Integrating Your Leasing Information With Your Floor Plans
It’s difficult to dispute the sheer power of visually presenting lease information on a floor plan. When you integrate hard data with your floor plans, you can see things that you would not get from a spreadsheet or a pie-chart. Trends and relational dynamics pop right out at you.
According to Glenn Featherstone, VP Retail Leasing at Monguard Investments, a leading real estate management firm with over 55 shopping centers in North America, “In retail, spatial relationships are what people pay for. We are in the business of leasing’ locations’ not just ’space.’ A dynamically generated plan is critical to answering qualitative questions such as: who is next door to me, what is the sales performance like, where is the traffic, what is my frontage and advancing any discussion with a tenant.”
Setting out to get clean data displayed on accurate, time sensitive drawings is not for the weak of heart, but the rewards are well worth it. When you get the eyeballs of just about everyone in your organization (as well as your tenants and shoppers) looking at this information, data, communications and decisions gets better. Everyone is looking at the same thing at the same time, each from their individual perspective.
So why is integrating your data with floor plans such a difficult thing to do? Here are some things you may run into.
- Multiple versions: Whose floor plan is it anyway? You may find multiple drawings out there: leasing (focusing on what you would like tenants to see), development (showing what ultimately the floor plan is going to be) and measurement (illustrating how we got to the calculated areas we are using in our leases). Deciding which way to go can be a challenge.
- Timing issue: When is a Deal a Deal? If you know that a space is going to change sometime in the future, when do you record that space change on the floor plan – is it when you know about it or when it is actually done. And what do you do if something happens in the meantime that affects that future change?
- Complexity: Not everyone knows Computer Aided Design. Almost everyone in the organization benefits from seeing and interacting with floor plans – from property to leasing to asset management. But, how do you make the experience rich enough and user-friendly enough for non-CAD experts? Traditional CAD tools require weeks of training and knowledge.
- One of the common data definition struggles is What‘s up with the area? It is bad enough that a unit can have both an official “rentable” and “useable” areas, but it also has a “leased” area (according to the lease agreement) and then to top it all off, a calculated rentable and useable area that is derived from the physical attributes of the drawing. If you deal with office properties and you subscribe to BOMA area measurement rules, your units’ areas are changing every time you make changes to common floor and building areas.
Scot Adams, CIO of Cadillac Fairview , one of Canada’s largest retail shopping center developers, says, “We have been able to marry the architectural dynamics of our shopping malls with our existing data systems in a way that allows us to address the needs of multiple audiences internally and externally. Internally, our staff can mine for things such as sales, occupancy cost and traffic trends and see the results in a geo-spatial format on the floor plans. We extend components of this information externally to support the needs of tenants, brokers and shoppers by providing interactive floor plans on our websites.”
This Week’s Sponsor
Bringing the floor plan drawings to the forefront of your property information system brings powerful graphical visualization of what was, what is, what will be and what might be. Planimetron Inc. is the leading vendor in providing business intelligence tools for the real estate industry with a special focus on data visualization tools to address the challenging task of combining data with floor plans. For more information, visit www.planimetron.com. Also, for further reading, click here for the Cadillac Fairview Case Study
UPCOMING REALCOMM WEBINARS
The Cloud, IoT, Sensors and More – The NEXT EVOLUTION of Smart Connected Buildings - 4/4/2019
The concept of smart buildings has been around for decades. What’s different now are the multiple generations of technology we have seen throughout the years. At first ‘building automation’ was proprietary and single-source, next came ’connected’ buildings which introduced us to the internet. Today, next-level thinking includes an expanded use of the cloud, the inclusion of non-traditional smart edge devices found within the Internet of Things (IoT), sensors, as well as integration into ERP’s other single purpose solutions and multiple telecommunication platforms. While the benefits of a smart connected building are great, the path to success is elusive. This webinar will feature the industries’ most accomplished smart building experts.
Tom Shircliff is a co-founder and principal of Intelligent Buildings, a nationally recognized smart real estate professional services company that was started in 2004. Intelligent Buildings provides planning and implementation of next generation strategy for new buildings, existing portfolios and urban communities. Tom is a speaker and collaborator with numerous universities and national laboratories, a gubernatorial appointee for energy strategy and policy and founding Chairman of Envision Charlotte, a Clinton Global Initiative.
Paul Maximuk is Energy Manager for Ford Land Energy where he is currently is providing project and program technical guidance to implement global metering of electric, natural gas, steam, water and compressed air systems. He is an Energy Engineer with over 30 years of experience in the HVAC/BMS field. He is an SME specializing in building management and energy reduction. Paul has focused his efforts in large industrial facilities but also has equal expertise in Class A buildings. Additionally he is a problem solver finding the root cause of why mechanical systems do not operate at their peak efficiency.
Gordon Echlin is Vice President Marketing and Business Development for Triacta Power Solutions LP, where he has been a management team member since 2009. Prior to Triacta, Gordon was a partner for a boutique venture capital firm, Venture Coaches from 2006 to 2009, and started a telematics company, Netistix Technologies, in 2002.
As a Senior Strategist for Aruba, a Hewlett Packard Enterprise company, Chris Fine is focused on Aruba’s Smart Digital Workplace initiative. The Smart Digital Workplace combines Aruba’s industry-leading networking technology and a growing ecosystem of partners in technology, real estate, smart furniture, and other specialties, to drive the growth of new experiences for end users and managers in the next gen Smart Office.
Rick has more than ten years of experience in technology and intelligent building engineering. Prior to cohesionIB, Rick served as the Senior Practice Leader at Environmental Systems Design in the Intelligent Building group. He led the technical design of global intelligent building and smart city projects in cities around the globe. He is passionate about designing digital solutions for the built environment that improve the experiences people have and foster the culture around them.
Anne is a high-tech executive with broad experience, starting from software design, architecture, cybersecurity, to managing teams to release telecommunications and enterprise software, building and leading research labs, managing developer relations, and initiating and driving cultural changes. She worked for over 10 years at SAP successively as Director of Security and Trust Research, VP of Platform Research and VP of Developer Advocacy. More recently she co-founded and became the CEO of Workrize PBC.