Corporate Real Estate Asset Management

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  • Format: Nonspecific Binding
  • Copyright: 2010-07-07
  • Publisher: Estates Gazette
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Real Estate is not only one of the most valuable assets for a business in terms of visual representation of the company, but also one of the most costly assets. It is therefore important for those studying and practising in Real Estate and Property Management to know how to minimise costs and maximise profit in order to manage these assets efficiently.Corporate Real Estate Management considers the commercial property market from the perspective of the business occupier, offering contemporary solutions to problems and innovative and inspiring added value action plans. It raises the awareness of how real estate can support the business, transform the workplace and impact upon people and productivity.For anybody beginning a career in Real Estate Management, this book considers the theory and concepts behind real estate asset management, whilst offering strategies and practical advice on how these should be implemented in a business context..Written from the perspective of the occupier to provide strategies to be used in practice, which illustrate theory to aid learning.International case studies from Helsinki, Hong Kong, and Prague give necessary insight for global business.Aligns Estates Management, Facilities Management, Asset Management and business strategy to offer a more rounded understanding for potential managers

Author Biography

Barry P Haynes PhD, MBA, MSc, BSc(Hons), MBIFM is a principal lecturer at Sheffield Hallam University and has been chief moderator for the British Institute of Facilities Management (BIFM) examinations. He has also been an examiner for Reading University's MSc in Facilities Management and the College of Estate Management's Post Graduate Certificate/Diploma in Facilities Management. Barry has been a guest editor for the Journal of Corporate Real Estate and is a member of the editorial advisory board. Nick Nunnington MBA, BSc(Hons), MRICS is a principal lecturer at Sheffield Hallam University, a visiting lecturer at the Hanzehogeschool in Groningen, The Netherlands, and an associate director of a Centre for Excellence in Teaching and Learning. He is the real estate co-ordinator for the Centre for Education in the Built Environment (CEBE) and an editorial board member of the Journal of Education in the Built Environment (JEBE). Nick is also a co-author for The Income Approach to Valuation.

Table of Contents

Prefacep. ix
Acknowledgementsp. xiii
The business environmentp. 1
Introductionp. 1
Drivers, issues and trendsp. 1
Significant themesp. 4
Multi-generational Workforcep. 5
Strategic analysis toolsp. 12
Future scenariosp. 19
Think the unthinkablep. 27
Summary checklistp. 28
Referencesp. 28
Strategic alignmentp. 31
Introductionp. 31
An integrated approach: collapsing of boundariesp. 31
Corporate strategyp. 36
Adding valuep. 45
CREAM Strategic Alignment Modelp. 52
Summary checklistp. 54
Referencesp. 54
Strategic real estate procurement optionsp. 57
Introductionp. 57
The freehold vs. leasehold debatep. 57
The financial argumentp. 62
Getting the right balance of procurementp. 64
Converting from freehold to leaseholdp. 69
Future implications for procurement optionsp. 73
Beyond sale-and-leaseback: strategic alternatives to traditional freehold or leasehold procurementp. 79
Summary checklistp. 82
Referencesp. 83
Customer focused procurement optionsp. 85
Introductionp. 85
Changing expectationsp. 85
The financial argument to customer focused managementp. 89
Reducing lease lengthp. 92
Code for Leasing Business Premisesp. 94
The RICS Service Charge Codep. 97
The development of customer focused strategies in the UKp. 99
Conclusionp. 104
Summary checklistp. 105
Referencesp. 105
Performance measurement and benchmarkingp. 107
Introductionp. 107
Some definitions of benchmarkingp. 107
Benchmarking in practicep. 110
The 'apples and pears' problemp. 112
Criticisms of benchmarkingp. 115
Benchmarking in action 1p. 118
Benchmarking in action 2p. 121
Benchmarking in action 3p. 126
Benchmarking in action 4p. 130
Holistic real estate benchmarking in practicep. 131
Benchmarking and CREAM strategyp. 134
The Balanced Scorecardp. 136
Conclusionp. 139
Summary checklistp. 139
Referencesp. 140
Workplace transformationp. 141
Introductionp. 141
Evolution of the workplacep. 141
Changing nature of workp. 145
Working in the officep. 147
Working out of the officep. 151
Working virtuallyp. 152
Embedding performance and productivityp. 153
Conclusionp. 169
Summary checklistp. 169
Referencesp. 170
Corporate relocationp. 173
Introductionp. 173
Strategic space planning alignment processp. 173
Establishing organizational and business demandp. 175
Briefing processp. 187
Building and workplace supplyp. 188
Optimum alignmentp. 195
Summary checklistp. 198
Referencesp. 198
Sustainability, corporate social responsibility and corporate real estatep. 201
Introductionp. 201
Definitionsp. 201
The business benefits of corporate social responsibility (CSR)p. 203
The professional perspectivep. 206
Sustainability and commercial propertyp. 207
Drivers of sustainability and how they impact upon corporate real estatep. 208
BREEAMp. 212
Energy Performance Certificatesp. 215
The measurability of sustainabilityp. 216
Putting sustainability into practicep. 219
Green leasesp. 221
The carbon reduction commitmentp. 227
Conclusionsp. 228
Summary checklistp. 229
Referencesp. 230
Further Readingp. 231
Case Studiesp. 233
Customer focused real estate: The Bruntwood wayp. 233
Benchmarking: Actium Consult - a fresh approach to real estatep. 243
Workplace transformation: Nokia connecting peoplep. 253
Headquarter reconfiguration: The Hong Kong Jockey Club Danny S.S. Thenp. 265
Sustainability: Amazon Court, Prague - a win-win solutionp. 277
Indexp. 289
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