Commercial property managers face new challenges in 2024. These challenges need to be addressed using knowledge, expertise and technological innovation. As the economic, social, and technological spheres evolve, property managers are forced to look at what measures can be implemented to ensure the smooth operation of commercial spaces.

Based on industry data and expertise, the Bannon Property Management team forecast 6 key challenges for 2024:

Economic uncertainty: 

The global economic volatility has impacted businesses and the real estate industry. Maintaining profitability and sustainability of commercial properties whilst navigating inflation, interest rate fluctuation, economic uncertainty and the aftermath of the COVID-19 pandemic, is a complex balancing act. Property managers play a vital role in offsetting these factors by implementing costs saving strategies and ensuring value for money for occupiers. It is also essential that property managers stay informed about market trends, fostering relationships and embracing technology for efficient operation of real estate assets.

Sustainability and Environmental, Social and Governance Compliance: 

In 2024 there will be a continued focus on environmental, social, and governance (ESG) criteria in the real estate sector. Property managers are tasked to implement sustainable practices, reduce carbon footprints and enhance energy efficiency in commercial properties. This is driven by both client goals and legislative requirements.  Solutions to meet these standards not only contribute to environmental conservation but also enhance the marketability of the properties. Bannon in partnership with sister company Evia has developed and implemented numerous complicated and effective ESG projects on behalf of clients to effectively deliver on these tasks in 2024.

Technological Integration: 

The rapid advancement of technology is transforming the way commercial properties are managed. Property managers are faced with the challenge of integrating smart building technologies, data analytics, and automation systems to optimize operations. This will involve significant investments in upgrading existing infrastructure and training personnel to harness the full potential of these innovations. Bannon collates and interprets a huge amount of data in relation to assets under our management. This data and its interpretation offer significant insight to Bannon when recommending projects to clients for individual asset maintenance, management and performance.

Remote Work Impact: 

The widespread adoption of remote work has altered the dynamics of commercial spaces. Property managers must respond to the changing demands for flexible office spaces, hybrid work models and the need for advanced digital infrastructure. Adapting commercial properties to meet the evolving needs of tenants in this new era of work will continue to be a crucial aspect of property management in 2024.

Rising Operating Costs: 

Escalating operational expenses, including property maintenance, utilities and insurance, pose a significant challenge for property managers. Balancing the need to keep costs in check while delivering high-quality services to tenants requires strategic financial management. Bannon is acutely aware of the impact high operating costs have on the attractiveness of assets from both an owners and occupiers’ perspectives. Cost management underpinned by value for money remains a key cornerstone of Bannon property management ethos.

Tenant Retention and Experience: 

With a competitive commercial property market, tenant retention is crucial for property managers. Providing a positive occupier experience, addressing concerns promptly, and fostering a sense of community within commercial spaces are vital to retaining occupiers and attracting new ones.

 

Commercial property managers continue to navigate a complex landscape. Successfully addressing the issues highlighted requires a proactive approach, strategic planning and a willingness to embrace innovation. As the real estate industry continues to evolve, property managers who can adeptly navigate these challenges will be well-positioned for success in 2024 and beyond. The Bannon property management has a proven track record in embracing and implementing best in class approaches. A certainty for 2024 is that this will remain the case.

 

Author:               William Lambe, Divisional Director, Bannon

Date:                  24th January 2024

 

Sligo’s Quayside Shopping Centre has once again earned the prestigious title of All-Ireland All-Star Shopping Centre of the Year, bestowed by the All-Ireland Business Foundation. This marks the fifth Business All-Star recognition for this esteemed retail destination.

As it enters its 18th year in business, Quayside Shopping Centre stands out for consistently upholding the highest standards of trust, commitment, performance, and customer centricity.

Located at the heart of Sligo Town, Quayside Shopping Centre boasts 400 customer parking spaces and an expansive 130,000 square feet of retail space across four trading levels. The centre encompasses 43 Retail Units, 12 Office Suites and 89 Residential units in total.

Distinguished by its unique combination of open streets and covered malls, Quayside Shopping Centre is meticulously designed to cater to the needs of contemporary retailers while ensuring that customers enjoy a relaxed, secure, and convenient shopping experience.

This All-Ireland All-Star Shopping Centre of the Year accolade elevates the company into an exclusive league of businesses that have achieved a remarkable five-time Business All-Star recognition.

Announcing the news of Quayside Shopping Centre’s achievement, Deputy Chair of AIBF’s Adjudication Board, Kieran Ring, said:

On behalf of the All-Ireland Business Foundation I am delighted to announce that Quayside Shopping Centre have achieved All-Ireland All-Star Shopping Centre 2023-2024. This accreditation is in recognition of the company’s outstanding contribution to quality and standards in the sector over the last 5 years. This accreditation recognises Quayside Shopping Centre’s conduct in the areas of trust, commitment, performance & customer centricity. Quayside Shopping Centre is hereby included in the AIBF Register Of Irish Business Excellence for the fifth consecutive year.

Reacting to the news of her company’s achievement, Quayside Shopping Centre Manager & Head of Marketing, Christine Dolan said:

‘On behalf of everyone working at Quayside Shopping Centre in Sligo, I would like to express our sincere gratitude and delight at being named as All-Ireland All-Star Shopping Centre of the Year for 2023/2024 including receiving Business All-Star accreditation for the fifth consecutive year. We are absolutely thrilled to hear that our centre has once again achieved such a prestigious title. This remarkable accomplishment is a testament to the dedication and tireless efforts of our exceptional team of retailers and staff who work here. We couldn’t be prouder of their commitment to upholding the rigorous standards set by the All-Ireland Business Foundation.

As an integral part of the vibrant community in Sligo, we take our role seriously and are committed to going the extra mile for our customers. While this accolade recognises our efforts, we want to emphasise that much of the work happens behind the scenes.

We are dedicated to continually improving the centre’s services and facilities, ensuring that each visit to Quayside is a remarkable experience. This recognition further inspires us to continue providing a top-tier shopping experience for our valued customers.’

Managing Director of the All-Ireland Business Foundation Kapil Khanna said: The accreditation, which is now held by over 650 firms, is needed by the thousands of small and medium businesses which operate to their own standards but have nothing to measure them by.

He said: We evaluate a company’s background, trustworthiness and performance, and we speak to customers, employees and vendors. We also anonymously approach the company as a customer and report back on the experience. The business goes through at least two interviews and is scored on every part of the process against set metrics.

About The All-Ireland Business Foundation

The All-Ireland Business Foundation is an autonomous national accreditation body tasked with enterprise development and the promotion of Best-in-Class Irish businesses.

As the accreditation body for the Business All-Star mark, the AIBF recognises Best-In-Class Irish businesses. Companies that merit recognition based on an independent audit of their performance, reputation, and customer-centricity.

 

Article Published by All Ireland Business Times