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How can you keep your real estate costs low without sacrificing quality?

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Real estate is one of the largest expenses for many businesses, especially in urban areas where rents are high and space is scarce. However, reducing your real estate costs does not mean compromising on quality, functionality, or productivity. In fact, with some smart strategies and careful planning, you can optimize your real estate portfolio and save money while enhancing your work environment and performance. Here are some tips on how to keep your real estate costs low without sacrificing quality.

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1 Assess your needs

Before you sign a lease or renew an existing one, you need to evaluate your current and future real estate needs. How much space do you actually use and need? How many employees do you have and expect to have in the near future? How flexible is your work model and culture? How do you use your space for different functions and activities? By answering these questions, you can identify opportunities to reduce your footprint, consolidate your locations, or sublease or dispose of excess space. You can also avoid paying for space that you do not need or use effectively.

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Aje Odubanwo

Real Estate Consultant | Business Solution Consultant | CEO & Founder at BlackGold-Towers and Lexiplus Global Solutions Ltd | Dubai | Nigeria.
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Strategic Location Selection ? Choose emerging or slightly off-prime neighborhoods. ? Look for good accessibility and amenities. ? Cost-Efficient Building and Design ? Incorporate energy-efficient designs. ? Consider modular construction methods. ? Effective Property Management ? Perform regular maintenance. ? Use property management software. ? Opt for a larger down payment to reduce loan amount. ? Tax Efficiency ? Leverage tax deductions and credits ? Negotiation and Purchasing ? Negotiate bulk deals for multiple properties. ? Use analytics for market insights. ? Adopt online marketing strategies. ? Diversify Investment. cost-saving features to minimise unnecessary expenses.

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2 Negotiate your terms

Once you have a clear idea of your needs, you can negotiate better terms with your landlord or prospective landlord. You can leverage your market research, financial analysis, and tenant representation to get the best deal possible. You can also explore options such as rent abatement, tenant improvement allowances, lease extensions, early termination rights, or subleasing rights. These can help you lower your rent, improve your space, or increase your flexibility. You can also seek professional advice from a corporate real estate consultant or broker to help you negotiate your terms.

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3 Optimize your design

Another way to keep your real estate costs low without sacrificing quality is to optimize your space design and layout. You can use design principles such as biophilia, ergonomics, acoustics, lighting, and color to create a comfortable, healthy, and productive work environment. You can also use space planning techniques such as activity-based working, hot-desking, or co-working to maximize the utilization and efficiency of your space. You can also invest in smart technology and furniture that can adapt to your changing needs and preferences.

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Himanshuu Kapoor

Corporate Real Estate Manager | APAC Lease & Portfolio Strategist | Transaction Management Expert
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The following steps can be considered: 1.Analyze the need: you should evaluate the required area (current and future), keeping all stakeholders aligned, and understand whether you’re willing to offer a hybrid work culture. 2. Asset: Determine if this is front office or back office, traditional or dedicated flexible workspace. Basis requirements, you should consider the tenure. 3. Negotiation: From broker, understand and review past transactions, demand and supply ratio, which will give you a benchmark and help you negotiate better. Put your terms across the table to safeguard interest. 4. Operations: For a traditional office setup, look out for ways to optimize the utilization and efficiency of your space and bring the cost to a minimum.

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4 Manage your operations

Your real estate costs are not only determined by your lease terms and space design, but also by your operational and maintenance expenses. You can reduce these costs by implementing energy-efficient and sustainable practices, such as using renewable energy sources, installing LED lighting, or implementing green policies. You can also monitor and optimize your utility consumption, waste management, and security systems. You can also outsource or automate some of your facility management tasks, such as cleaning, landscaping, or repairs.

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5 Review your performance

Finally, you can keep your real estate costs low without sacrificing quality by regularly reviewing your real estate performance and strategy. You can use data and analytics to measure and evaluate your space utilization, occupancy, satisfaction, productivity, and costs. You can also benchmark your performance against your industry peers and best practices. You can also solicit feedback from your employees, customers, and stakeholders to identify areas of improvement or innovation. By doing so, you can ensure that your real estate portfolio aligns with your business goals and objectives.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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David Pennetta SIOR, CIBS, LEED GA

$100 million in transactions 2023. Executive Managing Director @ Cushman & Wakefield | Unlocking opportunities, maximizing returns, helping clients and customers as a trusted corporate real estate partner.
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Hire a professional broker ?Avoiding bad assumptions on value and costs. ?Starting early for maximum benefit. ?Understand the other parties’ pressures, risks and motivations. ?Brokers transact real estate every day and deal with a broad diversification of cultures and education. ?The argument that a landlord will give you, the tenant, the brokerage fee if you don't use a broker is ludicrous. It’s more money for the owners. ?Many tenants don't realize the magnitude of the investment-A 25,000 SF lease over ten years can equate to $10m. Do you want someone with little real estate experience negotiating this? ?With fiduciary responsibility to shareholders, taxpayers or a family estate, brokers have access to clear and transparent data.

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How can you keep your real estate costs low without sacrificing quality?

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6

1 Assess your needs

2 Negotiate your terms

3 Optimize your design

4 Manage your operations

5 Review your performance

6 Here’s what else to consider

Corporate Real Estate

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How can you keep your real estate costs low without sacrificing quality?

1

2

3

4

5

6

1 Assess your needs

2 Negotiate your terms

3 Optimize your design

4 Manage your operations

5 Review your performance

6 Here’s what else to consider

Corporate Real Estate

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