High-rise living is being redefined, not just by buildings, but by the experience within them.
How does your property compare? Stop wondering, start benchmarking.
FirstService Residential, the leader in high-rise property management, has released the third annual edition of its BENCHMARK High-Rise report on operating costs and budgets. This comprehensive guide helps board members, strata council members, developers, property managers, and owners of high-rise properties make informed decisions about their operations, budgets, and long-term planning.
Boards and developers consistently ask how their high-rise budget compares to other similar properties in the market. While many factors influence operating expenses and reserve funding, high-level benchmarking of key categories can help boards articulate their budget decisions and investments to homeowners.
This year's edition goes further than budget data alone. It includes expert perspectives on reserve funding and capital planning, insurance market conditions, food and beverage programs, resident events, and connected-building technology. It also features an interview with Robert Smith, President, South Region, on the introduction of The High-Rise Standard℠, FirstService Residential's framework for pairing strong day-to-day operations with a hospitality-driven approach to service. A significant component of the program centered on hospitality training was developed in collaboration with ATELIER CX, the consulting division of Forbes Travel Guide.
The BENCHMARK report draws on budget information and operational expertise from nearly 4,000 FirstService Residential-managed high-rises in leading markets across the U.S. and Canada, covering condominiums, cooperatives, and corporations, both established and newly developed.
What you'll learn:
- How budget increases across markets compare, and what's driving them, from reserve funding to utility and labor costs
- Where the insurance market stands today, including which lines of coverage are rising and which are lowering
- How boards are approaching capital planning for structural, mechanical, and technology upgrades
- What's shaping resident expectations around events, fitness and wellness, food and beverage, and connected-building technology
- How FirstService Residential's approach to high-rise property management, through The High-Rise Standard, is elevating service delivery across properties of every scale
Fill out the form to access the BENCHMARK report for detailed insights
The data presented contains averages from a sample of high-rises managed by FirstService Residential and does not represent industry standards or ideal ratios. Every community association is unique, and this guide is not exhaustive but may be used as a tool to assist boards in their community evaluations.