real estate asset managementWhat does an asset manager do - today and in 20 years?

Buying a property is one thing. Managing it over the years so that it retains its value, grows and meets the demands of the market, tenants and society - that’s the other thing. This is exactly the task of real estate asset management. And it becomes more complex, not simpler.
Time to read6 min.
updated at04/02/2026
CategoryBehind the scenes
Several modern high-rise buildings with glass facades in daylight, blue sky in the background.

Contents

Real Estate Asset Management: Definition and tasks

Real Estate Asset Management (REAM) is the strategic management of real estate portfolios. The aim is to increase the value of individual properties and the entire portfolio in the long term and thus ensure stable, predictable returns for investors.

An asset management company like Commerz Real takes on much more than just administration: It analyses markets, develops investment strategies, manages value-added measures and consistently keeps an eye on risks. Commerz Real is one of the leading asset management companies for tangible assets in Germany. It invests in real estate, renewable energies and infrastructure and networks these asset classes into long-term value-adding portfolios for private and institutional investors. Asset management can describe both a corporate concept and the specific management activity.

Asset management has many facets. A look at our portfolio.

A modern high-rise with offset balconies, surrounded by green trees and a blue sky.
The One Forty West high-rise building in Frankfurt am Main combines high-quality residential space and hotels in the best location on 41 floors.
Modern hotel room with double bed, grey kitchenette, two bar stools and black and white photo on the wall.
With the new Zleep Hotel in Madrid, Commerz Real has transformed an empty office building into a high-quality hotel – creating new added value for users and investors.
High-rise buildings at sunset overlooking a river and illuminated buildings, boats on the water.
Welcome to Downtown Manhattan, New York City: 120 metres high, 90,000 m² on 29 floors. Located in the famous Financial District, 100 Pearl Street is one of our largest investments in New York City. 
Bright living room with sofa, table, chair, large windows and plants. Modern, minimalist interior.
The Seetor Living residential complex allows Commerz Real to demonstrate how beautiful and sustainable affordable living can be designed.

Three challenges that shape the industry

Depending on the market situation, real estate asset management constantly poses new requirements. Three of these are particularly relevant to the industry.

Volatility in the real estate market

The German real estate market has experienced considerable fluctuations in recent years. Rising interest rates, inflation, political uncertainties and the effects of the energy crisis have noticeably cooled the investment climate. Shortly before the coronavirus crisis, over 74 billion euros flowed into the German real estate market - in 2024, it was around 22 billion euros.1 Despite a slight recovery compared to the previous year, the level remains well below the long-term average.

For asset managers, this means: develop robust strategies that protect investors’ assets while recognising new potential in the market. Experience is not a luxury - it is the decisive benefit. Those who have experienced several market cycles will recognise early on where opportunities arise.

Data and digitization

Digital technologies are fundamentally transforming the real estate industry - from market analysis to building operations. Sensors measure consumption in real time. AI-powered systems evaluate market dynamics. Digital data management makes portfolios more transparent and efficient.

The key task for asset managers: Recognise which technologies are really worthwhile - and use them early enough to gain competitive advantage. Not every innovation is worth an investment. But using the right ones in a targeted way is crucial.

Sustainability as a cross-cutting topic

Real estate is one of the largest energy consumers in Germany: Buildings account for around 35 percent of final energy consumption and around 30 percent of CO2 emissions.2 Residential properties alone account for 22 percent of German final energy consumption, while non-residential buildings account for another 12 percent.3

Sustainable asset management therefore means more than green certificates. It is about the entire life cycle of a property - environmentally, socially and economically. The ESG criteria provide the framework for this. The work behind it is tangible: energy renovations, sustainable leases, new energy supply concepts.

Get to know our sustainability strategy

Real estate as an ecosystem: Why the perspective matters

Real estate is not an isolated property. They offer homes, are part of neighbourhoods and characterise city districts. They always function in a system of people, partners and environments.

Nevertheless, real estate is still too often treated as a pure speculative object. Buildings are demolished and rebuilt without really taking into account the growing structures of a neighbourhood or the needs of the people there. What has been created over decades gives way to homogeneous urban landscapes without cultural or social substance.

Anyone who understands the real estate industry as an ecosystem thinks differently: It is not only economic profit that counts, but also social and cultural added value. A wide range of players, industries and professional fields work together to develop solutions that work not only for investors, but for everyone.

In concrete terms, this means: Develop usage concepts that combine several functions. Create spaces for encounters. And do all this in a network of owners, energy suppliers, architects, tenants and residents.

Real estate ecosystems at Commerz Real

  • Phase One: Investment in tangible assets
    Which property fits into the portfolio? Which situation is developing, which is stagnating? The first phase involves targeted selection: based on market data, user profiles and experience. The ecosystem is not limited to real estate: Renewable energies can also be considered as an asset class, thus adding another dimension to the portfolio.
  • Phase Two: Networking of tangible assets
    A building is more than space. In the second phase, a property becomes a living environment: with usage concepts tailored to the people there. New solutions - whether energy supply, service offerings or digital infrastructure - are tested and then transferred to the entire portfolio. Value creation occurs at several levels at the same time: rental income, market value, energy supplies, ESG impact.
  • Stage Three: Portfolio networking
    What works in one object can be used in the next right from the start. In the third phase, individual networked assets grow into a learning portfolio: The more data flows, the more accurate decisions are made and the faster new projects can be implemented.

