Facility management services play a crucial role in enhancing resilience in commercial real estate, particularly in developing economies where the real estate market can be challenging and dynamic. Here are five ways facility management services can boost resilience in commercial real estate in developing economies:
1. Proactive Maintenance and Repairs
Facility management services ensure that commercial properties receive regular and proactive maintenance. In developing economies where infrastructure and construction quality may vary, this is particularly important. By identifying and addressing maintenance issues before they become major problems, facility managers prevent costly downtime and disruptions for tenants.
It is possible for facility managers during routine inspections of a commercial building in Lagos, Nigeria, to identify structural weaknesses and prompt timely repairs, to preventing a potential collapse and ensuring tenant safety and business continuity.
2. Energy Efficiency and Cost Savings
Developing economies often face energy supply challenges and rising utility costs. Facility management services can implement energy-efficient measures such as LED lighting, HVAC optimization, and renewable energy integration. These measures not only reduce operational costs but also increase the property’s resilience by minimizing its reliance on external energy sources.
Facility management company have in recent time recommended and helped a commercial property owners install solar panels, reducing electricity costs by 30%. This ensures consistent power supply even during energy shortages, maintaining tenant operations and attracting new businesses.
3. Security and Risk Mitigation
Security is a paramount concern in many developing economies, and facility management services can enhance security measures to protect both tenants and assets. Access control systems, surveillance cameras, and trained security personnel can deter criminal activity and ensure the safety of occupants.
Improved security in a commercial complex can be achieved by installing biometric access controls and increasing strategic security personnel presence. This will reduce break-ins and vandalism, enhancing the property’s reputation and attractiveness to tenants.
4. Flexibility and Adaptability
Commercial real estate in developing economies may experience rapid changes in market demands and regulations. Facility management services can help property owners adapt by offering flexible solutions and strategic planning. Whether it’s reconfiguring office layouts to accommodate new work styles or complying with evolving regulations, facility managers ensure that properties remain competitive and resilient.
Facility management companies often assist property owners in converting underutilized office space into co-working areas to meet the growing demand for flexible workspaces. This adaptation increased tenant retention and diversified the property’s tenant mix.
5. Disaster Preparedness and Response
Due to rising climate change related incidents such as flooding, developing economies are often susceptible to weather related disasters and other unforeseen events. Facility management services help properties prepare for such emergencies by implementing disaster recovery plans, securing backup power sources, and establishing communication protocols. In the event of a crisis, a well-prepared property can quickly recover and minimize disruption.
There are instances where facility management firms have worked with property owners to develop a comprehensive disaster preparedness plan. When a major flood occurred, the property’s quick response and flood-resistant measures will prevent significant damage and business interruptions.
Overall, facility management services can be instrumental in boosting resilience in commercial real estate in developing economies. Through proactive maintenance, energy efficiency, security enhancements, adaptability, and disaster preparedness, these services help properties thrive in challenging environments. An investment in professional facility management services, ensures that property owners and investors keep their assets competitive, attractive to tenants, and resilient in the face of adversity, ultimately leading to long-term success in the dynamic world of commercial real estate. For property owners and investors looking to navigate the challenges and opportunities in developing economies, partnering with a professional facility management company like Edge FM Ltd can be the key to achieving resilience, profitability, and sustained success in the ever-changing world of commercial real estate.
