The global property management services market is expected to reach US$ 15 billion in 2023. The market is predicted to expand at a CAGR of 7.3% and reach a valuation of US$ 30.4 billion by the end of 2033.
Governments and businesses invest a lot of money in building infrastructure around the world. Spending on real estate development is at an all-time high, particularly in emerging markets. A lot of money is being invested in the development of both residential and commercial real estate by nations like China, India, Indonesia, and South Korea.
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Key Takeaways from Market Study:
- The global property management services market is expected to reach a valuation of US$ 30.9 million by 2033.
- East Asia to register a market growth of 7.7% during the forecast period.
- North America commands the largest share with 31% of the total property management market.
- Leasing as a service accounts for 27% of the total demand.
- Demand from the commercial end is growing at the fastest rate and is expected to achieve a market valuation of US$ 13.9 billion.
Competitive landscape:
Prominent players associated with property management services are Apartment Management Consultants, Avison Young, BH Management Services, Buildium, CBRE Group Inc., Colliers International, Cushman & Wakefield, Duke Realty Corp, Greystar, Hines, Lincoln Property Company, Stream Realty Partners, The RMR Group, Tishman Speyer, Vacasa, and Winn Companies.
The global property management service market is competitive owing to the presence of multiple large and regional organizations. The industry has witnessed some notable mergers and acquisitions in the recent past. The adoption of technology and the entry of new companies are giving tough times to well-established market players.
- In august 2022, Avison Young agreed to acquire the property management businesses of Madison Marquette. This acquisition includes 20 million square feet and 235 team members.
- In January 2022, Greystar Real Estate Partners, LLC, a global leader in investment, development, and management of real estate property, completed the acquisition of 5 properties worth US$ 400 million.
Key Companies Profiled:
- Apartment Management Consultants
- Avison Young
- BH Management Services
- Buildium
- CBRE Group Inc.
- Colliers International
- Cushman & Wakefield
- Duke Realty Corp.
- Greystar
- Hines
- Lincoln Property Company
- Stream Realty Partners
Factors Accelerating Demand for Property Management Services:
“Increased Spending on Real Estate Development”
Real estate as an industry is witnessing tremendous demand from both residential and commercial sectors. The increasing population along with rising spending power has boosted the demand for real estate properties.
Even after having one house for residential use, people are buying an extra one or two properties for investment purposes. There is an expectation that the population will continue to rise and there will be ample demand for rental properties. Property management companies help clients (residential/commercial/industrial) in letting out their properties or managing the same on their behalf. Corporations are also investing big time in real estate, especially in emerging markets, due to lesser buying and management costs.
“Technological Advancements to Improve Service Offerings”
Like any other industry, real estate management has also been highly impacted by the adoption of technology. Use of technology from the time of development till possession has increased manifold, resulting in greater efficiency and better customer experience.
With the help of technology, a property management firm can now easily show the property to interested prospects, that too in a 3D model. Legal, accounting, and all other administrative work can be performed without physically visiting the area. This has certainly helped both real estate management companies and their clients to do business from anywhere without meeting in person regularly.
Segmentation of Property Management Services Industry Research:
· By Service :
- Rent Collection
- Mortgage & Utility Payment
- Leasing
- Legal & Accounting Services
- Repair & Maintenance
- Others (Not Covered Elsewhere)
· By Property Type :
- Residential
- Commercial
- Industrial
- Special Purpose Properties (Schools, Colleges, Hospitals, Hotels, Others)
· By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Key Questions Covered in the Property Management Services Market Report
- What is the projected value of the Property Management Services Market in 2023?
- At what rate will the global Property Management Services Market grow until 2033?
- Which are the factors hampering the growth in the Property Management Services Market?
- Which region is expected to lead in the global Property Management Services Market during 2023 to 2033?
- Which are the factors driving the Property Management Services Market during the forecast period?
- What is the expected market value of the Property Management Services Market during the forecast period?
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