Should You Hire a Commercial Real Estate Project Manager?

Commercial real estate projects can be complex, requiring oversight of zoning laws, permitting, construction timelines, and tenant requirements. A commercial project manager can save time, money, and stress by overseeing every aspect of a project—but is hiring one the right choice for you? Here are a few questions to ask yourself to help you decide if you should hire a commercial real estate project manager.

How Complex Is Your Project?

Large-scale projects, such as the following, benefit the most from hiring a project manager.

• Office buildings, medical facilities, and retail spaces require experienced oversight to avoid costly mistakes.
• Projects that involve zoning laws, permitting, or tenant requirements benefit from the specialized knowledge and skills of a project manager.
• Businesses that frequently undertake larger real estate projects may find long-term efficiencies in working with a project manager to help them reach their long-term goals.

What Does Your Internal Team Look Like?

Many business teams lack the time, expertise, or bandwidth to manage a large project effectively. A project manager essentially becomes a member of your team dedicated to overseeing your project. A project manager:

• Takes on project responsibilities, allowing business owners to focus on running their operations.
• Acts as a single point of contact, ensuring clear communication between all stakeholders.
• Manages competing priorities, keeping everyone aligned throughout the project.

If your business has multiple stakeholders, a project manager helps balance priorities and ensures efficient execution.

What Is Your Timeline and Budget?

A project manager is critical for businesses with strict timelines and budgets. They help:

• Prevent costly delays and budget overruns by identifying and addressing potential problems early.
• Keep schedules on track by coordinating with contractors, vendors, and city officials.
• Ensure budget efficiency by optimizing resources and preventing unnecessary expenses.

Potential Cons of Hiring a Project Manager

While a project manager provides many benefits, there are some considerations:

• Added expense – Hiring a project manager comes with a cost, though businesses often recover this through avoided mistakes, process optimization, and project efficiency.
• Loss of direct control – Some business owners may feel uncomfortable delegating responsibilities to an external professional.
• Finding the right fit – Selecting the right project manager is crucial to ensuring a successful outcome.

Hiring a commercial real estate project manager can save time, reduce stress, and improve project outcomes, but the decision should be based on your business’s unique needs. Evaluating the complexity of your project, your team’s capacity, and your budget constraints will help determine if hiring a project manager is the right choice for you.