Wouldn’t it be nice if crystal balls actually worked? We could pick the winner of the World Series each year, predict when there is bad traffic on the way home from work and prepare for any worldwide pandemics that are on the horizon.
For CRE tenants, projections with commercial real estate software are the next-best thing.
As the future of the traditional office is under question due to uncertainty brought on by the Coronavirus, professionals that manage leases are relying on the data to forecast and make decisions.
Here’s how CRE software can act as your crystal ball—even during uncertain times.
Tracking Lease Options and Expirations
I can’t be certain, but I’m willing to bet that office supply stores were booming in the spring of 2020. While we were busy adapting to our new home offices, traditional office space sat empty. This major adjustment forced tenants to look at office space in a different way. Now, many organizations are reimagining their space getting rid of it altogether.
In order to make any decision, tenants have to analyze two key things – lease options and expirations. With CRE software, you can have these metrics in front of you with just a few clicks. You can use the powerful reports to make reliable decisions about the future, and unlike spreadsheets, you can trust that your data is accurate. Every change that’s made is tracked in an activity timeline with time/date/author stamping.
Analyzing Rent Projections
It’s no secret that CRE leases place a big burden on your budget. So many organizations are adapting to the economic impact of today’s events, which means their commercial real estate budget is under review.
With CRE software, you can easily report on expenses across all of your leases as far into the future as you need. Each lease has an income/expense table that accounts for all future rent projections or abatements. Additionally, you can track other expenses like parking.
Making Changes to the Space
We’re all adjusting to the new social norms of today. Social distancing, increased sanitation precautions, and masks are just some of the things we have to consider when interacting with others. These practices are impacting more than just our social lives, they’re changing the spaces we live and work in.
For tenants, the big question is this – in terms of space, what are my needs right now, and what will they be in the future? Amongst the many factors to explore is the idea of how employees can share space while also maintaining proper distance. Tenants that use CRE software to track their lease data can easily visualize important aspects of their space while they ponder the future. For example, Quarem provides users with customizable dashboards that make it easy to capture information and analyze space utilization metrics.
If you’re interested in seeing how commercial real estate software like Quarem can help you with projections amidst an evolving landscape, request a demo today.