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.
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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.