Forecasting the Future: Property Management Trends Set to Dominate 2024
January 23, 2024
Embarking on the journey into 2024, the landscape of property management is poised for evolution and innovation. As we gaze into the crystal ball of property, observable trends begin to emerge, shaping the way assets are managed and communities thrive. From technological advancements to sustainability initiatives, the coming year promises transformative changes.
1. What emerging trends do you foresee shaping property management in 2024?
Sustainability Focus – Property managers will continue to adopt more eco-friendly practices and implement green building technologies such as energy-efficient systems and waste reduction measures.
Data Security – Property managers have been working hard to enhance cybersecurity measures and this trend will continue well into the later part of this decade to ensure that sensitive data related to tenants, maintenance, and property operations are kept safe.
2. Are there any technological advancements you anticipate having a significant impact on property management next year?
Smart Buildings – The integration of AI into building management systems allows for smarter and more efficient operations. AI algorithms can analyse data from various sources, including occupancy sensors and climate control systems, to optimise building performance. This includes adjusting lighting, heating, and cooling based on real-time usage patterns. Although already operational in some spheres, this process is likely to see the evolution of more robust systems and methodologies that will serve the expectations of our industry but it is not an overnight project.
3. In your opinion, how might sustainability practices evolve or become more prominent within property management in 2024?
Energy Efficiency – AI can be used to optimise energy usage in commercial properties. Analysis of energy consumption and adjustments to improve efficiency will become the norm especially in larger assets. It is anticipated that property managers will be expected to leverage AI tools to meet sustainability goals and reduce operational costs.
4. Do you see any shifts in tenant expectations or demands that could influence property management strategies in the coming year?
Flexible Workspaces – Remote/ flexible working arrangements have become the norm for some organisations, although we envisage a gradual return of staff to the office. Property managers have successfully adapted to these changing needs since the pandemic, and will have to adapt to innovative space utilisation and health/wellness to satisfy the expectations of their customers.
5. Are there specific industry shifts you believe property managers should prepare for in 2024?
Tenant Experience – The elevation of AI-driven technologies will likely contribute to the overall tenant experience. Virtual assistants and chatbots powered by AI can provide quick responses to tenant enquiries and automate routine tasks. Although this will contribute to increased tenant engagement, we must not forget the qualitative nature of good property manager. Human connection and without this, tenant satisfaction and ultimately tenant retention is unlikely to succeed.
6. Could you share your insights on the role of data analytics or AI in property management trends expected for the upcoming year?
Predictive PPM – AI and data analytics enable property managers to implement predictive maintenance strategies. We see more and more strategies to analyse data from sensors and other sources. This enables property managers to predict when equipment or systems are likely to fail, allowing for proactive maintenance to prevent costly downtime, resulting in a win, win for all!
7. Do you foresee any challenges or opportunities that might arise for property managers in the context of economic changes or market trends in the coming year?
Overseas Conflicts – During the pandemic and more recently the Ukraine conflict supplies of parts and machinery have been difficult to source and energy costs have spiralled out of control. This has demonstrated our volatility and dependence on other nations and the current threat of further regional conflicts only serves to exacerbate these conditions. We can only hope that such conflicts are resolved soon.
8. What steps or adaptations do you think property management companies should consider to stay ahead in the evolving landscape of 2024?
Community Engagement – Building a sense of community within commercial properties is getting increased traction and now there is more focus on creating shared spaces, organising events, and fostering collaboration among tenants to enhance the overall tenant experience. Property managers who embrace this will offer their clients and customers a pathway to fulfilling the often forgotten aspect of their ESG commitments.
In 2024, property management will see continued emphasis on sustainability, AI integration for efficiency and heightened focus on data security. Evolving tenant expectations, economic challenges due to overseas conflicts and community engagement strategies will shape the landscape. Property management companies are urged to adapt to these trends for a successful year ahead.