By its very nature, property management incorporates almost countless functions, which is one of the reasons why it is being targeted by market disruptors. Experts in the field believe we are a tipping point in the industry and expect the way property management is executed to change. Among the expected disruptions in property management is the introduction of artificial intelligence. As a multi-faceted industry, much about it can be automated and technology can be leveraged to deliver better customer service experiences. Another lookout in property management is academising it, where full-fledged university faculties will be dedicated to education and knowledge in the field.
The more common of the two; facility management, ensues upkeeping and upgrading a property to ensure it remains functional and operational. Property management is quite different and actually encompasses facility management within its functions. In simple terms, it is the art of adding value to a property and making it more lucrative by treating it as your own. Arguably, facility management is concerned with how people use a property while property management focuses on the “wellbeing” of the property itself. A critical and key function of property management is liaising between property investors and property tenants. It acts on behalf of investors to ensure tenants are happy, the property is very well-taken care of, and constant upgrades and changes are made to reinvent revenue streams and functionalities.
Before we answer that question, we need to acknowledge that coworking is now a movement. It is an ideology birthed by the rise of entrepreneurship, giving freelancers, start-ups and students the facilities and tools, they need to reach their full potential. Coworking is different companies working together under one roof while sharing resources. The reason it is so popular and growing exponentially is that coworking spaces not only help people increase productivity and cut costs, but also allows them to network with like-minded people. These days, a lot of big corporates are also moving into coworking spaces. The trend is growing across the globe as companies welcome saving themselves the hassle of looking for a real estate property and find real value in the added benefits of networking.
While office spaces with open floorplans were once revolutionary, this day and age comes with a disruption of its own. This is the age of hybrid office spaces. So, what is a hybrid working space? It’s an office that combines all the benefits of both; the traditional and the open office space, without any of the drawbacks. New office layouts cater to the variety of tasks required of modern employees. They are largely open, but not entirely, making room for dynamic and diverse uses. Hybrid office spaces bring people together in wide, open spaces, but also cater to team spaces, short, standup meetings, comfortable couches and even movable walls. New office space designs incorporate things like isolation rooms, chat corners, soundproof phonebooths and even lounges where technology is forbidden.
An agile working space is one that is unbound by traditional design and aesthetics. It challenges the norms of what an office space is expected to look like and, instead, focuses on making the space flexible and adaptive to its users’ needs. A flexible or agile work environment can be altered and reconfigured as needed. The way the space is designed and furnished allows for concepts such as standing meetings, brainstorming rooms and phonebooths. A work environment that employees are happy with directly affects their productivity, efficiency and overall wellbeing, and agile working spaces are definitely ones that do.
In addition to outdoor spaces now being an essential component in modern administrative properties, outdoor working spaces are quickly emerging. Going outside to get some fresh air has always been a great way to reenergize your workday, but imagine working outside, especially on sunny winter days. Outdoor office spaces are turning from a luxury to a requirement, and with new communication technologies constantly on the rise, efficiency is no longer at risk.