The following road map to a successful relocation or renewal will guide you step-by-step to a sound decision.
Step 1: Set objectives and requirements
A careful analysis of your company’s goals and needs will lead to solutions that both enhance productivity and reduce costs. This stage will see you work with an expert real estate partner to evaluate, understand and project current and future space needs.
Step 2: Gather data and prepare
Sound real estate decisions are driven by superior market insight. This stage sees the road map continue with research, planning and preparation.
Step 3: Drive organization consensus
In order to achieve consensus amongst key stakeholders, your organization will need to develop a set of qualitative criteria by which each alternative option can be evaluated.
Step 4: Identify opportunities
A clear understanding of your real estate objectives will ensure the most complete assessment of available options in the market. After liaising with an experienced real estate professional to compile a comprehensive list of properties, you and your committee can determine which alternatives to investigate further, ultimately comparing each option against your objectives.
Step 5: Evaluate alternatives
Once a short-list of properties for consideration (including your current location) has been developed, you will be in a position to work with your real estate professional to prepare customized Requests for Proposals for the owners of those buildings. The proposals you receive in response will enable an apples to apples comparison to be made among the alternatives.
Step 6: Implement decision
Experienced real estate professionals will negotiate on your behalf, ensuring the most favorable terms possible.
Once you have negotiated a favorable new lease or embarked on an exciting relocation, the benefits of a sound strategy will be obvious. The process will have empowered you with an unparalleled understanding of the market, clarified your challenges and opportunities and allowed you to confidently survey your alternatives—ultimately guiding you toward the right solution for your company.