Top 10 Commercial Property Management Companies of 2023
Find out who earned the top spot in this year's commercial real estate management company rankings.Better Financing Starts with More Options$1.2M offered by a Bank at 6.0%$2M offered by an Agency at 5.6%$1M offered by a Credit Union at 5.1%Click Here to Get Quotes
Managing your properties on your own is one way to maximize your profits from a commercial real estate investment, but it does come at a significant cost. Especially for investors with multiple or large buildings, property management often isn’t a feasible thing to handle in-house on your own. This is especially true for anyone who owns more specialized assets, like office buildings, medical offices, or distribution centers.
As a result, the third-party property management sector is alive and well, and it’s not just for huge investors with millions of square feet under ownership. Professional property management can boost your investment’s value — and it also may be required by the terms of your commercial property loan.
So: Who are the best property management companies? We compiled our top 10 list of property managers for the year below.
We looked at several top property management company rankings, including Commercial Property Executive’s, and balanced portfolio sizes with each company’s rate of growth to determine our final ranking.
If you're looking for our annual ranking of top multifamily property managers, you can find it on Multifamily Loans.
The Top 10 Commercial Property Managers of 2023
Management Portfolio (MSF)*
Cushman & Wakefield
Lincoln Property Company
HSA Commercial Real Estate
* The square footage figures were reported by Commercial Property Executive.
Founded in 1971, Weitzman has a long history as a retail commercial property manager. The firm is focused on the four major Texas metropolitan areas, where it had more than 24 million square feet of retail and office space in its management portfolio at the end of 2021. Even more impressive is the fact that the group has expanded at a rapid pace of about 10% over the year.
9. SVN International
Based in Boston, SVN International is a full-service commercial real estate company that handles virtually all types of properties, from multifamily to marinas and everything in between. While the bulk of the firm’s activity is in the U.S., the company has more than 200 global offices in six countries. Today, SVN has around 57 million square feet in its management portfolio, according to its website.
8. HSA Commercial Real Estate
HSA Commercial Real Estate has a mix of more than 150 properties across the country. Based in downtown Chicago, the firm manages a rather diverse portfolio of nearly 16 million square feet, including retail, office, industrial, and medical facilities. HSA also has an extensive history as an active commercial real estate developer, with more than 100 million square feet of projects completed or underway.
There must be a mistake, I hear you saying. Nope: While CBRE is, indeed, the world’s largest commercial real estate property management company — it collectively manages approximately 2.7 billion square feet in more than 40 countries — but its growth rate puts it further down our list. Still, even 1.4% growth is truly impressive, given the size of the portfolio. CBRE manages nearly every type of commercial property, with one exception: The firm does not handle multifamily assets.
6. Foundry Commercial
Based in Orlando, Foundry Commercial oversees nearly 40 million square feet of office, retail, and industrial real estate across much of the Sun Belt region, from California to North Carolina. The firm expanded its portfolio by a little more than 13% in 2021, and is set to continue its growth. Beyond property management, Foundry also is an active investor and developer, particularly in the Orlando area.
While many may be more familiar with Newmark’s leasing or capital markets brokerage side, the firm is heavily involved in property management to the tune of 205 million square feet. The company is involved with most types of properties, from office, industrial, and retail to more specialized types of assets like data centers. Given its size, Newmark’s annual growth rate of 12% is particularly impressive, landing it in fifth place.
4. Lincoln Property Company
Dallas-based Lincoln Property Company opened for business in 1965, and the firm has been active as a developer and manager ever since. The company had close to 300 million square feet in its management portfolio at the end of 2021, an impressive 17% growth in a one-year period. LPC focuses on a broad variety of commercial properties, from multifamily to modern industrial facilities.
3. Cushman & Wakefield
One of the most easily recognizable companies in the commercial real estate world, Cushman & Wakefield is also one of the largest property managers, with 4.8 billion square feet in its portfolio at the start of last year. The firm has had massive growth in recent years, particularly in the multifamily sector after its acquisition of Pinnacle Property Management Services in 2020. The company also manages a sizable portfolio of office, industrial, and retail assets, spanning the globe from Kosovo to Kazakhstan.
Colliers International takes the second spot on our list this year. Its 2.5 billion-square-foot management portfolio is impressive, yes, and its growth skyrocketed in 2021, increasing by an incredible 22.9%. The firm has continued expanding, too: In late 2022, it acquired Arcadia Management, along with its 60 million-square-foot portfolio. Colliers operates in more than 60 countries today and handles virtually all types of commercial real estate.
