January 11, 2002—A recent survey conducted by Ernst & Young/NACORE reveals that real estate executives are gradually viewing the Internet beyond a simple communications tool. The Corporate Real Estate Benchmarking Survey, as reported in the January 2002 Site Selection magazine, finds that more real estate executives are finding uses for Web-enabled software that can save them money and time. These respondents, however, were in the minority; slightly more than one fourth reported significant use of technology.
Forty-one percent of respondents said they had access to dedicated technology specialists and 43 had specific technology budgets. The top four real estate processes that were supported by technology were: 1) lease administration, 2) space planning, 3) facilities management and 4) portfolio management.
Survey respondents also expressed interest in Web-based security measures. The top four considerations in evaluating new Web-based solutions were: 1) up-front costs, 2) return on investment, 3) ability to customize and 4) ability to integrate with existing systems.
In light of the economic downturn, noted the surveys authors, those CRE companies that can best harness the efficiencies of the Internet will be well position to compete in the upcoming years.
For more information, contact Ernst & Young or NACORE.
