LONDON--(BUSINESS WIRE)--According to the latest procurement market intelligence report from Technavio, the global real estate leasing market is expected to grow at a CAGR of 4.25% over the next five years due to the emergence of destination-based retail development.
The research report titled ‘Global Real Estate Leasing Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The global commercial real estate leasing market is expected to grow steadily due to the strong economic growth across various developing countries,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, policies such as FDI related to industrial development are expected to promote the economic growth. Such favorable growth across various industries is expected to drive business activities and subsequently the demand for commercial space leases,” adds Angad.
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Cost saving opportunities in the global real estate leasing market
The adoption of various cost-optimization levers helps buyers of real estate leasing realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global real estate leasing market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Suppliers are increasingly introducing mobile applications that help in tracking real estate news and manage transaction activity as well as receive alerts and notifications.
Also, suppliers such as JLL offers an analytics platform called RED that manages client-specific data from several dimensions and offers a plug-in to integrate with clients existing systems.
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Optimization of procurement practices saving aspects
Buyers should identify their needs associated with the leasing process before identifying a suitable property. Some of the key aspects that buyers need to consider include lease renewal and relocation options, corporate objectives, building attributes, lease terms, legal parameters, common areas, and building standards.
Bundling of services saving aspects
Bundling of services such as market research, advisory, and property comparison saves up to 7% of the total bundled spend area for the buyers.
Buyers have shifted from outsourcing bundled individual service contracts to service integration. In addition, suppliers are focusing on streamlining the leasing and advisory services provided and reducing the total TAT.
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