In search of relevance: Strategy and the corporate real estate function

Abstract

Corporate real estate (CRE) leaders have long recognised the importance of skill sets such as strategic planning, relationship building, strategic thinking and cross-functional collaboration in their profession's drive to achieve business-driven results and increased relevance within the corporate hierarchy. The current perception within the profession, however, is that competencies lag behind what is necessary to perform effectively in today's organisations. This paper offers a methodology for leaders to use in aligning CRE with corporate strategy and other support functions’ responses to it, adapting CRE services to the specific strategic objectives of business units and educating real estate teams to reduce critical competency gaps. By translating corporate strategy into actionable steps, leaders can provide a direct path for delivering results and for improving and embedding strategic planning ability within the CRE team. Leaders should gain insights into how a structured approach to strategic planning can make a meaningful improvement in aligning CRE with corporate strategy, and how engaging team members in the planning process provides focus for their work and a deeper understanding of how their individual contributions help in the achievement of corporate objectives.