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1、砾,VLVlSOALLEASEREPORT2023CommercialFRealEstate&1.easingTrendReport欣,，dShiftingRealEstatePrioritiesinToday/sBusinessClimateContentsExecutiveSummary32023CommercialRealEstateAnalysis5HowLeaseControlsCanEmpowerYoutoOptimizeYourLeasePortfolio9ALessonLearned:ItTimeforRealEstateandFinanceDepartmentstoLockA
2、rms11ExecutiveSummaryToday,corporaterealestateplanningismorecomplicatedthanever.Businessesacrossallindustriesareincash-ConSerVatiOnmode,lkingtocutcostsandremainagileinresponsetothecurrenteconomicclimate.Infact,88%ofcompaniesarenowplanningforphysicalspaceneedsjustoneyear(orless)inadvance,whichisa151%
3、increasefrom2022*.1Amidsttisshift,businessesaresimultaneslygrapplingwithongoingleaseaccountingandmanagementchallenges.71%Whyisthislackofvisibilitysuchanissue?Neariythree-quarters(71%)ofprivatecompaniesarenotentirelyconfidenttheyknowhowmuchtheirleasescosttheirbusiness.(2022LeaseMarketAnalysis)45%ofse
4、niorRealEstateExecutivessharethattheircompanieshaveoverpaidrentorexpensesduetoinadequateleasecontrols.Considerthis:mostbusinessesareacutelyawareofwhatthey,respendingintermsofpeople-relatedsts(payroll,benefits,paidtimeoff,etc.),asthisistypicallythelargestexpenselineitemintheirbudgets.Theyhaveamplesys
5、temsandprocessesinplacetogateandreportonteirpersonnelexpense,aswellasthereturnoninvestment.Unfortunately,companiesdonotplacethesamerigorandcontrolsaroundthemanagementoftheirleaseportfolios,whichissurprisinggivenleasesareusuallyabusinessssend-largestexpense.Thisknowledgegapisattributedtothefactthat83
6、%ofseniorRealEstateExecutivesreportthattheircompaniesarenotprioritizinginvestinginthededicatedtechnology,peopleandprocessesrequiredtosuccessfullymanagetheirlease-relatedexpensesasmuchastheyshouldbe.Thisisproblematicbecausewithouttherightlevelofvisibilityintothetermsofthesedynamicagreements,leaseport
7、foliosbemevolatile,riskybusinessassets-especiallyinthewakeofthenewleaseaccountingstandards(ASC842,GASB87andIFRS16)zwhichrequirempaniestokeeptrackofallchangestotheirleasestoaccuratelyreportthemonthebalancesheetwithinaudits.Inthisreport,industryexpertsfromVisualLeaseandotherorganizationssuchasToshibaA
8、mericaBusinessSolutions,AmericanAxleandManufacturingandHomeServicesofAmericawillbreakdown:ThetermsorganizationsareprioritizinginnewleasesHowthepost-pandemiceconomyandworkplaceareimpactingcorporaterealestatedecisionsTherepercussionsofpoorleasemanagementHowEnvironmental,SocialandGovernance(ESG)priorit
9、iesareinfluencingcorporaterealestatedecisionsThebenefitsofoptimizingaleaseportfoliotoidentifytherisksandopportunitieswithintheinvestments2023CommercialRealEstateAnalysisIn2023,businessesarefacingarangeofuniquechallengesandcircumstancesincludingachangingenomyztherippleeffectofdigitaltransformation,th
10、eevolutionoftheworkplaceandthelmingpressurestoadoptEnvironmental,SocialandGovernance(ESG)initiatives.Toaddresstesempetingpriorities,mpaniesaretakingacloserlkattheirrealestateneedsandexistingleasestoidentifypotentialgapsandopportunitiestosavetimeandmoney.Asaresult,thefollowingtrendshaveemerged:Compan
11、iesarestillleasing,butareprioritizingtheirabilitytoremainagile.71%70% neonDOOO I i II-K- Kill III20222023Today, 70% of senior Real Estate Executives claim their companies are looking to add space as a part of their real estate strategy for 2023.This is on par with findings from last year,s survey, w
12、here 71 % of senior Accounting and Finance professionals reported that their companies were looking to add space as a part of their company,s real estate strategy for 2022.Inthemidstofeconomicuncertainty,andinapost-pandemicworkplace,businesseswanttobecertainthattheirleaseswillallowthemtomakequickdec
