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According to Real Capital Analytics, a New York real estate research firm, more than $160 billion of commercial properties in the United States are now in default, foreclosure, or bankruptcy. In 2024, office leasing volume rose to its highest level since 2020, but roughly 60% of active office leases went into effect prior to the pandemic. [ 5 ]
In 1992, Johnson Controls—a building systems and facility management company—formed a joint venture with Brookfield Properties called Brookfield LePage Johnson Controls (BLJC). By November 2012, BLJC changed its name to Brookfield Johnson Controls and started offering commercial property management services in Canada. [5]
Property management is the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, and land real estate. Management indicates the need for real estate to be cared for and monitored, with accountability for and attention to its useful life and condition.
Cushman & Wakefield is among the world's largest commercial real estate services firms, with revenues of US$9.5 billion in 2023. The company operates from approximately 400 offices in 60 countries, has around 52,000 employees and manages about 5,100 million sq ft (470 million m 2) of commercial space. [3]
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area. [ 1 ] As of December 31, 2023, the company owned interests in 252 apartment complexes, aggregating 61,997 apartment units, and 3 commercial office buildings, comprising 283,000 square feet.
Altus Group went public in 2005, through the merger of three Canadian commercial real estate consultancies, one of which was led by its first CEO, Gary Yeoman. [6] Altus initially listed on the Toronto Stock Exchange as an income trust and subsequently converted into a corporation when the Canadian federal government implemented new taxes on trust distributions in 2011.
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The Building Owners and Managers Association (BOMA International) is a trade organization founded in 1907 for commercial real estate professionals. [2] Its mission is to advance the performance of commercial real estate through advocacy, promoting professional competency, standards and research. [2]
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