Changing an asset use, tenant mix, or quality to improve its performance.
Related terms
- Reserve fund
Money set aside from service charges to cover anticipated periodic expenditure and smooth year-to-year budget spikes; distinct from a sinking fund in its short…
- Service charge budget
The annual forecast of costs for running and maintaining a building's common parts, apportioned among tenants; it sets the on-account payments later trued up a…
- Service charge reconciliation
The annual comparison of budgeted versus actual service-charge costs.
- Sinking fund
A reserve built up over years from service charges to fund major future capital works such as roof or lift replacement, spreading the cost so no single year's…
- Tenant retention
Efforts to keep existing tenants, reducing voids and re-letting costs.
- Arrears
Rent or service charge that is overdue and unpaid; tracking and recovering arrears is a core asset-management KPI, especially where tenant covenant strength is…
- Asset management
Executing the strategy to maximise a property value and income over the hold.
- Building management system (BMS)
The centralised control system that monitors and automates a building's HVAC, lighting, and energy use; the primary tool for driving operational efficiency and…