13、isionsandadjustmentswhenneeded.However,88%ofseniorRealEstateExecutivessharethattheircompaniesareplanningfortheirphysicalspaceneedsjustoneyear(orless)inadvance,whichisa151%increasefromthepreviousyear*.Inlkingayearoutzorganizationsareprotectingtheirabilitytopivotshouldanyunforeseencircumstancesarise,a
14、lessonlearnedfromtheCOVID-19pandemic.52%adding new satellite locations40%relocating existing spaces40%closing existing locations28%downsizingexisting spacesWhilealargepercentageOfcompanies(70%)arelookingtoexpandtheirrealestateftprintsbyaddingnewsatellitelocations(52c)andrelocatingexistingspaces(40%)
15、,59%)ofthosesamecompaniesarealsolookingforwaystoremovespacebyclosing(40%)anddownsizing(28%)existinglocations.Thisbehaviorsuggeststhatasorganizationsterminateoldleasesandenterintonewagreements,they,reseekingarrangementsthatsupportnewwaysofworking.Inadditiontoprioritizingflexibility,businessesareerrin
16、gonthesideofcaution,with71%ofseniorRealEstateExecutivesreportingthattheircompaniesareextremelylikelytoputoffmakingneededupgradesormovingfacilitiesinthecomingyearduetothestateoftheeconomy.Despitethefactthatbusinessesmaybehesitanttoenterintonewrealestateagreements,99%ofseniorRealEstateExecutivessaytha
17、ttheircompaniesarelikelytoincreasetheirequipmentleasestomaintainoperations,whichmightbedrivenbytheequipmentneedsoforganizationswithdistributedworkforces.Thisshifthighlightsjusthowmuchthequintessentialworkspacehaschangedsincethepandemic,andasaresulhowcompaniesarerecognizingleasingasawaytostayflexible
18、andevolvetheirbusinesses.1.easingplansshowcasetheprioritiesofanewworkforce.Thisshifttosatellitelocationsisindicativeofalargertrendinwhichmpanieshavereimaginedtheworkplace.Hybridworkarrangements,fullyremotehiresandsharedworkspacesareheretostayasprofessionalsaossallindustriesvalueflexibilityjustasmuch
19、asthebusinessestheyworkfordo.Infact,lastyear,38%ofseniorAccountingandFinanceprofessionalsreportedthatshareddesks/officesbookedasneededcreatedthebestofficeworkingenvironmentfortheircompanies.Thisyear,46%ofseniorRealEstateExecutivesreportthatshareddesks/officesbookedasneededcreatedthebestofficeworking
20、environmentfortheircompanies.Additionally,seniorRealEstateExecutivesidentifyteabilitytosublease,mmunalbuildingamenitiesandflexibleleaseterminationastopfactorstonegotiateintofutureleasestosupporttoda/seconomicclimate-allofwhichenableorganizationstocatertotheneedsoftheirworkforce,aswellasemergingbusin
21、esspriorities.Mismanagedleasesarecostingbusinessesbigtime.Historically,mpanieshaveoperatedunderthebeliefthatoncealeasewassignedbyallparties,theprocesswasmplete.Thishasresultedinmostleaseportfoliosgoinglargelyoverlookedandundermanaged.Nearlythree-quarters(71%)Ofprivatecompaniesarenotentirelyconfident
22、theyknowhowmuchtheirleasescosttheirbusiness.Infact,45%ofseniorRealEstateExecutivessharethattheircompanieshaveoverpaidrentorexpensesduetoinadequateleasecontrols.Thisknowledgegapisattributedtothefactthat83%ofseniorRealEstateExecutivesreportthattheircompaniesarenotinvestinginthededicatedtechnology,peop
23、leandprocessesrequiredtosuccessfullymanagetheirlease-relatedexpenses.Thisisproblematicbecausewithouttherightlevelofvisibilityintotetermsoftheseagreements,companieswillinevitablyoverspend.4ESGisnotjustabuzzword-it,salreadyimpactingrealestatedecisions.Inadditiontoanticipatingtheongoingimpactsoftecurre
24、nteconomy,businessesarentemplatingtheirEnvironmental,SocialandGovernance(ESG)programs-notonlytheinitiativestheyhaveorplantoputintoplace,butalso,howthey11reportontheirefforts.ESGadoptionisbeingdrivenbyitsincreasinglycriticalroleintheperceptionofinternalandexternalstakeholders.AccordingtoMarsh&McLenna
