Why Savvy Landlords Use Project Managers
Why Savvy Property Managers Use Project Managers
Balance office tenant needs with your best interests
Taking on a new commercial real estate tenant can be risky - especially when it comes to build-out requests and tenant improvement projects. Landlords and property managers focus on preserving the building with investments that add long-term value, while office tenants want the new space to be designed and constructed according to their vision. To balance tenant needs with your best interests, owners are wise to enlist a project management firm as their owner’s representative.
What's an owner's rep?
In a world where building owners rarely have the bandwidth to manage everything that arises during a tenant’s buildout or tenant improvement project, the owner’s rep is an independent consultant operating as an extension for the owner. Owner’s reps are hired by building owners or property managers to ensure successful project completion and protection of the landlord’s interests. Enlisted to help manage and execute design and construction, owners' reps are the liaison between the building owner and the various sub-consultants involved. As project management professionals, owner’s reps manage the scope of work and schedules across pre-design, design, construction, and post-occupancy with the building owner’s best interest in mind. They maintain control of estimated budgets and schedules, keeping the project on track and preventing cost overruns.
When should I bring a project manager on board?
Ideally, engage a project manager from the beginning so they can use their expertise to prevent issues, rather than having to solve them later on. Doing so enables the project phases come together more smoothly from planning, hiring, communicating, executing, and overseeing. As your owner’s rep, project managers determine the confines of the project, formulate a realistic budget and timeline, and provide subcontractor and vendor selections. They also manage architects, designers, engineers, and contractors. With their experience and background, they’re able to effectively translate the objectives of the creative process from designers to construction teams and vice versa.
How do owners or property managers benefit?
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Respond to the most critical needs—not manage every issue that arises
Building owners have their hands full—especially in markets like the San Francisco Bay Area. Balancing time, resources, and property management duties are no easy feat, and the last thing landlords want to deal with is the fallout of a tenant DIY disaster. But owners often don’t have the time to sufficiently monitor a project from conception to completion, or they lack the expertise and experience to do so.
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Invest time and resources more wisely
Enlist a project manager to be an owner’s representative to enable the owner to more wisely invest their time and energy into other projects. Project managers handle the day-to-day decision making, bring only the most important needs or project summaries to the landlord’s attention. In doing so, owners can focus on the most critical aspects that arise, rather than managing all parts of the project.
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Deliver projects on schedule and on budget
An owner’s representative advocates for a building owner to deliver the project on time and on budget, to create a harmonious experience for all project team members involved. Project management firms are up to date on current codes and technologies and assemble the best project team possible, aligning with the owner’s goals. This allows the delivery of a successful project to the client from a budget and schedule standpoint while meeting expectations.
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Preserve long-term property value
Bring on a project manager to help ensure the best interests of all parties are met. The building staff is alleviated from the responsibility of overseeing buildouts and renovations. PMs work to control tenant improvement allowances, costs, and ensure alignment with building rules and standards. Streamlining these processes mitigates surprises. This means tenants can move into office spaces more quickly, and owners can begin leasing the property sooner—a win-win. And with a project manager as an owner’s rep, the owner can rest easy knowing the balance between long-term value and immediate tenant needs is being maintained.
Ready to bridge the gap between tenant and owner? We want to help! Built on more than 20 years of experience representing both tenants and building owners, our success lies in our deft project managers and the partner relationships we’ve built on. We cover all project needs from design to construction. For your next project simplified, contact The Bridge Group for your complimentary consultation.
