May 14, 2012

Facilities management vs. property management

Facilities Management is the process by which an organization delivers and sustains support services in a quality environment to meet strategic needs” (Canter for Facilities Management)

Property management is the operation, control, and oversight of commercial, industrial or residential real estate.

Although many similarities exist between the two, I was interested in knowing the defining criteria for each, and what are the key differences between them.

My first impression was that the differences rely on the defining characteristics, which are in turn determent on the context, in other words the differences between facilities and facilityproperty management for the banking sector are not similar to those in the pharmaceutical businesses.

However, the key responsibilities for each management type could be summed as following:

The facility management responsible for the long-term aspects of the building or facility, and is aimed at creating the optimum working environment for staff

The property management is responsible for day-to-day operational aspects of the building or facility, like repairs and refurbishments. It is aimed at maintaining the status quo.

Asset management, however, is an umbrella term for a combination of activities aimed at maximizing value.

Finally, another term is related to these; space management, which in short is the allocation of space, in other words how the building’s available apace (rooms, corridors…etc.) used and what are they allocated to.

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