Asset management in 20 years: What remains? What’s changing?

In 20 years, real estate will no longer be just rooms. They will produce data, act on energy, respond to their users. An office building that compares its electricity consumption in real time with a neighbouring solar park. A residential complex that detects vacancy before it occurs. A neighbourhood that adapts to changing usage habits without being demolished and rebuilt.

For asset managers, this means: Those who are still primarily administrators today will no longer be needed tomorrow. Orchestrators are in demand: People and organisations that bring together a wide range of players, technologies and asset classes in such a way that the whole achieves more than the sum of its parts.

Three developments will characterise the industry in particular:

  1. AI and data as a basis for decision-making

    The amount of available market, usage and consumption data is growing exponentially. Asset managers who can systematically evaluate this data and translate it into investment decisions will gain competitive advantages that are not yet imaginable today.

  2. Energy as an integrated portfolio component

    The link between real estate and energy supply is becoming closer. Those who think of real estate and renewable energies as a coherent system - as Commerz Real already does today - are not only more sustainable, but also more resilient to fluctuations in energy prices.

  3.  Social return as a valuation variable

    Investors, tenants and the public are increasingly asking: What does this property do for the neighbourhood, the city, society? Asset managers who have the answers will gain the trust that is crucial for long-term partnerships.

What will remain the same in 20 years: the basic task. Protecting values, creating value, earning trust. Only the tools and the scale will move. 

Practical examples

Tucherpark Munich

The Tucherpark project in the Eisbach district shows what ecosystem thinking means in practice. The centrally located neighbourhood is not just being renovated, it is being developed into a networked living environment. User profiles and room analyses provide the basis for this: What do the people who will live and work there need? What spatial potential does the district offer? This results in usage and mobility concepts, new infrastructure ideas and a close connection between the place and the community. Among other things, a hydroelectric power plant on the Eisbach is planned to supply the neighbourhood with renewable electricity. There is also the revitalisation of natural areas and the creation of sports and cultural venues that create a new sense of community. Nature, real estate, infrastructure and community work together to form a functioning economic ecosystem in which each element strengthens the next. 
Read more in the white paper

So what’s next?

Real estate investment is a matter of trust. Trust is created where strategy meets substance. And where a partner not only knows markets, but also helps to shape them. Find out how Commerz Real puts the ecosystem model into practice with hausInvest.

Frequently Asked Questions - FAQ 

Real Estate Asset Management refers to the strategic management and development of real estate. The aim is to increase the value of real estate through long-term concepts and targeted management and to achieve stable returns for investors.

A Real Estate Asset Manager is responsible for the comprehensive management of real estate: technical, commercial and in direct contact with tenants. The core task is to develop and implement strategies to increase value. 

Real Estate Asset Management includes the technical support and upgrading of properties - for example through energy renovations or new usage concepts - as well as commercial management and close cooperation with tenants.

No. Real Estate Asset Management develops long-term strategies and sets the framework conditions. As part of this strategy, real estate management takes care of day-to-day operations.

Basically all: Residential properties, office buildings, hotels, retail properties, logistics properties. The focus is primarily on real estate that is held as an investment and requires an active increase in value.

Training in real estate or business administration or a corresponding degree forms the basis. Technical, legal and communications know-how are also required. Real Estate Asset Managers work at the interface of many disciplines.

Real Estate Asset Management is increasingly offered as a stand-alone course of study, with elements from business administration, law, management and sustainability. Engineering, law or traditional business administration can also be a good basis.

A degree or training with a focus on real estate management and initial practical experience, for example as a working student. The more concrete project experience is available, the better the chances of entering. 

Entry salaries are typically around 50,000 euros. As experience grows, the level rises: Management positions can reach 120,000 to 200,000 euros.

A broad competence profile: analytically strong, strategically minded, communications confident. Good asset managers understand markets, think in life cycles and always keep the interests of investors and tenants in mind. 

Private investors can already participate in professionally managed real estate portfolios with small amounts via real estate funds such as hausInvest. Asset Management takes on all tasks: Market analysis, property selection, rental, value increase. Investors benefit from stable distributions and broad diversification without having to own a property themselves. 

1Cushman & Wakefield GmbH (January 2025): The German Investment Market 2024. https://www.cushmanwakefield.com/de-de/germany/news/2025/01/investmentmarkt-deutschland-2024

2Federal Environment Agency (n.d.): Energy-Efficient Renovation: Preserving Building Structures, Saving on Heating Costs, Protecting the Climate. https://www.umweltbundesamt.de/umwelttipps-fuer-den-alltag/heizen-bauen/sanierung

3German Energy Agency (dena) (2025): dena Building Report 2025. https://www.dena.de/infocenter/gebaeudereport-2025/