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Insight: REIBC blog > Why Create a Property Management Strategy?

Why Create a Property Management Strategy?

posted on 10:42 AM, December 15, 2017
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The City of Nanaimo is redeveloping 1 Port Drive to extend the downtown core and bring the community to the waterfront. credit: City of Nanaimo

In the City of Nanaimo, prioritizing real estate projects has never been easier—thanks to its Property Management Strategy.

The overall intent of the strategy was to guide decision making around the use of existing City-owned lands as well as new land acquisition and the disposition of surplus lands. Prior to the strategy, staff outside of the City’s Real Estate team were dabbling in their own departments’ real estate matters. A key objective of the Property Management Strategy was to apply the Real Estate team’s expertise throughout the organization.

Creating the Property Management Strategy was a multi-step project that began by developing an up-to-date inventory of City-owned land. Acquisition and disposition criteria followed, seeking to maximize the use of land and generate revenue or community benefit.

“The strategy has been an effective way for the City of Nanaimo to coordinate the organization’s real estate needs,” writes Bill Corsan, RI, and to use municipal property “to generate revenue and create economic development opportunities that would otherwise not have taken place.”

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Download Fall 2017

Read more about City of Nanaimo’s approach to creating a Property Management Strategy in “Strategic Real Estate Management,” in the Fall 2017 edition of Input, page 6. Download Fall 2017

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