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In the current market, where property development activity has significantly slowed, if it’s not been put on hold all together, it’s vital that the schemes that are progressing are delivered ‘ready to let’.
Jones Lang LaSalle reports that developers are placing more importance on ‘future proofing’ their properties than ever before in order to maximise revenue and secure letting success in tough market conditions.
Jones Lang LaSalle is one of very few firms offering a ‘Design for Management’ service to help ensure projects reach their full potential.
While traditionally a property management team is appointed when a building is completed, Jones Lang LaSalle is getting involved in projects from an early stage in the development process. Working closely with the design team, which includes architects, engineers and property agents, the firm ensures that the essentials are delivered throughout the construction phase.
David Pestell, director in the Property Management division at Jones Lang LaSalle, believes that influencing details throughout the build process can have a huge impact on cost in the longer term.
He said: “In these more challenging market conditions, it’s vital that developers optimise the future success of their project by ensuring that the product they deliver is well-matched to the needs of potential occupiers. Architects design buildings, but ultimately it will be the property agents that let the space and managing agents that manage the completed development and their input is vital to the success of any project. Our Design of Management Service helps to prevent logistical problems post-completion and ensure that developers can maximise revenue without delay.”
Developers already using this service in Scotland include: Scottish Widows Investment Partnership at Exchange Place, Edinburgh; Kilmartin at The Cube, Edinburgh; Tiger Developments, Haymarket, Edinburgh; and Steven Shear at Moda, Glasgow.
Darryl Tidd of Scottish Widows Investment Partnership said: “The input we’ve received through Jones Lang LaSalle’s Design for Management service has been invaluable, influencing the project throughout the development to help ensure that key elements are delivered and maximise the budget.” | 