Drew Genova, executive managing director at commercial real estate services and investment firm CBRE, participated in a video interview at Nareit’s REITweek: 2018 Investor Conference in New York.
Genova is responsible for the overall management and coordination of client relationships for CBRE’s key strategic account clients throughout the United States.
In terms of trends at the property management level, Genova highlighted a “big drive toward alpha.” A trend toward outsourcing property management, property accounting and fund level accounting is also prevalent, he noted. “It’s all about driving efficiency.”
As for industry challenges, they revolve around what property managers can do to help drive revenue and what service providers can do to better serve their clients, Genova said.
Genova underscored the importance CBRE places on technology. Looking ahead, he noted that a year from now the big topic will likely be data and data analytics and how it can be used to make better decisions at the property level.