25、n,organizationswiththehighestemployeesatisfactionhadESGscores14%higherthantheglobalaverage,likelyduetotheirstrongenvironmentalperformance.AndS&PGlobalfoundthat53%ofrevenuesofthe500largestUScompaniesand49%ofrevenuesofthe1,200largestglobalcompaniescomefrombusinessactivitiesthatsupportsustainabledevelo
26、pmentgoals.Real Estate Executives believe it is important for their company,s future leases to reduce its carbon footprint.99%ofseniorWhenexecutedrrectfyzampanyESGprogramcanhavestrongsocietalandfinancialhealthimpacts.Thus,ESGprioritiesarehavinglargeimplicationsonhowcompaniesevaluateandenternewleasea
27、greements.However,theseExecutivesarefacingchallengesinbeingsuccessfulastheyarenotthoroughlyintegratedintotheESGreportingprocess.55%ofseniorRealEstateExecutiveshavelittletonoinvolvementinESCreportingattheircompany.ThiscouldbeabigissueasRealEstateteamsareprivytoallthedetailsfoundwithinanorganizationsl
28、easeportfolio.Ifthisdataisntcompleteandaccurate,itwillnotonlyskewfinancialreportingandpotentiallyresultinfeesandfines,butalso,preventtheabilityfororganizationstomakeinformeddecisionsonthisfront,aswellasimpedeinvestorsabilitytoevaluateanorganizationsESGdata.HowLeaseControlsCanEmpowerYoutoOptimizeYour
29、LeasePortfolioForRealEstateteamstobeabletoeffectivelynegotiateleasesthatacmmodateandanticipatetheirmpansneeds,theyneedfullvisibilityintothedetailsoftheirexistingleases.Byunderstandingthegapsandopportunitieswithin,theyllmakebetterinformeddecisionsaboutwhatisrequiredOffutureleases.However,theabilityto
30、optimizeampany,sleaseportfoliohingesonthestrengthofitsleasesntrolsecosystem,whichencompassesthepolicies,procedures,standardsandprocessesthatmanagementhasestablishedwithintheorganization.Formany,tere,ssubstantialrmforimprovementinthisregardandthepathtowardimplementingstrongleasecontrolsstartswithtech
31、nologytatcaneffectivelyenforceyourorganizationpolicies.83%ofseniorRealEstateExecutivesbelievetheircompanyisnotprioritizinginvestmentsfordedicatedtechnology,peopleandprocessesneededtosuccessfullymanagetheirlease-relatedexpenses.Strongleasemanagementisntjustacrucialpartofthepuzzlewhenitmestoenteringin
32、tonewleases.100%ofseniorRealEstateExecutivesbelieveitisimpossibletosustainleaseaccountingcompliance(e.g.,ASC842,IFRS16,GASB87)withoutproperleaseadministrationpracticesinplace.ThismutualneedfortheRealEstateteamsandHnanceteamspresentsauniqueopportunityforbothpartiestofurtherstrengthentheirworkingrelat
33、ionshipasthere,sroomforimprovement.68%SeniorRealEstateExecutivesdonotbelievetheyarecurrentlyverycollaborativewiththeircompany,sFinanceteams.Greatercollaborationcanbeachievedwhenampanyalignsitsleasecontrolswithitsinternalsystems.Thiswillensuretherightlevelofpermissionandaccessareavailabletothepropers
34、takeholdersthroughouttheleasemanagementandreportingIifecycleszgreatlyreducingteriskofteseorganizationshavinginaccurateorincompleteleasedata.Notonlywillhavingdeanleasedatafacilitateaccuratereporting,butitwillalsoempowerHnanceandRealEstateprofessionalstointegratetheirleasedatawithotherRnTechsystemstod
35、rawvaluableinsightsfromtheirsystems.ThisfocusonleasecontrolswillprovideRealEstateandFinanceteamswithbetterconfidenceintheirdata,aswellasvisibilityintotheinsightstheyneedtomakemorestrategicdecisionstodrivegreaterefficiencyandeffectivenesswhilealsoreducingcostsandrisk.HfHHfHThisisahugeareaofopportunit
36、y,as90%ofSeniorReaIEstateExecutivesdonotbelievetheyhavefullaccesstothedatatheyneedtomakeaninformeddecisionabouttheircompany,sleaseportfolio.Byprioritizingtechnologythatenablesrobustleasecontrols,suchasVisualLease,acompanycansafeguarditsleaseportfolio-anareaofthebusinessthatisheavilyinvestedinzandals
