Action, drama, apocalypse, and disaster thrillers are all types of movies we’ve enjoyed on the couch with a bucket of popcorn. Little did we know, 2020 would be the year we were all cast in the next big box office hit.
These movies tend to follow the same action-packed formula and usually end with a big victory that saves the world. The final scenes show the aftermath – the ruins of a city destroyed by supervillains, aliens, zombies, storms, or any other force that typically plays a part in these movies. We’re then left to imagine what happens next. Our story is still unfolding before our eyes, but what happens after the credits start rolling?
We have to start writing the sequel, but where do we begin? How do we adjust and move forward? Businesses across every industry are facing this very question right now, especially when considering their portfolio of leased and owned space. Today, we’ll give you four ideas to get started.
Before you make any decisions, you have to get organized. The basics of your leases – expiration dates, rent schedules, and options – will be the foundation of your plan for 2021. Take the time to gather up each and every lease document, get them abstracted, and organize the data into a cloud-based system.
With Quarem, you get more than just a software solution. You get a team of experts that are ready to guide you through the entire process from start to finish. Our team of experienced lease abstractors will take the time to get to know you and your leases so you can get the most out of the software and trust that your data is accurate.
Determine Your Needs
You have to make more educated decisions when it comes to targets for new leases. Spaces and locations that have traditionally worked in the past might not do so anymore. Take note of emerging trends – as the economy recovers moving into 2021, there appears to be a shift to suburbs and secondary CRE markets (Salt Lake City, San Antonio, Jacksonville, etc.). Once you have your data organized, you can compare your current situation to the needs of your employees and the trends impacting the way we live and work.
Analyze and Forecast
Having your lease data organized in one system means you get a full picture view of your entire portfolio. COVID-19 forced us to reimagine the way we work and the way we use our space. Now, you can respond to those challenges with the help of accurate reporting. Need to reduce your footprint in 2021? Analyze the upcoming expirations and options in your portfolio. Worried about providing a healthy and safe workplace for employees when they return? Visualize key space utilization metrics, like SF/employee.
Stay Tuned to the Market
Real-time insights are more important than ever after COVID-19. As you’ve already seen, laws and momentum can change on a day-by-day basis. With CRE software like Quarem, you can monitor market rates for similar properties to the ones that are in your portfolio, as well as rely on accurate data and a team of CRE professionals at your disposal to help customize it to fit your needs. Stay tuned to the market and you’ll stay tuned to your portfolio’s needs.
Want more advice on how to adjust your CRE portfolio plan for 2021? Request a demo of Quarem today and start planning changes that will make a difference.
Consult the Experts
One of the biggest takeaways from 2020 is that we’re all in this together and we need to rely on each other to get by. Let’s carry those sentiments forward with us into the new year. When it comes time to make adjustments, don’t go at it alone. There are several resources out there that can provide you with great insight and guidance.
The first thing you can do is talk with your broker. They’re the eyes and ears of the commercial market and can help you navigate the new trends that have emerged this year. Additionally, you can reach out to service providers within the industry that work with businesses that are adjusting to the same challenges as you are. At Quarem, we’ve had the opportunity to gain a great understanding of what tenants are experiencing and the tools and data they need to adjust their plans in the new year.
We’d love to share those insights with you and be a part of your portfolio management strategy for 2021. Gives us a call today!