Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Commercial property’s supply problem? Property managers

By Juliet Helmke
30 December 2021 | 1 minute read
Commercial property

Experienced commercial property managers have been proving harder to find, according to new research, with the situation only expected to worsen over the year ahead.

Cirrus8’s latest commercial real estate survey, conducted in December 2021, indicates that business owners, licensees and chief executives in the sector are experiencing a talent crunch that could hinder the market’s growth just as it’s gaining steam.

Respondents couldn’t be more clear, with 100 per cent across all states and territories reporting having had difficulty finding qualified commercial property managers in the previous 12 to 18 months.

Just over half expect their hiring challenges for this position to worsen over the year ahead. 

In addition, 91 per cent said they were lacking adequate accounting support, finding it hard to source accounting professionals with experience in the sector.

And that’s on the heels of a year when agencies saw commercial property management income increase over all other revenue sources.

This was especially true for smaller businesses of fewer than 10 employees, with 88 per cent reporting an increase in property management income.

It’s perhaps unsurprising, then, that among the top six priorities for 2022, businesses cited having the goals of retaining staff, upskilling staff, increasing productivity and equipping their teams with modern, time-saving technology.

But despite the staffing challenges posed, commercial property businesses aren’t prepared to slow their growth in the property management sector. The number one priority for the year ahead, according to respondents, was to continue to grow the rent roll.



Commercial property’s supply problem? Property managers
commercial building reb
lawyersweekly logo

Tags:

ABOUT THE AUTHOR


Juliet Helmke

Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.

Never miss a beat with

Stay across what’s happening in the Australian commercial property market by signing up to receive industry-specific news and policy alerts, agency updates, and insights from reb.

Subscribe to reb Commercial:

Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings
Do you have an industry update?

top suburbs

12 month growth
Mirador
103.33%
Bawley Point
98.13%
Walla Walla
90.7%
Byron Bay
86.67%
Kiama Heights
85.93%
Greta
84.14%
Nulkaba
81%
South Hobart
78.78%
Diddillibah
76.25%
Lennox Head
73.98%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.