Are the new lease accounting standards a hindrance or the goose that laid the golden egg?
For many CRE teams the changing standards only further highlight the challenges faced historically; How do we build an effective real estate strategy when the business is decentralised and we have no ownership of the property portfolio? Setting out a plan and gaining business support with multiple stakeholders takes time and, once established, the actual implementation of new processes can take more than 12 months. It seems likely that CFOs will start exploring the impact of the upcoming changes throughout this year, if they haven’t already begun to do so, therefore now is the prime opportunity to ask for business investment in establishing a reliable property data set.
At CBRE our Portfolio Services team has been helping clients build a robust property lease data set for over 15 years. We are rehearsed in putting that in place within a 90-day window of activity. Our leading Portfolio Optimiser tools systematically identify portfolio risks and opportunities as a standard outcome and our dedicated transition teams will help you find the best solution to collect, store and manage your real estate data, readying your business for the new standards.
At CBRE we recognise the need to build a compelling business case for change. Our range of lease administration products, will deliver all your needs for getting your real estate data ready for the new standards and develop an outline property strategy. Seize the opportunity and call CBRE to develop a plan to create the building blocks to have an effective real estate strategy, and be ready for the new lease accounting standards.