Business takes a long-term view on a number of key operational areas. A company will adjust their strategy to reflect Political, Economic, Social and Technological challenges: actual or perceived. Despite the fact CRE provides the fabric for the operation of the business and that it is the second or third highest cost to a business Property is often disregarded by the management team for most of the year.
A CRE strategy is not an automatic event each six months or year. In some cases a strategy may have been created but it has been left in place for several years without review,. In the interim there have ben significant changes to the business and its operating environment.
Strategy for the property portfolio, even for just one property, needs to be created. It has to be able to adapt and change as the business, and, the environment the business is in, flexes and evolves. The Great Recession led to significant changes for many organisations, in particular in their business strategy and the time horizon associated with decision-making. How many made similarly significant changes to their property strategy and the time horizons it looked at and frequency of review.
A blend of property and business skills is needed to bring the two elements together into a cohesive strategy.