Demand for Property Management in Cambodia Rises Due to Pandemic, says CBRE

• 18 March 2021
• Local News
• 1894 Views

The demand for property management in Cambodia has risen notably during the COVID-19 pandemic as project owners or building operators are in need to strictly follow safety procedures, according to CBRE Cambodia on 16 March.

With increased pressure on balance sheets and the need to professionalise services, developers and tenants are focusing on their core businesses and desire to be released from the burden of day-to-day operations of a building. This is the first factor boosting the demand for property management and related outsourcing services.

Secondly, the COVID-19 pandemic has bought even greater pressure for building operations, who are on the front-line of the pandemic. The pandemic means more cleaning, tighter security, regular sanitising of the property and increased control of visitors and administrative procedures, all whilst balancing the demand to tighten belts and control costs.

These surges in demand create challenges for the sector, especially the limited supply of trained manpower and resources needed to run the property management operations professionally, consistently and at a reasonable cost.

CBRE Cambodia’s Head of Property Management Shivali Chaman said in the past few years, she has witnessed a rapid change in the requirements of property management.

“Developers and investors are increasingly aware of the impact that quality property management services can have on tenant retention and in maintaining their project’s P&L. Our research indicate that tenants think the human side of their building’s management is the most important reason they would choose to stay within a property,” said Chaman.

Chaman added that property management is now more about ensuring that toilets are clean and the security guard is awake.

“Of course no property manager can forget the basics, but increasingly the services needed relate to operating complex building management systems and PropTech solutions or creating bespoke customer service processes that offer a hotel level experience,” she said.

• Business and Market
• Policy and Strategy