Corporate Real Estate Management (CREM) Practice

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A Corporate Real Estate Management (CREM) Practice is a real estate management practice that focuses on corporate real estate management tasks (of corporate real-estate properties).

References

2024

  • Perplexity.ai
    • Corporate Real Estate Management (CREM) encompasses a strategic approach to managing an organization’s physical assets, including owned and leased properties. This practice is distinct from traditional real estate management, focusing on aligning real estate strategies with broader business objectives to optimize resources and enhance productivity.
    • Key Functions of Corporate Real Estate Management
      1. Property Acquisition and Lease Administration: CREM involves the acquisition of properties that support the organization's operational needs. This includes negotiating leases and managing lease agreements to ensure favorable terms that align with the company’s financial and strategic goals[1][2].
      2. Facility Management: This function integrates various organizational elements within a company’s built environment, ensuring functionality, accessibility, and comfort. Facilities management covers maintenance, site services, and workplace enhancements[2][4].
      3. Space Optimization: Effective CREM focuses on maximizing the use of space through strategic planning and data analysis. This includes understanding occupancy rates and space utilization to make informed decisions about downsizing or repurposing office spaces in response to evolving work environments[1][4].
      4. Technology Integration: Modern CREM practices leverage technology such as Integrated Workplace Management Systems (IWMS) and data analytics tools. These technologies facilitate real-time insights into space usage and operational efficiency, enabling proactive decision-making[1][4].
    • Strategic Considerations in CREM
      1. Aligning Real Estate with Business Objectives: Successful CREM requires a clear understanding of the organization’s goals, ensuring that real estate decisions support both short-term and long-term strategies. For instance, if a company aims to expand into new markets, its real estate strategy may involve acquiring properties in those areas[1][3].
      2. Flexibility and Adaptability: The corporate landscape is rapidly changing, necessitating flexible real estate strategies that can adapt to market dynamics. This includes embracing hybrid work models and flexible lease agreements to accommodate shifting workforce needs[4][5].
      3. Sustainability Initiatives: With increasing emphasis on corporate social responsibility, sustainable practices are becoming integral to CREM. Companies are investing in energy-efficient buildings and green technologies to reduce their environmental footprint while also appealing to eco-conscious tenants[1][4].
      4. Continuous Monitoring and Optimization: CREM is an ongoing process that involves regularly evaluating key performance indicators (KPIs) to identify areas for improvement. This proactive approach ensures that real estate assets remain aligned with changing business needs[1][3].
    • Citations:
[1] https://www.gallaghermohan.com/blogs/corporate-real-estate-management-strategies-for-success/
[2] https://trascent.com/about/what-is-cre/
[3] https://www.shyftcollective.com/post/how-to-manage-a-corporate-real-estate-portfolio
[4] https://eptura.com/discover-more/blog/corporate-real-estate-management-made-simple/
[5] https://www.hubstar.com/blog/corporate-real-estate-management/
[6] https://www.occupier.com/blog/the-ultimate-guide-to-corporate-real-estate-strategy/
[7] https://kpmg.com/ch/en/services/management-consulting/corporate-real-estate-strategy.html
[8] https://www.cbre.com/insights/books/managing-corporate-real-estate-and-facilities-leading-and-emerging-practices

2016

  • (Den Heijer, 2016) ⇒ A. C. Den Heijer. (2016). "Managing University Campus – In Theory and Practice."
    • NOTE: It provides a strategic framework for managing university campuses by integrating real estate management with broader institutional goals, focusing on sustainability, space optimization, and adaptability to future needs.

2001

  • (Krumm, 2001) ⇒ P. J. Krumm. (2001). "History of Real Estate Management from a Corporate Perspective." Facilities.
    • NOTE: It explores the transformation of corporate real estate management from operational support to a strategic asset within corporations, emphasizing its evolving role in corporate growth and resource allocation.

1993

  • (Joroff et al., 1993) ⇒ M. Joroff, J. Louargand, S. Lambert, and F. Becker. (1993). "Strategic Management of the Fifth Resource: Corporate Real Estate." In: Corporate Real Estate 2000.
    • NOTE: It highlights the shift in corporate real estate from a cost-centered approach to a strategic asset, advocating for CREM as a key contributor to achieving business objectives and adding value to corporate operations.
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