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物业管理英语第五讲：IndustrialandHotelsAmorespecializedtypeofmanagementisinvolvedwithindustrialproperty-thatis,buildingsthatareusedprimarilyformanufacturingorwarehousing,andthatmayalsoincludealimitedamountofofficespace.Muchindustrialpropertyiseitherbuiltoralteredtomeetthespecificneedsofatenantwhonormallywillsignalong-termlease(e.g.,10to20years),enablingthelandlordtorecoverthespecialcostsinvolved.Suchspecial-purposebuildingsusuallyrequireonlyaminimalamountofmanagementbythelandlordsincetheyarefrequentlyleasedonanetbasis,withthetenantresponsibleforoperatingexpenses,includingrealestatetaxesandinsurance.Ontheotherhand,sometypesofwarehousespaceareletonrelativelyshorttermstomorethanonetenant.Inthistypeofsituation,thelandlordmayberesponsibleformaintenanceandrepairandmustalsoanticipatetheneedtomarketthespaceatfrequentintervals.Oneofthemostimportantcashflowitemsofthelate1980swastheincreasingcostoftenantalterationsnecessitatedbytenantrollovers.Inthe1990s,acriticalpropertymanagementfunctionwillbetoserviceexistingtenantsandfindtherightnewtenantswithaneyetokeepingdownthecostoftenantimprovements.Intheincreasinglycompetitivespacemarkets-apartments,office,retail,andindustrial-newleasesusuallyprovideforsignificanttenantimprovements.Evenonindustrialproperties,traditionallythetyperequiringthelowesttenantimprovement,tenantimprovementsonarollovercanequaloneyear’sgrossrent.Consequently,keepingdownrollovers(andthereforethecostoftenantimprovements)isaprimaryobjectiveofthecashfloworientedowner.Inthehospitalityindustry,serviceiscrucial.Thisandthefrequentturn-overofguests(oftendaily)meanthathotelsandmotelsrequiremoreconstantmanagementthananyothercategoryofspacewehaveconsidered.Inmanycases,conventionbusinessismajorsourceofrevenue.Asaresult,hotelandmotelmanagementincludesfoodserviceandentertainmentaswellasthetypicalpropertymanagementfunctions.Marketingisfirstinimportance.Theleaseperiodissoshort-onenight-thatmanagementmustfindtenantsforspacevacateddaily.Managementskillcreatesvalueasmuchasdoesthephysicalpr
