Keeping your corporate real estate assets in top shape is not only a matter of aesthetics and functionality, but also of efficiency and profitability. Whether you own, lease, or manage corporate real estate, you need to ensure that your properties are well-maintained, optimized, and aligned with your business goals. Here are some tips on how to do that.
The first step is to evaluate your current portfolio of corporate real estate assets and identify their strengths, weaknesses, opportunities, and threats. You can use various tools and methods, such as benchmarking, gap analysis, market research, and scenario planning, to compare your assets with your competitors, industry standards, and future trends. This will help you determine which assets are performing well, which ones need improvement, and which ones are no longer relevant or viable.
Before assessing your portfolio you need to ensure you have a deep understanding of the company's objectives for the short, medium and long term. Only by overlaying this information on your portfolio will you be able to assess where assets are fit for purpose and where opportunities exist for optimisation, be it growth or contraction. Once the business context is understood then the correct tools can be selected to develop a portfolio strategy that aligns with business needs. Knowing which combination of space, cost or location to prioritise will allow the CRE team to better assess areas of opportunity.
You need to have a sold baseline with an in-depth understanding of your commitments/liabilities and the companies objectives /strategies.. You need some technology to manage your baseline.. (database) You need some baseline understanding of real estate accounting and/or the support from someone on your team who does..
One thing I have found helpful in my years of experience in Real Estates is the use of Internet and social media platforms.. With the proper use of social media platforms, you can successfully create your own community. If building properly you earn their trust as well.
The next step is to develop a strategic plan for your corporate real estate assets that aligns with your business objectives, budget, and timeline. Your plan should include clear and measurable goals, actions, and indicators for each asset, as well as a risk management framework and a contingency plan. You should also consider the environmental, social, and governance (ESG) aspects of your assets, such as energy efficiency, sustainability, diversity, and compliance.
With 30 years of real estate expertise, I approach corporate asset management with a holistic perspective, combining proactive maintenance, cutting-edge technology integration, and sustainability practices. Adherence to compliance, talent development, and strategic financial analysis are key components in ensuring optimal operational performance and enhanced asset value.
The third step is to implement your strategic plan and execute the projects that will enhance your corporate real estate assets. Depending on the scope and complexity of your projects, you may need to hire or collaborate with external experts, such as architects, engineers, contractors, consultants, and vendors. You should also communicate and coordinate with your internal stakeholders, such as employees, managers, clients, and investors. You should monitor and control the quality, cost, and schedule of your projects, as well as the impact and value they generate.
The fourth step is to optimize the operations of your corporate real estate assets and ensure that they are running smoothly and efficiently. You should establish and follow best practices for maintenance, security, safety, and accessibility of your properties, as well as for leasing, occupancy, and tenant relations. You should also leverage technology and data to automate, streamline, and improve your processes, such as asset management, facility management, space management, and workplace management.
The final step is to review the performance of your corporate real estate assets and measure the results of your efforts. You should use various metrics and indicators, such as return on investment, net operating income, vacancy rate, tenant satisfaction, and carbon footprint, to evaluate the financial, operational, and environmental performance of your assets. You should also solicit and analyze feedback from your internal and external stakeholders, such as surveys, reviews, and testimonials. You should use this information to identify the strengths, weaknesses, opportunities, and threats of your assets, and to adjust your strategy accordingly.