Samenvatting

This research provides an impact analysis for both facility manager and commercial real estate on the consequences and impact of crises on commercial real estate.

Building blocks impact analysis and conceptual approach:
The building blocks of the impact analysis must be: KPIs, risk assessment and change factors. Subsequently, these must all be placed along, for example, a DCF model to gain insight into the consequences of the building blocks as part of the impact analysis to gain insight into the risks and their possible effects on the demand and daily exploitation of commercial real estate, hence facility management, resulting in a change of the building blocks of the DCF-model and thus the value of commercial real estate. There is now a conceptual approach of a more detailed DCF model, and in relation to this the impact the various elements of the exploitation of commercial real estate have on the risk build-up for the discount rate. Based on valuations and changes in valuations just before or after crises in history and future, it could be investigated what impact these particular events have on the risk build-up of the discount rate.

Recommendations and consequences:
The first recommendation is to do more research on the deeper impact and understanding of the possibilities that the formulated building blocks offer to be prepared for and manage the possible effects on facility management, the exploitation of commercial real estate and its value. The second recommendation is addressing new valuation methods. This must come after the first recommendation which stated doing a follow-up research about the impact factors as a result of crises on the exploitation and ownership of commercial real estate.

The consequences of the recommendations from an organizational / social perspective are fairly broad-based. The crux here lies in the fact that, should this innovation of valuation be applied, many organizations will adopt a different approach to commercial real estate. The reason for this is that the valuation of commercial real estate is therefore not only viewed from a return perspective, but also actually at what happens within the commercial real estate. Business processes and organizational structures suddenly become a lot more important for the valuation of commercial real estate. So this concerns and impacts facility management because business processes within commercial real estate will be of more value and impact towards valuation methods and addressing the exploitation of commercial real estate from another angle.

The consequences of the recommendations from a financial perspective are clear. There will be a different way of valuing for commercial real estate if taken this seriously. This means that the value proposition of commercial real estate will be looked at in a different way. More emphasis will be placed on the exploitation of commercial real estate, as well as its business processes. Entire cash flows and financial strategies will be differently approached than before. The role of the commercial real estate owner and investor will become more important and these have to work more together with the facility manager. Both can’t work without the other and new valuation methods comes with a new approach of commercial real estate. Strategies must be made together.

The result of the follow-up research should be that, because of an accurate index scale and other approach of valuations, together with a different approach of the discount rate and DCF-model, commercial real estate will be totally different approached by facility managers and commercial real estate owners. Strategy making for both will be differently, maybe more cooperation between the two and a tool is developed in order to help them making strategy for future crises and avoid big impact on their business continuity. Using three steps, a radar and DCF model could give some tools for both to determine what the possible effects are on the exploitation and therefore facility management and value of the real estate.

Added value for facility management:
The added value of the two recommendations for a facility manager can be described in different facets. First of all, the added value of doing more research on this subject is important for a facility manager in making and determining strategy. By knowing which impact drivers and factors influence commercial real estate and business continuity, the facility manager can determine and determine his long-term strategies for the real estate and the business operations within the real estate. If the exploitation of commercial real estate is looked at more specifically, the short-term profit thinking of investors and commercial real estate owners will be forgotten for a while. The long-term of commercial real estate and the business processes within commercial real estate become more important and as a result of that the facility manager can continue to think in terms of concepts and can contribute to supporting the primary process. The customer journey can then receive even more attention and in this way facility management can still continue to add its value.

The added value of taking a more critical look at the valuation methods of commercial real estate also ties in well with the customer journey and the role of the facility manager. Because the customer journey and corporate integrated management with people, planet and principles as its starting point, continues to receive more prestige from both the user and the owner of commercial real estate, the valuation methods whereby often purely is looked on the basis of rental flows must no longer be founded on the basis of profit from this time. The added value of the customer journey and of corporate integrated management for real estate must therefore also be translated into the valuation methods. The commercial real estate sector will have to look into this together with the IVSC, but above all should also allow facility managers to take a look at this. The added value of corporate integrated management is not only for the customer journey, but also for the tough euros and cash flows. Therefore it is important for a facility manager, that he or she can apply this journey in to strategic facility management.

Added value of facility management:
In this conceptual approach the facility manager can be the bridge between the commercial real estate owner and the users of commercial real estate. Taking into account both their requirements for the building performances and employee concerns, and therefore the return on investment, means that the facility manager is of high added value for both exploitation and ownership of commercial real estate. Facility managers can help making strategy for future response towards crises for both exploitation and ownership of commercial real estate. Being the bridge between satisfaction, strategy and management the facility manager is of added value in strategy making for future response towards crises from exploitation perspective as well as from ownership or investor perspective.

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