Probably the greatest challenge facing large companies that devolve real estate decision-making to the local level is gathering a single picture of the group portfolio. The starting point is often output from the finance and insurance teams. HR can also help, but each of these departments is likely to have their own way of referencing sites and buildings, and it’s rare that they will have modelled the portfolio at a lease level.
Consolidating location references and modelling approaches means the data can then be combined with that of the corporate real estate (CRE) team. This enables accurate measurement of occupancy metrics, facilitates engagement with the business on strategy, and helps when pre-empting lease expiries, by allowing teams enough time to perform rent benchmarking which they can then use as leverage when re-negotiating.
In our ‘CRE - Our industry today, tomorrow & beyond’ report I look at the flightpath that takes clients from a blank sheet to a fully audited data-set, and how external advisors can help.