Occupiers often have difficulty in bring together data on a portfolio because they often have to pull it together from various sources. Unless the process and the data is audited it creates a risk for the business with copying errors and fundamental data extraction errors that can exist when data is not checked back to its source. This entails cross-checking lease documentation plus invoices against the data sheets to assess the veracity of those data sheets that circulate within property departments and are used as the fount of knowledge.
The data itself is only part of the issue. That lease data needs to be put in to the context of the business, and, in particular, the total cost of space to the business, namely the benchmarking of space – its cost and use. There are a number of measures that can be adopted and knowing what will add value rather than provide a meaningless measure is crucial. Corporate Real Estate Managers need to be able to provide metrics for the senior management team, but they require the right metrics and no data overload.
From that comes an assessment of the risks and opportunities that the analysis allows us to identify. For the business that is then the first step to developing the Property Strategy.This requires a thorough approach to the collection of data but also knowing the importance of each element to provide focus on what really matters.