by Rebecca Walker — October 11, 2010—Demand for reliable operating data to support strategic business growth decisions is growing as a direct reflection of continued cost-cutting pressures that many companies are addressing even in today’s post-recessionary economy.
In response to this pronounced need among its 6,700 members worldwide, CoreNet Global has launched a Real Estate Benchmarking portal that will offer access to a range of benchmarking models to help inform and guide business performance.
The first form of benchmarking to be piloted centers on facilities management (FM) benchmarking, and CoreNet Global has entered a relationship with FM BENCHMARKING to offer a new service discounted for members only.
According to CoreNet Global Vice President of Knowledge Services Tim Venable, “There is no other benchmarking tool for buildings that enables corporate real estate (CRE) and facilities executives to compare and contrast operating, energy and other costs of facilities of similar industry type, size or location.”
One of the key benefits of the new service is it lets CoreNet Global members benchmark facilities regardless of global region, to be able to account for differences in currency values, space measurement, carbon footprint, and other metrics. Going beyond traditional benchmarking tools, FM BENCHMARKING incorporates industry-proven best practices into its results so that its participants can not only compare how their buildings stack up to others, but can also identify what similar, better-performing buildings are doing to yield better performance metrics.
“This comprehensive resource is designed to help CoreNet Global members compare, analyze and improve the facility operations of their companies or corporate clients, regardless of location,” commented FM BENCHMARKING Principal Peter Kimmel.
“We are delighted to announce that CoreNet Global is the first organization with whom FM BENCHAMARKNG has developed a partnering relationship,” he said. “We hope to announce several others in the months ahead. CoreNet Global’s members alone manage tens of thousands of buildings. By our working with a variety of professional associations in the field, we are able to ensure that we have a very large database, which is essential to any benchmarking endeavor.”
Members will be able to:
- Compare their buildings with only those that are similar through an extensive set of filters.
- Identify best practices of similar buildings that are outperforming their buildings.
- Apply a 10-year methodology validated by FM BENCHMARKING that shows how companies have reduced operating costs by 6 percent after just one year, and 31 percent over 10 years (based on the median company applying this methodology).
- Use the same methods proven to cut energy consumption by 8 percent after just one year, and 40 percent after 10 years.
- Identify best practices of similar buildings that are outperforming their buildings.
“We’re pleased to be able to join with FM BENCHMARKING to offer our members a substantial discount on this important new way of measuring and responding to efficiencies like cost cutting,” Venable added. In the meantime, CoreNet Global also is featuring its own benchmarking research, profiling the real estate portfolios of many of its multi-national corporations that will allow members to triangulate comparisons against their own metrics, those of CoreNet Global, and those available through the FM BENCHMARKING database accounting for literally thousands of facilities around the world.
CoreNet Global’s CoREMarket Indicators summarizing a wide array of macro-economic and real estate industry- and market-economic metrics will also be integrated into the new Real Estate Benchmarking Portal.
CoreNet Global is the world’s leading professional association for corporate real estate and workplace executives, service providers, and economic developers. For more information, see the Web site.
FM BENCHMARKING is a subscription-based service that provides facilities management and real estate professionals with a unique way of benchmarking their building data and applying that information to improve operational efficiencies, reduce their carbon footprint, and identify best practices. For more information, see the Web site.
