The Essential CRE Glossary

Predictive maintenance (PdM) is a method of maintaining an asset’s equipment and building systems based on its real-time condition.

Put simply, the tenant experience is how people feel about where they work or live.

Facility management, or facilities management (FM), is the organizational function that “integrates people, places, and processes within the built environment” to ensure safety, comfort, and efficiency.

Commercial real estate (CRE) property management is the professional practice of operating, maintaining, and optimizing commercial properties such as offices, retail centers, industrial sites, and mixed-use developments.

Artificial intelligence (AI) in commercial real estate (CRE) is technology that uses data and learning algorithms to enhance how properties are operated, marketed, leased, and invested in.

PropTech, or property technology, includes the software, systems, and digital tools that support every part of the real estate industry, from residential and multifamily to commercial, operational, and financial sectors.

Building operations refer to the tasks and processes involved in maintaining, operating, and managing buildings.

Risk management in commercial real estate (CRE) is the structured process of identifying, assessing, and controlling risks that affect property operations and investment value.

A Computerized Maintenance Management System (CMMS) is software that centralizes maintenance data and processes.

Preventive maintenance is a proactive approach to maintenance that entails inspections, ongoing monitoring and routine check-ups to complete maintenance procedures before issues arise.

Work order management (WOM) is a structured way to control maintenance, service, tenant, and vendor tasks from request to completion. In commercial real estate (CRE), it covers every stage of the cycle.