37、ozexposedtoseveralteamsatanygivenpointIftheyneglecttodosoztheyllexposetheirorganizationtorisksincludingtheinabilitytorespondtochangingcircumstances,missingdeadlinesandoptions,miscalculatingleasecosts,missingincentivesandreimbursements,failinganauditandevenoverpayingandassumingresponsibilitiestatbelo
38、ngedwithyourlessor.LEE EBAUGHDirector of Real Estateand Business Continuitycomes from Visual Lease.TOSHIBAAfterIopenmyemail,IopenupVisualLease.ThatsoneofthefirstthingsIgetintoonadailybasis.Ilookforleasedetails,evaluatefacilities,planforspaceandconductmarketresearch.Wegoindepthoneverysingletransactio
39、n.AllofthedataweusetomakethosebusinessdecisionsALessonLearned:IfsTimeforRealEstate&FinanceDepartmentstoLockArmsInadditiontotheRealEstateteamswhohandlesrdngzexecutingonandmanagingleases,Hnanceteamsarealsoheavilyinvolvedinteacuntingandreportingofthesehigh-stakesbusinessassets.Withtodaysbusinesschallen
40、gesinmind,itsevidentthatHnanceandRealEstateteamshaveneverbeenundermorepressure-inadditiontoperformingtheirusualday-to-dayactivities,terebeingtaskedwithaddingevenmorestrategicvaluetotheircompanies,andlikelywithfewerresources.Beyondensuringmpaniesstaywithinbudget,financialprofessionalsarebeingtaskedwi
41、thidentifyingopportunitiesforsavings.SeniorRealEstateExecutiveswereaskedtorankthefollowingexpensesbyhowmuchofaconcerntheyarewhenenteringintonewleases:33%1)Rentobligationscpnntn93)Utilities4)TaxesRealEstateteamsareexpectedtohelptheirmpaniesenterflexibleleaseagreementsthatwillprovidethemwiththeagility
42、requiredtorespondtochangingcircumstances.Bothfunctionalareasarealsofeelingtheeffectsofdigitaltransformationastheyrerequiredtoquicklyadoptnewtechnologytohelpfacilitatedifferentaspectsofteirexpandedresponsibilities-whilethistechnologyisessential,itcancreateadditionalstressanddelaysifnotpropertyevaluat
43、ed,selectedandimplemented.VISUALLFAS，Byintegratingtherighttechnologythatsupportsrobustleasecontrolsintoitstechstack,FinanceandRealEstateteamscanfinallylockarms,benefitingfrom:AccurateandcompleteleasedataConfident,sustainedleaseaccountingcomplianceClearlydefinedrolesandresponsibilitiesStrongcommunica
44、tionandcollaborationAccesstouniqueinsightstoinformmorestrategicbusinessdecisionsBycomingtogether,tesetwofunctionalareaswillempowertheirmpaniestoquicklypivot-acapabilitythatwasoftenlackingduringtheonsetofthepandemic,butonethatcanundoubtedlyhelpsustainorganizationsthroughanuncertaineconomy.Herb CohenD
45、irector of Corporate Services, Treasury & RiskArianne AultDirector, Treasury & CapitalMarketsase has given us visibility and reliable reporting, which helps us with budgeting and forecasting. It gives us more intel. We track lots of metrics - so We can see high-level information and then go into the
46、 weeds to make sound decisions.U HMisctvs PMaking decisions With visibility into that data makes you feel much more confident. Our CFO looks to us to administer the software and train new users in the field. Leases are part of our quarterly treasury reviews where we show a full picture ofourlease po
47、rtfolio, trends, expenses, and cash flows. All of that information is getting much more attention now that its not just collected annually for a year-end disclosuresVISUALLFAS，AboutTheVisualLeaseDataInstitute:TheVisualLeaseDataInstituteisacollectionofmarket-leadingdata,trendsandinsightsonleaseaccoun
48、ting,managementandoptimizationcreatedandcuratedbyVisualLease,providerofthe#1leaseoptimizationsoftware.TheInstitutewasfoundedon35yearsofexperiencemanagingleasedataandfinancials,andwascreatedtoarmorganizationswiththeknowledgerequiredtoachieveandmaintainleaseacuntingcomplianceandleveragetheirleasesasstrategicbusinessassets.MethodologicalNotes:TheVisualLeaseSurveywasconductedbyWakefieldResearch(amo
