In a cautious investment climate and higher interest rate environment, asset managers are becoming central to driving value and performance across commercial real estate. As traditional deal-making slows, the focus is shifting to those who can deliver income growth and strategic direction.
James Harrop-Griffiths, Head of Asset Management at Fisher German, reflects on the changing nature of the role, drawing on his first six months in post and the wider market shifting transforming expectations of asset managers.
I joined Fisher German in early 2025 and when I stepped into my new role, asset management wasn’t just something happening in the background anymore; it was becoming centre stage. My time at Fisher German has really showed just how ahead of the curve they were in spotting how crucial asset management would become for our clients, and now that’s crystal clear. What’s surprised me most, though, is just how quickly things have changed. These days, asset managers aren’t just looking after value; we’re out there building it, shaping it, and making a real impact.
For too long, our industry placed asset management in the shadow of investment. The work was largely reactive, based on financial models and forecasting, rather than proactive engagement with the buildings and businesses we serve.
Today, the reality on the ground demands more. Models are useful, but they can’t tell you how occupiers behave, how a building truly performs, or how to respond when business plans shift unexpectedly - sometimes just days after a property is acquired.
As cash flow pressures mount, whether through higher interest rates or rising operational costs, asset managers must now leave the spreadsheet behind and step into the buildings. That means talking with occupiers, scrutinising costs, and working directly with managing agents to unlock income growth.
This shift is being recognised across the industry. Investors increasingly expect to see strong asset management capabilities before committing capital. Recruiters tell us that demand for asset managers is rising across all levels of seniority. In fact, many firms are redeploying investment professionals into asset management functions as a strategic priority. This fits nicely with the old industry adage, “you can’t buy buildings if you don’t understand how they work.”
In addition, a successful asset manager today must have the flexibility to work across different sectors, such as hospitality, logistics, and build-to-rent, while also having the curiosity to understand how real-world operations impact asset performance. Clients want people and advisers who can think commercially, challenge assumptions, and deliver returns in unconventional ways.
Financial modelling is still very important. But the real value comes when that analytical strength is combined with commercial instinct, operational understanding and hands-on action. The best outcomes cannot just be driven by adjusting exit yields in acquisition models, but by finding a way to retain key tenants, improve ESG credentials, or repurpose space to meet changing demand.
This balanced approach, combining financial acumen with hands-on property management, will define the asset managers of the future. We are no longer just interpreting the market; we are helping to shape it.