Junior Development Manager: Commercial Property Development 1. Responsibilities: Project Initiation & Commercial Feasibility This phase is highly focused on tenant demand and optimizing the asset’s commercial value. Commercial Market Analysis: Conduct detailed research on market rents, vacancy rates, tenant demand trends (e.g., hybrid working needs for office space), and competitor pricing for commercial assets. Financial & Investment Modeling: Develop and maintain detailed Discounted Cash Flow (DCF) models and investment appraisals to determine the Net Present Value (NPV) and Internal Rate of Return (IRR) . Focus on modeling future rent assumptions and vacancy risk. Site Due Diligence: Coordinate specialized commercial due diligence, including traffic studies, accessibility reviews, and initial environmental assessments critical for commercial zoning. 2. Responsibilities: Design, Leasing Interface, & Approvals The junior manager acts as the bridge between the design team and the commercial/leasing team. Design Optimization for Tenancy: Coordinate with architects to ensure designs maximize Net Leasable Area (NLA) efficiency and meet the operational and aesthetic requirements of prospective commercial tenants. Leasing Team Support: Provide the leasing and sales teams with updated project information, floor plans, specifications, and progress reports required for tenant negotiations and pre-leasing efforts. Regulatory Compliance: Manage the preparation and submission of zoning applications, ensuring the proposed commercial use aligns with local master plans and parking requirements. 3. Responsibilities: Procurement & Capital Management Managing project costs against projected commercial returns is paramount. Capital Budget Management: Monitor and rigorously control the capital expenditure ( CAPEX ) budget. Track soft costs (fees, permits) and hard costs (construction) against the approved development budget. Lender/Investor Reporting: Prepare monthly or quarterly project reports for capital partners, banks, and investors, focusing on financial variances, forecast completion dates, and key leasing milestones. Contract Management: Assist in procuring and managing consultancy and construction contracts (often utilizing industry standards like FIDIC or JCT), focusing on clear scope definition and risk allocation. 4. Responsibilities: Construction, Fit-out, & Handover This stage involves accommodating specific tenant needs and ensuring building systems are robust for commercial use. Construction Monitoring: Work closely with the Construction Project Manager to monitor site progress, schedule adherence, and quality control, ensuring minimal disruption to surrounding commercial activities Tenant Fit-out Coordination: Manage the interface between the base building construction and incoming tenant fit-outs (Tenant Improvements or TIs). Ensure TIs meet building standards and are coordinated to align with the base building completion. Commissioning & Operations Readiness: Ensure all building systems (HVAC, fire, security) are properly commissioned and ready for commercial operation before tenant occupancy. Requirements & Key Skills (Commercial Focus) Bachelor’s degree in Real Estate, Finance, Construction Management, Quantity Surveying, or related Engineering field. A Master’s or relevant certification (e.g., PMP) is a strong plus. Core Competencies (Prioritized for Commercial) Valuation & Modeling: The ability to move beyond simple construction budgeting to perform sophisticated real estate valuation and residual land value calculations, heavily relying on rental assumptions. Commercial Negotiation: Strong ability to interact with leasing agents, potential tenants, and legal teams regarding lease conditions and building specifications. Risk Management: A clear understanding of the commercial risks inherent in development (e.g., pre-leasing requirements, anchor tenant commitment, market oversupply). Process Management: Excellent organizational skills to manage the complex, multi-layered regulatory and design approval processes typical of larger commercial projects.
