The odds of achieving optimum results on any real estate project are greatly increased when sufficient time is given to fully analyze needs and develop a thorough plan of action. The size and complexity of the requirement will dictate how many months in advance to begin a needs analysis, compilation of locational data and development of a financial model. 12 to 24 months is not too early to begin!
Consider how changing market conditions and ownership will affect your decisions in the present and in the future. Gaining an understanding of market conditions early on will allow you to define your leasing strategy, and to seize any unique opportunities that the market may have to offer.
Develop a detailed timeline outlining the steps and time frame necessary to complete the project. The timeline will help focus your company’s key personnel on each step of the project at the appropriate time.
Align Space Needs With Business Plan
Determine if the present space and lease terms align with your company’s current and long-term business plans. Issues to consider include population estimates, business unit growth or contraction, technological changes, and potential mergers or acquisitions.
Examine whether the locations of your existing workforce residences and/or traffic patterns have shifted over time, thereby creating a new geographic “employee centroid”. The importance of proximities to clients, vendors, amenities, infrastructure, and public transportation should also be considered.
Poll key executives to assess current locational and functionality issues that may exist. Building a consensus early will save time later and give you the commitment necessary to pursue unique opportunities when they arise.
Develop A Leasing Model
Develop a model that integrates the spatial, locational, technological, and financial aspects of the requirement. This site selection “benchmark” will give everyone involved in the project a clear picture of the goals and a good platform for decision support.