One of the province’s largest property management companies is getting out of the condominium market to focus on industrial, commercial and retail real estate.

As of April 30, Martek will cease management of approximately 20 condominiums, hanging on to just three projects.

Martek founder Charlie Oliver says the company has been incubating and building the local condominium market for the last three decades, but management has become much more demanding of time and resources.

He says the affected projects will be passed back to the Boards of Directors, or their respective newly appointed management companies. Oliver says self-management is also an option but Oliver says “we suggest for many not to do.”

Oliver admits there aren’t a lot of takers for condominium corporation management as it stands now.

He says the fees historically charged for condominium corporations “by and large don’t rationalize it as a strong business case.” Oliver says “there may…be an adjustment required…in the fee structures to the condominium corporations probably across the board in our city and province.”