Share this
Global Corporation Speeds International Growth, Improves Efficiencies
by David Gibson on April 18, 2014
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.
Share this
- ASC 842 (78)
- Lease Accounting Software (62)
- Accounting Teams (39)
- Lease Administration Software (19)
- Retail Tenants (14)
- Commercial Real Estate (11)
- Lease Management (10)
- Market Data and Analytics (7)
- Real Estate Teams (6)
- ESG (5)
- Success Stories (5)
- News and Media Coverage (3)
- Transaction Management Software (2)
- Customer Success (1)
- Office Tenants (1)
- September 2024 (2)
- August 2024 (5)
- July 2024 (3)
- June 2024 (3)
- May 2024 (4)
- April 2024 (1)
- February 2024 (1)
- December 2023 (4)
- November 2023 (6)
- October 2023 (4)
- September 2023 (2)
- August 2023 (2)
- July 2023 (3)
- May 2023 (2)
- March 2023 (1)
- February 2023 (3)
- December 2022 (3)
- November 2022 (4)
- October 2022 (4)
- September 2022 (1)
- August 2022 (4)
- June 2022 (1)
- May 2022 (4)
- April 2022 (8)
- March 2022 (3)
- February 2022 (1)
- October 2021 (2)
- September 2021 (1)
- August 2021 (15)
- July 2021 (3)
- June 2021 (1)
- May 2021 (1)
- April 2021 (3)
- March 2021 (1)
- January 2021 (1)
- December 2020 (3)
- November 2020 (1)
- October 2020 (2)
- September 2020 (2)
- August 2020 (3)
- July 2020 (2)
- June 2020 (3)
- May 2020 (1)
- April 2020 (1)
- March 2020 (1)
- February 2020 (1)
- December 2019 (1)
- October 2019 (1)
- September 2019 (2)
- August 2019 (3)
- July 2019 (2)
- April 2019 (69)
- October 2018 (1)
- August 2018 (1)
- July 2018 (1)
- June 2018 (1)
- May 2018 (1)
- April 2018 (2)
- March 2018 (3)
- February 2018 (2)
- December 2017 (1)
- August 2017 (3)
- June 2017 (2)
- May 2017 (2)
- April 2017 (1)
- March 2017 (2)
- January 2017 (2)
- November 2016 (2)
- July 2016 (1)
- June 2016 (1)
- July 2015 (1)
- March 2015 (1)
- June 2014 (1)
- April 2014 (11)
- October 2011 (1)
You May Also Like
These Related Stories