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The requirement for the integrated property management
So as to achieve the required alignment between the strategic decisions of a business and other elements like the organization structure, enabling physical environment and work processes, it is necessary that organizations come with clear methods of managing their property. Proactive management of real estate/corporate property is one of the ways of ensuring that the property is not at risk. It however demands that very clear strategic positions are taken by senior management with clarity of the expected deliverable in measurable terms.
Fig.2 Proactive real estate management
Source
Source: Then (1996).
Conclusion
The market value of commercial property has been fluctuation over time. The last three years has however seen it suffer a heavy hit as a result of the recession. There are indications that the real estate market has recovered to a large extent from recession from the case of cities like Oklahoma where the office market was reported to have put recession behind it (Mize,2010).There is a greater need to come up with the best appraisal tools while incorporating them with in an elaborate proactive property management framework.
References
Appraiser BC Appraisals Inc. What is a cost approach appraisal method http://www.bcappraisalsinc.com/faq/what-is-a-cost-approach-appraisal-method.html (2011).
Deutsche Bank. Real estate markets still in grip of financial crisis (2008)
< http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000235517.PDF
Forsyth, S. Why the Market Value of Commercial Property Can Rise & Fall...
(2010).
http://www.allbusiness.com/real-estate/commercial-residential-property/15343200-1.html
O'Connor, P Commercial Real Estate Appraisal Sales Comparison Approach. (2010).
http://www.articlesbase.com/real-estate-articles/commercial-real-estate-appraisal-sales-comparison-approach-3523593.html
Osley, PL. Proactive property management: minimizing the risks of mold, before or after storm impacts. Consultant's Update issue 4.(2004)
< http://www.chastainskillman.com/downloads/articles/MinimizingTheRiskOfMold.pdf>
http://www.ourappraisal.com/xsites/Appraisers/centralilappraisal/content/uploadedFiles/the%20Cost%20Approach%20-%20Article.pdf
Pratt, SP Robert F. Reilly, RF and Schweihs, RP .Valuing small businesses and professional practices.(1998).
Property-Investing .Commercial Property.(2010).
http://www.property-investing.org/commercial-property.html
Saakatchewan Asset Aanagement Agency. What is the Income Approach?(2001)
Then, DS. A proactive property management model that integrates real estate provision and facilities services management. International Journal of Strategic Property Management, Mar2005, Vol. 9 Issue 1, p33-42, 10p (2005)
The Times. A zero year for property.(2007).
http://business.timesonline.co.uk/tol/business/industry_sectors/construction_and_property/article2935643.ece
References
Appraiser BC Appraisals Inc. What is a cost approach appraisal method http://www.bcappraisalsinc.com/faq/what-is-a-cost-approach-appraisal-method.html (2011).
Deutsche Bank. Real estate markets still in grip of financial crisis (2008)
< http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000235517.PDF
Forsyth, S. Why the Market Value of Commercial Property Can Rise & Fall Over Time.(2010)
< http://www.ehow.com/about_6519148_market-rise-fall-over-time.html
http://www.allbusiness.com/real-estate/commercial-residential-property/15343200-1.html
http://www.articlesbase.com/real-estate-articles/commercial-real-estate-appraisal-sales-comparison-approach-3523593.html
< http://www.chastainskillman.com/downloads/articles/MinimizingTheRiskOfMold.pdf>
http://www.ourappraisal.com/xsites/Appraisers/centralilappraisal/content/uploadedFiles/the%20Cost%20Approach%20-%20Article.pdf
http://www.property-investing.org/commercial-property.html
http://business.timesonline.co.uk/tol/business/industry_sectors/construction_and_property/article2935643.ece
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