How can you smoothly relocate or consolidate your real estate assets?

Relocating or consolidating your real estate assets can be a challenging and complex process, especially in the context of corporate real estate (CRE). You need to balance the needs and preferences of your employees, clients, and stakeholders, while also optimizing costs, efficiency, and sustainability. In this article, we will share some tips and best practices on how to plan and execute a smooth and successful relocation or consolidation project for your CRE portfolio.

1 Assess your current situation

The first step is to evaluate your current real estate assets and identify the drivers and objectives for relocation or consolidation. You may want to relocate or consolidate to reduce costs, improve operational performance, enhance employee experience, align with your brand identity, or adapt to changing market conditions. You should also consider the legal, financial, and operational implications of your decision, such as lease terms, tax implications, relocation costs, and business continuity.

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Brian L.

CEO at Bell Properties & Bella West Housing | Commercial & Residential Real Estate Sales, Leasing & Management throughout California | Consultant for Equity
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It’s important to define your goals and move towards them with certainty, with a clear understanding of how you’ll reach the finish line and what will be needed. We helped dozens of CRE owners and asset managers through this process, 1031 process and consolidating assets throughout California. One of the most important aspects for owners and managers is to work with a local & knowledgeable expert that can help them through a complex transaction and identify and overcome risks, before they become issues. Bell Properties is a California Leader for CRE. Let’s us know how we can help you reach your goals.

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2 Define your future requirements

The next step is to define your future real estate requirements and expectations, based on your strategic goals, business needs, and market trends. You should consider factors such as location, size, layout, design, amenities, technology, and sustainability. You should also involve your employees, clients, and stakeholders in the process, to understand their needs and preferences, and to communicate your vision and rationale for relocation or consolidation.

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Stephanie Botton

Business Strategy | CRE Strategy | Capex Project Strategy
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One of the most effective learning's I've uncovered is to define your future requirements aligned with your business, your people, your vision and your goals. A frequent failing of corporates is the adoption of strategies based on it working for other companies, with little to no adaption of this to suit your own organisation. The intended benefits of avoiding cost and saving on time by borrowing another's strategy are quickly eroded through the adoption of a real estate strategy which is ill-fit to your organisation. Don't reinvent the wheel unnecessarily but strike the right balance between real estate strategy reuse where possible and adaption to your own business where necessary.

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3 Conduct a gap analysis

The third step is to conduct a gap analysis between your current and future real estate requirements, and identify the best options for relocation or consolidation. You should compare the costs, benefits, and risks of different scenarios, such as moving to a new location, merging multiple locations into one, or downsizing or expanding your existing space. You should also evaluate the availability, suitability, and affordability of potential real estate assets in the market, and negotiate the best terms and conditions.

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4 Plan and manage the transition

The fourth step is to plan and manage the transition process from your current to your future real estate assets, and ensure a smooth and seamless experience for your employees, clients, and stakeholders. You should create a detailed project plan, timeline, budget, and communication strategy, and assign roles and responsibilities to your internal and external teams. You should also monitor and control the progress and performance of the project, and address any issues or challenges that may arise.

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5 Implement your new workplace strategy

The fifth step is to implement your new workplace strategy and design, and optimize the functionality, productivity, and well-being of your employees, clients, and stakeholders. You should align your new real estate assets with your brand identity, culture, and values, and create a flexible, collaborative, and innovative work environment. You should also provide adequate training, support, and feedback to your employees, clients, and stakeholders, and help them adapt to the new workplace.

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6 Evaluate the outcomes and benefits

The sixth and final step is to evaluate the outcomes and benefits of your relocation or consolidation project, and measure the impact on your business performance, employee satisfaction, client loyalty, and stakeholder engagement. You should collect and analyze data and feedback from various sources, such as surveys, interviews, focus groups, and metrics. You should also identify the lessons learned and best practices from the project, and apply them to your future real estate decisions and initiatives.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you smoothly relocate or consolidate your real estate assets?

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1 Assess your current situation

2 Define your future requirements

3 Conduct a gap analysis

4 Plan and manage the transition

5 Implement your new workplace strategy

6 Evaluate the outcomes and benefits

7 Here’s what else to consider

Corporate Real Estate

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How can you smoothly relocate or consolidate your real estate assets?

1

2

3

4

5

6

7

1 Assess your current situation

2 Define your future requirements

3 Conduct a gap analysis

4 Plan and manage the transition

5 Implement your new workplace strategy

6 Evaluate the outcomes and benefits

7 Here’s what else to consider

Corporate Real Estate

Rate this article

Thanks for your feedback

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