Three Reasons You Need Corporate Real Estate Benchmarking Right Now


Three Reasons You Need Corporate Real Estate Benchmarking Right Now

What is benchmarking? 

Benchmarking is the practice of comparing the practices and performance of your business to competitors in the industry. With corporate real estate benchmarking, you can see how your business performs against historical data and your own sites in various locations. 

Benchmarking your organization’s metrics shows performance gaps, cost savings, and more to help you measure up to the industry standard and continuously improve upon your current practices.  

The benchmarking process can be broken down into four steps. 

  1. Identify key metrics 
  1. Determine where you currently are and where you want to be 
  1. Create a plan of action 
  1. Measure your goals 

Without benchmarking, you won’t be able to access trusted data and metrics, so your organization can become more efficient and effective. Whether you are looking to improve a certain site or your entire portfolio, commercial real estate benchmarking is crucial to success.  

Benchmarking is more important now than ever, as we are living in unprecedented times. 

Here’s why.

  1. Gain a competitive advantage over your competitors in an ever-changing environment.
  1. Identifying operational cost savings is more important than ever due to current and projected market conditions.
  1. Make strategic commercial real estate decisions based on trustworthy data that help you achieve your goals.

What performance metrics are used for CRE benchmarking? 

  • Average space per person 
  • Average facilities cost per person 
  • Average cost per square foot 
  • Product cycle times 
  • CRE market values by asset, size, etc. 
  • Lease rates 

RefineRE’s BenchCore benchmarking solution, born out of CoreNet Global, is the leading commercial real estate benchmarking software solution. With BenchCore, you’ll be able to benchmark granular and FM-related commercial real estate stats on a global scale, gain valuable insights, make better strategic decisions, and easily share findings with your organization’s stakeholders.  

RefineRE is currently running a limited-time offer for the peer-to-peer global benchmarking solution. Schedule a free 15-minute consultation call and learn how benchmarking can assist you in making fact-based decisions to optimize your real estate portfolio.  

Schedule a consultation with RefineRE

Here's what you can expect:

    ‣ A 15-minute call
    ‣ Identify your biggest challenges
    ‣ Explore automated solutions to optimize your strategy