With 2016 quickly approaching, now is a great time to look at your commercial real estate needs. Below are 20 questions for you to consider as you plan for a new year. Many of the questions are specific to a single location and others for a company with multiple locations.
It is most important for an business to have a proactive approach to its real estate. Typically your 2nd highest operating expense, your space is a critical component to your business planning.
- Do your business units each have a plan for rapid changes in market conditions?
- Can you tell the current state of your global portfolio in real time?
- Do you have accurate ways of measuring the performance of your portfolio?
- Do you know when you’re likely to run out of space, and do you have a plan to keep that from happening?
- Does your space fit in with your business strategy?
- If you need 200 new seats in the next 30 days, do you know what you’ll do?
- Is your current location conducive to a productive workforce?
- Does your workforce have the skills necessary to accommodate your future growth?
- Do you have the tools you need to evaluate alternative labor markets?
- Exactly how many leases do you have across your entire organization and what does that represent in square feet and annual occupancy cost?
- What are the critical notification dates and actions required in the next six months? How about the next twelve?
- How much do you save through annual cost audits?
- Is owning property really within your company’s core competency?
- Do you have significant capital invested unproductively in real estate, and could that capital be better used elsewhere in your business?
- Do you need to build a custom facility but don’t want to own it?
- Do your facilities have backup systems in place to handle emergencies?
- Do you have the metrics in place to evaluate the cost effectiveness of your facilities management?
- Is anyone in the company responsible for the “uptime” of your facilities?
- Are you focusing too much on your facilities and not enough on your business?
- Are you getting the information you need to monitor your operating costs?
Aren’t sure about the answers? Give us a call and learn how Found can assist you with your real estate needs.