This successful and rapidly expanding corporation provides IT, business process and strategic consulting services to its global customer base. Headquartered in the US, this company has recently experienced enormous employee growth in its world-wide locations. The accounting teams have been vital part of this growth. 

Problem

With more than 150 commercial real estate lease managed on disparate systems with no integrations, the organization faced severe challenges to coordinate, communicate and facilitate operations. This prompted the global real estate team to be in constant “reactive” mode with no time nor accurate information to make preemptive, insightful decisions that predicted demand for space.  To add to this challenge, lease information had not been consistently abstracted into these systems or existed only in paper document form, making critical dates on short-term leases more difficult to follow.

Solution

This customer selected the CoStar Real Estate Manager corporate edition because the system could be implemented quickly and CoStar Real Estate Manager could provide quality in-house lease abstracting and data management services. CoStar Real Estate Manager abstracted all existing leases into the system and had the system up and running in less than two months.  This cloud-based CoStar Real Estate Manager system enables instant access to real estate data by all global stakeholders from anywhere and at any time.  The system provides consolidated, integrated, accurate and reliable data about the entire portfolio that helps this customer constantly monitor lease options, renewal clauses, critical dates and space utilization levels.  In addition, the advanced financial system functionality helps this customer efficiently track lease charges, thus reducing the risk of missed lease payments.

Results

With the CoStar Real Estate Manager system fully implemented, this client now has full control of its entire global real estate portfolio, with a “single source of truth” for all real estate-related information. The system enables currency and metric conversions for consistent reporting and provides a collaborative platform for quick issue resolutions across multiple continents, countries and time zones.  Accurate lease data combined with automatic system alerts ensure that critical dates are not missed, lease payments are made on time and that all leases are managed effectively, taking advantage of renewal clauses and lease options.  With the information now contained in the CoStar Real Estate Manager system, this customer better forecasts real estate needs and meets the demands for real estate on time and within budget.