Which of the following groups does not have a primary relationship with asset managers?

The correct choice is the group that does not have a primary relationship with asset managers. Architects typically engage with asset managers in a more peripheral capacity, as their main role revolves around the design and construction phases of a building project. While the input from architects is valuable for optimizing property performance and functionality, the direct, ongoing relationship that asset managers maintain is more crucial with the other groups mentioned.

In contrast, portfolio managers are pivotal for asset managers as they help in aligning investment strategies with performance objectives. Property managers interact closely with asset managers to ensure that the properties are maintained effectively, maximizing value and return on investment. Leasing agents work directly with property managers and asset managers to manage tenant relationships and occupancy rates, which are critical for financial performance.

Thus, the non-primary relationship of architects with asset managers clearly distinguishes them from the other specified roles that are integral to the day-to-day operations and financial considerations of asset management.