The Leader Magazine

SEP 2016

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48 SEPTEMBER 2016 Harnessing real estate data to improve profi tability by Joan Meyers A ccording to BOMA's 2015 Office Experience Exchange Report, the base rent for ccording to BOMA's 2015 Office Experience Exchange Report, the base rent for office buildings is $23.12 per square foot. Imagine that a company learns that its office buildings is $23.12 per square foot. Imagine that a company learns that its 3-million-square-foot (278,709-sq.-m.) campus is 40 percent vacant, as was the A 3-million-square-foot (278,709-sq.-m.) campus is 40 percent vacant, as was the case with a global telecommunications company. By conducting utilization and activity case with a global telecommunications company. By conducting utilization and activity studies to identify space inefficiencies, the company gained the information it needed to studies to identify space inefficiencies, the company gained the information it needed to studies to identify space inefficiencies, the company gained the information it needed to studies to identify space inefficiencies, the company gained the information it needed to reduce its portfolio by 25 percent and optimize the work environment for employees, resulting in a savings of $17.3 million in annual operating costs. resulting in a savings of $17.3 million in annual operating costs. resulting in a savings of $17.3 million in annual operating costs. The moral of this story is that harnessing the right data can have a huge impact on The moral of this story is that harnessing the right data can have a huge impact on strategy and profi tability. Today, those responsible for managing real estate want to have strategy and profi tability. Today, those responsible for managing real estate want to have a strategy and profi tability. Today, those responsible for managing real estate want to have strategy and profi tability. Today, those responsible for managing real estate want to have strategy and profi tability. Today, those responsible for managing real estate want to have greater insights into how space is being used by employees. Whether they are attempting to reduce space, to improve real estate utilization, or to understand how employees are to reduce space, to improve real estate utilization, or to understand how employees are working, they realize that data will enable them to build a case for change. working, they realize that data will enable them to build a case for change. working, they realize that data will enable them to build a case for change. working, they realize that data will enable them to build a case for change. F E A T U R E A R T I C L E

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