Companies in this industry manage commercial real estate. Major companies include CBRE Group, Colliers International, Cushman & Wakefield, and Jones Lang LaSalle (all based in the US), as well as Lendlease (Australia), Mitsubishi Estate (Japan), and Regus Group (the UK).
Demand is driven by commercial real estate occupancy levels. The profitability of individual companies depends on efficient operations and effective customer service. Large companies have advantages in performing a range of management services in multiple markets. Small companies can compete effectively by specializing in local markets. The industry is highly fragmented: the top 50 companies account for less than 25% of revenue.
Products, Operations & Technology
Commercial real estate managers oversee the operations of nonresidential property, such as office buildings and office parks, retail space and shopping centers, and warehouses and industrial buildings. Some commercial buildings also include apartments; buildings that mix apartments, offices, and retail space ("mixed-use") are typically more difficult to manage. Though some owners of commercial property perform their own property management, most contract out such services. "Property management" generally applies to services provided to non-occupying property investors, while "facility management" often refers to services provided to owner-occupiers.