Strabag still leads local property management market
Strabag Property and Facility Services Zrt. remains the market-leading service provider with a market share of 2.2%, a study by Vienna-based international market research firm Interconnection Consulting has found, according to a press release sent by Strabag to the Budapest Business Journal on Monday.
László Vágó, CEO of Strabag Property and Facility Services Zrt.
Strabag describes the survey as the most comprehensive data source available about the current Hungarian property management market, detailing the services and growth potential of market participants.
It says the report contains data directly provided by 37 Hungarian companies, the highest number of domestic contributors thus far. It finds that the market for outsourced property management services has been growing in Hungary since 2012; in 2017, it grew by 3%.
The study expects year-to-year growth potential of 3.2% in 2017-2020. It says the 14.8% growth rate of Strabag Property and Facility Services is outstanding, well above the 3% average growth of the top ten companies.
The largest group of services is infrastructural at 48%, followed by technical management services (37%), and commercial property management services (15%).
Within infrastructural services, security services represent 35.5% and cleaning 34.3%, Strabag said.
The marketʼs concentration is still marginal, as evidenced by the fact that the ten largest companies make up only 12.5% of the market total; Strabag Property and Facility Services has a share of 2.2%.
The study suggests that the market of outsourced property management services has ample growth potential in Hungary, as the share of these services in West European countries is much higher (more than 50%) than in Eastern Europe and the Hungarian market (32%). The tendency clearly points towards further growth of outsourcing, the study concludes.
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