Whether you’re managing an office tower, amultifamily community, an industrial park or some othercommercial real estate asset, there are some general rules of thumb that will help you compete with other properties in your region without breaking the bank.
Although it’s daunting when neighboring properties launch multimillion-dollar capital improvement campaigns that you can’t match, there are baseline tips to make the most of your property even with budget constraints. It’s a balancing act.
JLL’s Steven Froot manages buildings like Southeast Financial Center, 701 Brickell, 810 Brickell, Miami Tower and 1221 Brickell in South Florida. He starts his recommendations with a focus on amenities and tenant relations.
Specifically, Froot suggests offering amenities in the building that enhance the tenants’ experience and implementing a strong tenant relations program, which should include making regularly scheduled visits to tenants, to make sure they are highly satisfied. He also has several other best practices that help balance the ability to compete with profitability.
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