The Property Management industry is expected to grow over the next five years to over $93 billion.
The growth will be driven by housing starts and nonresidential property management. An increasing number of US businesses, coupled with expanding existing businesses, is expected to lead to continued commercial demand for industry services and contribute to greater industry revenue. Companies are also expected to expand services offered to increase demand from consumers and businesses, which will likely help guarantee a continuous stream of new revenue.
Industry participants are projected to benefit from a rise in outsourcing activity as real estate owners and lessors have increasingly turned to industry operators to reduce costs and improve profitability.
Costs will likely be reduced as real estate investment trusts and property developers reduce their internal staff to focus on core business operations. Property managers will also likely expand their service offerings as participants move beyond conventional owner-associated functions and into more tenant-related services, such as facility management.