Accurate floor plans serve as the foundation for effective space management in commercial real estate (CRE), playing a critical role in shaping strategic decisions and operational efficiencies. As CRE organizations strive to optimize their assets, the importance of precise spatial information cannot be overstated.
This blog highlights why commercial real estate floor plans matter, the impact of floor plan accuracy on top space priorities, and explores the challenges and solutions in maintaining up-to-date floor plan data.
The impact accurate floor plans have on today’s top space priorities
It’s no secret that accurate floor plans are pivotal for several operational and strategic objectives in CRE. Yet inaccuracies and outdated floor plans often plague companies and undermine top space management priorities.
Accurate floor plans are crucial for effectively managing leases, maximizing rentable square footage (RSF), and maintaining HVAC/energy efficiency audits. So why do nearly 2 in 5 CRE professionals lack confidence in the accuracy of their floor plans?
Miguel Flores Ugarte, Implementation Project Senior Director at Building Engines, sheds light on this issue:
“Keeping up with accurate floor plans can be challenging for several reasons. Manual updates contribute to the difficulty. Updating changes in floor plans, such as modifications or area information, can be time-consuming and error-prone when done manually. Another reason may be limited resources and budget constraints, resulting in organizations lacking dedicated staff for managing and updating floor plans. This leads to infrequent updates and inaccuracies.”
Flores Ugarte goes on to say, “Not having confidence in the accuracy of floor plans may also be attributed to outdated technology or a lack of technology adoption, making it harder to maintain and update accurate digital floor plans. And finally, inadequate communication and coordination among stakeholders, including architects, facility managers, and tenants, can also lead to the misinterpretation of changes and discrepancies in floor plans.”
Overcoming CRE space management challenges
Unfortunately, about 31% of CRE professionals are unsure about the frequency of space audits at their buildings. To navigate the complexities, CRE companies should invest in advanced technology solutions built specifically for measuring complex spaces, streamlining updates, and ensuring accuracy.
By implementing technology, establishing standardized processes, finding the right partners to establish accurate floor plans, and enhancing communication among stakeholders, organizations can transform these challenges into opportunities for improved operational efficiency and reliability.
The evolution of space management needs
As the industry evolves to meet more complex and diverse tenant demands, the need for precise and updated documentation becomes increasingly critical. Accurate floor plans are not only necessary to facilitate construction and renovation projects, but they also enhance overall efficiency by optimizing space allocation, supporting strategic planning, and simplifying maintenance and safety tasks.
In conclusion, the accuracy of floor plans is a cornerstone of effective space management. Organizations that prioritize maintaining precise spatial data through regular audits, advanced technology adoption, and improved stakeholder communication are better positioned to optimize their real estate assets, reduce costs, and create more efficient and productive workspaces.
As we move forward in an era of rapid change and evolving workplace needs, the importance of accurate floor plans will only continue to grow, making it an essential focus for forward-thinking businesses in the CRE sector.
Discover the latest space management trends and opportunities so your commercial buildings can continue to thrive.