JLL comes in first place on our list, owing to its 2.7 billion square feet under management — which is a staggering increase of 33.5% over the previous year. The company’s property management division is exclusively dedicated to the office, industrial, and retail sectors. Beyond this, of course, the firm also handles commercial leasing and investment activity.
What are the best commercial property management companies of 2023?
The top 15 multifamily property managers of 2023, according to Multifamily.loans, are:
- Asset Living
- Lincoln Property Company
- Alliance Residential
- Bell Partners
- The ConAm Group of Companies
- The Laramar Group
- The Bozzuto Group
- The NRP Group
- The Pinnacle Group
- The Morgan Group
- The Woodmont Company
- The Bainbridge Companies
- The GID Group
- The Simpson Property Group
What services do commercial property management companies offer?
Commercial property management companies typically offer services such as ensuring that the property stays rented, evicting non-paying or disruptive tenants, and maintaining the property (which may involve hiring external contractors). In other cases, property management firms may have an even more active financial role in a property, and, they could be responsible for paying insurance and other fees.
Property management services often include property leasing and marketing, resident customer service and dispute resolution, tenant billing and rent collection, property maintenance, including taking care of utilities, basic bookkeeping and accounting, and evicting non-paying tenants.
What are the benefits of hiring a commercial property management company?
Hiring a commercial property management company can provide a number of benefits, including:
- Ensuring that the property stays rented
- Evicting non-paying or disruptive tenants
- Maintaining the property (may involve hiring an external contractors)
- Paying insurance and other fees
- Maximizing leasing income
- Ensuring that tenants are happy
For more information, see Commercial Property Management Fees in Commercial Real Estate and 5 Proven Tips for Your Next Value Add Investment.
What are the costs associated with hiring a commercial property management company?
The cost of hiring a commercial property management company typically ranges from 4-12% of the rent for a commercial property. This cost can vary depending on the location, size and condition of the property, the amount, type, and quality of tenants, the specific services that the company is expected to perform, and the average property management rates for that area. Services that a property management company may offer include ensuring that the property stays rented, evicting non-paying or disruptive tenants, and maintaining the property (which may involve hiring external contractors). In some cases, the property management firm may also have an active financial role in a property, and be responsible for paying insurance and other fees. For more information, please see this article from CCIM.
What qualifications should I look for in a commercial property management company?
When looking for a commercial property management company, there are four essential qualities to look for:
- Personality - The property management staff should treat each and every tenant with respect and politeness. Companies that go above and beyond, and plan events and get involved with their communities, tend to attract and maintain long-term tenants.
- Experience - Look for a property management company that has experience in the type of property you own. They should have a good understanding of the local market and be able to provide you with the best advice.
- Technology - The property management company should have the latest technology to help manage your property. This includes software for tracking rent payments, maintenance requests, and other important tasks.
- Customer Service - The property management company should have a good customer service record. They should be able to respond quickly to tenant inquiries and provide timely solutions to any problems that arise.
For more information, please see this article.
What are the most important factors to consider when selecting a commercial property management company?
When selecting a commercial property management company, the most important factors to consider are the company's personality, customer service, experience, and reputation.
Personality is an important factor to consider when selecting a property management company. A well-maintained property is one thing, but a memorable staff that feels like family makes a property feel less like a lease and more like a home to a tenant. Ideally, a property management staff must consider the delicacy of working where people live. Staff should treat each and every tenant with respect, and there should be no exceptions when it comes to manners and politeness. Companies that plan events and get involved with their communities are the ones that tend to attract and maintain long-term tenants.
Customer service is also an important factor to consider when selecting a property management company. The company should be responsive to tenant inquiries and requests, and should be able to provide timely and accurate information. The company should also be able to provide a variety of services, such as maintenance, leasing, and accounting.
Experience is another important factor to consider when selecting a property management company. The company should have a proven track record of success in managing commercial properties. The company should also have a team of experienced professionals who are knowledgeable about the local market and the specific needs of the property.
Finally, reputation is an important factor to consider when selecting a property management company. The company should have a good reputation in the industry and should be able to provide references from past clients. The company should also be able to provide evidence of their success in managing commercial properties.