Real Estate requires a true sense of urgency.

The world of real estate changes by the day.  Leases commence, leases expire, buildings are built, workers are hired, businesses close or move.  Every action causes a real estate reaction.  Suddenly available space may be snapped up quickly or it could sit vacant on the market for 3 years.  The decisions of businesses are fickle that way.

This is why urgency is required in real estate decisions.  This is not to say that decisions should be made quickly or without complete review.  But they should always be on the table.

For example- you may have a lease expiring in 18 months that you would love to just simply renew.  However, based on the timing and cycles of the local real estate market it may be to your advantage to renew earlier rather than later.  In midsize markets a single large transaction can raise the short-term new lease rates across the area for a year.  Beating that transaction to market could reduce your total renewal costs (even if you end up paying a bit more today).  But without the sense of urgency you’d never be out in the market early enough to see the warning signs of such an event occurring.

Similarly, landlord’s go through unique situations from time to time and being in the market and aware of situations may give you an opportunity to help both yourself and your landlord based on time sensitive events.  But without a sense of urgency with any given lease or location you may never be aware of it.

But urgency is not just a market driven requirement, it also applies to the internal workings of your organization.  If you do not take an active approach to understanding the needs of the business, their future space requests may take you by surprise and put you in an unfortunate situation with regards to adding or disposing of space.  A sense of urgency will force you to deal with the internal teams the same way you would with a market and allow you to take advantage of time related activities.

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