Improving the Effectiveness of Business Entities through Professional Facility Management Services

Petar Tashev ()
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Petar Tashev: Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski

Yearbook of the Faculty of Economics and Business Administration, Sofia University, 2014, vol. 12, issue 1, 297-306

Abstract: The importance of keeping the buildings properly maintained is not something new, – but is rather an integral part of a building's life. Facility management however is a relatively new business field, which was first recognized as a need in the late 70’s of last century, primarily in the USA, with Europe soon foilowing. One common definition of facility management was formulated by the European FM Association: Integration of processes within an organization to maintain and develop the agreed services which support and improve the effectiveness of its primary activities.1 The main scopes of facility management are the people that work in the organization at the building, places – all the maintenance that has to be done at any given building, processes – all the business processes that run the company's core business and last, but not least – technology – making all office equipment work properly. The current report is focused on the theories on „Improving the effectiveness of business entities through professional facility management services“ – facility management and corporate real estate management. This article, part of a larger research paper, explores the need of a business entities to adopt varying and customised facility management and corporate real estate strategies in order to increase the added value for their shareholders. Large corporations should be using different facility management strategies.

Keywords: Facility management; corporate real estate; strategies; property management; added value. (search for similar items in EconPapers)
Date: 2014
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