Over time, those lights' bulbs will burn out and it'll fall on a CPM such as Alisa Timm, director of management services at Lincoln Property Company, to figure out how to change those out.
The problem is they're really up there.
They're so high, she
says, that not even a lift would be enough to change them.
At one of the brainstorming sessions, it was once even suggested the company should hire rock climbers to rappel into the atrium to change the lights.
This beautiful design has just proven to have a really expensive operational cost.
"That's one expensive light bulb," says Timm
This is a case she
makes for developers to utilize the insights of property managers when designing a building.
While it's not always such extreme issues as the bulb example, sometimes the insight can be as helpful as not installing an HVAC system above a conference room.
More property managers, she
says, are being brought into build-to-suits (BTS) in the Valley.
was one of many property managers who saw a return of leasing and market appropriate property management fees as vacancies decreased in 2014.
LPC's Camelback Square, a 173KSF business park with class-A office space, saw occupancy rise from 53 percent to 92 percent in a 24-month period.
Rental rates increased by 13 percent per square foot (PSF).
"What that means for the client and customer/tenant is that the talent we're able to pay to service that building is better," Timm
"The things we're able to do in the building: keeping it maintained, up to standards … we can provide better services.
The ripple effect is we can upgrade our software, hire more people, our offices expand and we rent more space."
The Great Recession has led to The Great Exchange, the movement of properties by value-add buyers who purchased half-filled properties and return them to the market at 80-percent occupancy.
This has helped institutions see Phoenix as a more stabilized market, says Timm
"We saw a bunch in Camelback Square trade because value-adds came in," says Timm of LPC.
It's our job to show them how successful they can be," Timm
"Every single day a tenant is not in a building, our client suffers."
recalls a property LPC tried to market for more than a year.
After convincing the owner to white box, it leased in six months.
As a case study, Timm
accepted the challenge to re-energize a class-A office building in metro Phoenix to increase leasing activity.