On facility and property management: a revised capital asset management model for a better structured real estate industry
The Italian real estate industry has become more and more structured during the mid-90s in a propitious economic situation, thanks to several factors including i.e. the persistence of low real estate values and the developing of wide urban regeneration processes, combined with low inflation and broad funds availability. Thus, the sector has been powered by specialised operators in areas like investment funds, real estate development and property companies. At the same time, innovative management models such as asset management, property management, facility management have been developed. Most of these intermediaries focused their business model on leverage and trading and on a faster portfolio under management turnover. Structural aspects were ignored in this business model, based on financial credit and intuitions. It came to an end due to the financial crisis which recently hit the global markets. This paper aims to contribute to the discussion on this business model crisis and to depict solutions able to solve the current real estate market crisis.
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