Commercial Property Management Market Update | May 2020

McGraw Commercial Properties manager, Neil Dailey, continues his series of conversations with the various divisions of McGraw Commercial Properties.

McGraw Commercial Properties manager, Neil Dailey, continues his series of conversations with the various divisions of McGraw Commercial Properties on a Zoom call with Susan Walker. Susan is the Director of Commercial Property Management as well as the President of BOMA and Chair of the Government Affairs Committee.

Here are the highlights of the conversation: 

Covid-19 Forces Changes 

Just like multifamily, COVID-19 has caused property management to adapt to the current crisis in flexible ways. Things like payment plans and even deferred payment plans have went into effect. The property manager and owner interactions with tenants and involvement in daily operations looks different, with technology that allows social distancing being key.

Property Managers are Keeping Up to Date with Information & Communication

One of the big challenges for commercial property management has been trying to keep up with information throughout the situation. Anyone who has followed the news and government information on the crisis knows just how fluid things can be, but staying up to date has helped property managers keep owners and their tenants.  

Much of this information and communication has been from the financial side of things. For example, what is available in terms of funding/grants? What do payment plans or deferred payments look like right now?

McGraw Commercial Property Management has opened the line of communication early for any issues that may arise, and has worked to communicate this to both tenants and owners so everyone can prepared and as proactive as possible..

Property Improvements

With most properties experiencing a significant reduction in traffic many property owners has taken advantage of this time to tackle certain projects. Remodeling and buildouts on some properties have been happening at a steady pace. 

Everything is Case-By-Case

One real constant is that no two situations are the same. There hasn’t really been any consistency on the how COVID-19 has impacted landlords and tenants alike.

For more information on how McGraw Commercial Property Management can serve your company, or help you manage your investment property, contact Susan Walker