Growing need now for creation of more mixed development managers – Jones Lang (JLL)
View(s):Most real estate developments underway in Colombo are mixed-use developments, paving the way for facilities and property management companies to thrive in managing real estate for occupiers of condominium units and retail space. In this context, Jones Lang LasSalle (JLL), one of the largest property management companies currently managing over 55 properties, is urging other companies and the government to take initiatives to increase awareness of this profession. In a media release, JLL said it anticipates 4,000 condominium units to be handed over to customers by 2019 with an additional 2.6 million square feet of Grade A office space in the market in the medium term and more than 10 retails malls totalling 1.6 million square feet to be operational by 2020.
JLL said the concept of outsourcing facilities management is relatively new in Sri Lanka with only a handful of companies in the market. According to JLL, energy consumption is arguably the largest cost for any operating premises and suggest investments that give quick returns and savings in the long term, bringing in sustainability credits as well. Globally, the shift to an outsourced model has benefited firms immensely by passing on the risk of service delivery to a facilities management company that takes overall responsibility for this function.
The release said that as the Sri Lankan economy matures, the current, predominantly in-house model of facilities and property management operations will shift to a more strategic one where the true value of quality and benefits of technology can be extracted. This will bring about the alignment of facilities management objectives with those of the wider company and the recognition that these services can best be delivered by specialist providers with access to the right skills, infrastructure and industry best practices of more mature markets. -(NG)