What You Need to Know When Considering Project Management to Avoid Critical Mistakes
- 4 minute read -
Cresa is the world’s most trusted occupier-centric commercial real estate firm. We exclusively represent commercial tenants and solely focus on finding the best office space that drives superior results for your business.
Many tenants begin build-to-suit or tenant improvement projects with internal company resources, but find as the project progresses they lack the requisite knowledge and find that the process is far more complex and time-intensive than originally thought. This overestimation of capacity can lead to significant time delays and budget problems for the tenant that cause the project to quickly spiral out of control.
What to Look for in a Commercial Real Estate Project Manager?
Project managers bring expertise to many facets of a construction project and are ultimately responsible for the success or failure of the project, and more importantly, the tenant’s satisfaction. A skillful project manager plans, organizes, and oversees all aspects of a project. A project manager must have exceptional communication and planning skills, be detail oriented, have an ability to tactfully influence positive decision making, and possess the ability to hold key stakeholders accountable. Managing a real estate project takes a great deal of coordination and time to ensure a successful outcome. Projects are a series of inter-dependent tasks and even the smallest actions can have broad implications for the project.
So why involve a project manager in these essential tasks at the start of a project?
An effective project manager sets in place a communication system from the beginning of any project. This communication plan keeps all stakeholders informed and holds them accountable throughout the project, increasing the likelihood that the project will have a successful outcome.
Advantages of Having a Dedicated Project Manager
Successful project managers also possess specific expertise and knowledge that helps them to successfully navigate interactions and project details with each stakeholder. They are the ‘watch dog’ for the project, controlling every detail of budget, schedule, and quality. The advantages a project manager brings to the table are numerous.
Productive project phasing for successful schedule control
Quality control through expertise in construction and materials
Effective risk management and identification through action plans
Efficient allocation of responsibilities and monitoring work
Practical site organization and administration
Effective people management and managing team dynamics
Expertise in value engineering
Control of change orders and cost escalations
Project phasing is essential to schedule control and helps ensure project success.
A project manager that represents the tenant not only provides value in project oversight but, also in protecting the tenant’s best interests. The interests of landlords, architects, and general contractors are not always aligned with the tenant’s best interests, but by exclusively working for and advising tenants, project managers are the tenant’s advocate and can often save the client money that exceeds the project management fee. Overall, a tenant can save time and money without sacrificing an exemplary end product by taking advantage of the services a project manager can offer.
Project Team Composition and Management
We work in collaborative teams. Drawing on our combined experiences, our delivery methods are rooted in the success of previous projects that have come in on-time and on-budget.
Every dollar needs to bring value. We pay close attention to cost and extract potential savings whenever possible.
Design & Construction
Efficient daily operations is our goal. We inform you of key dates and make sure you have time to plan accordingly.
We work with you and the architecture team to articulate the vision of your project in the final design. We coordinate with construction managers to ensure all necessary municipal approvals are met and work with contractors to supervise the systematic installation of those items that will be required in your new space.
We oversee the construction of your building and space to deliver your project in a timely, cost-effective manner and of the highest quality.
We’ll plan and execute the logistics of your office move to minimize any disruptions to your day-to-day business activities.
Over $3.5 billion
of construction work managed in 2019.
Even the most meticulous planning means nothing if the execution falls short.
The orchestration of the design, construction and move process is where we shine.