards.
- Managing maintenance staff like janitors, landscapers, and technicians.
Regulatory Compliance
- Adhering to laws, regulations, zoning, health, and safety.
- Ensuring compliance with building codes and environmental standards.
- Completing legal reporting and disclosures.
Record Keeping & Reporting
- Maintaining detailed records on leases, maintenance, inspections.
- Providing regular reports to owners on financials, occupancy, tenant matters.
- Issuing notices and reminders to tenants.
Marketing & Leasing
- Promoting vacancies and attracting ideal office tenants.
- Negotiating competitive lease terms and move-ins.
Managing Office Property in Perth’s Evolving Market
Largely dictated by the mining sector, Perth’s commercial property landscape has unique demands for office property management. Skilled office property managers understand the local landscape and tailor their services to address challenges including:
- Maintaining strong tenant relationships and retention rates.
- Identifying opportunities with new developments and compliance requirements.
- Keeping occupancy rates high despite an oversupplied market.
- Aligning owners’ financial interests with tenant needs.
- Leveraging knowledge of Perth’s office leasing markets and trends.
Choosing an Office Property Management Partner
When selecting an office property manager, dedication to your success should be the top priority, with key factors to look for including:
- Specialised expertise and tools tailored for office properties.
- Strong relationships with Perth’s commercial real estate community.
- In-depth knowledge of local office market conditions and tenants.
- Tech-enabled capabilities like online portals and digital payments.
- Customer service focus and office tenant satisfaction track record.
- Competitive and transparent fee structures.
- Quick responsiveness to tenant needs and emergencies.
Rely on the Office Property Experts at Vast
Whether you own an office property investment or lease space as a tenant, understanding office property management and engaging a reliable and skilled property management company is key to maximising your asset’s performance.
As a leading Perth firm, Vast Commercial Property provides unmatched office property management. Our commercial property management services address owners’ needs while adapting to evolving business requirements.
Vast stays on top of Perth’s office trends and builds strong tenant relationships through our service excellence. We maximise assets with:
- Office-focused leasing services to secure ideal tenants.
- Streamlined communications and reporting.
- Tailored marketing programs for each property and vacancy.
- Solid relationships with local contractors.
Contact us today to learn how Vast’s office property management can make the most of your assets. Our experts are ready to discuss your unique needs.