Abstract
The creation of suitable workplace environment to support employees in performing their tasks is becoming a key issue for many organisations faced with constant change. Numerous workplace strategies have evolved in recent years to provide for convenience and flexibility, as well as functionality and privacy. Problems usually arise at the implementation stage where organisation culture and practices often run counter to the need for innovation strategies. This paper contents that the creation of enabling workplace requires a proactive property management model that integrate real estate provision and facilities services management. The value contribution of real estate assets can only be optimised when the property/facilities professional takes on the responsibility of continuously providing appropriate facility solutions to business challenges. An essential prerequisite is the role of property/facilities management as the custodian and enabler of the corporate workplace environment. The focus of the research was to provide a business perspective to the role of real estate assets(property) in supporting the fulfilment of corporate business plans. Based a comprehensive survey of published literature and a series of in‐depth interviews of corporate real estate/property/facilities managers, an integrating resources management framework was developed to model the nature of interactions between strategic business planning and facility operations in an organisational setting.
Highlights
AND REVIEWThe acceptance of real estate assets as a business resource by senior management is by no means obvious
The corollary is that unless real estate is regarded as a business resource, the practice of operational asset management is likely to be characterized by a reactive regime where decisions are typically sub-optimal as a result of lack of awareness of the organizations strategic intent and lack of full knowledge of the asset base
The dominant concept of Real Estate Asset Management (REAM) is to provide an informed interface between strategic business planning and operational asset management via Strategic Facilities Brief (SFB) and Service Level Brief (SLB)
Summary
The acceptance of real estate assets as a business resource by senior management is by no means obvious. The review of literature traced the evolving role of operational real estate assets and their management practices against a background of rapid technological change and changing emphasis in management thinking about how best to manage business resources in the fulfillment of corporate objectives. The role of REAM in the context of business management is to ensure the timely supply of appropriate, fully serviced, functional space, as a supporting business resource required for the fulfillment of business objectives. The proposed framework is grounded on a clear understanding of the nature and demands of core business requirements, from which the needs of real estate and facilities provisions will flow, as an integral process of managing all business resources towards the fulfillment of corporate objective and targets
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