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CRE executives’ jobs at risk unless they evolve and adapt

Four critical skill sets key to career advancement, says Jones Lang LaSalle report

SINGAPORE, 20 September 2011 - Corporate real estate (CRE) executives’ jobs are at risk unless they develop four new critical skill sets, according to the latest report from Jones Lang LaSalle.

In its white paper, ‘The ‘Swiss Army Knife’ CRE Executive’, Jones Lang LaSalle identifies CRE as being increasingly vital to business strategy, with CRE executives facing new challenges and pressures.

Marina Krishnan, Managing Director of Corporate Accounts, Jones Lang LaSalle in Asia Pacific said, “CRE teams were exposed during the global financial crisis as business leaders worldwide increased their focus on the costs associated with real estate portfolios.”

Ms Krishnan identified ongoing economic uncertainty and a continued drive toward greater business productivity as the major challenges placing pressure on CRE executives.

Jones Lang LaSalle’s Global CRE Survey 2011 revealed that two in three CRE leaders are managing objectives that form part of the wider business strategy today. This figure is set to increase to 74% three years from now.

“Driving improved productivity by implementing strategic real estate initiatives can release tremendous value given that real estate typically accounts for 7 to 12% of a corporation’s total operating costs,’’ said Ms Krishnan.

“CRE executives will be expected to develop and diversify both their teams’ and their own skill sets to perform a more strategic function while continuing to deliver on the tactical real estate requirements of the business,” she said.

Four Key Skills

The report outlines four skill sets that are critical for CRE executives to thrive in today’s challenging environment:

  1. The Strategist: Identifies trends, plans ahead and manages complexity. The Strategist knows where their environment is headed and uses this insight to align real estate strategy with company strategy.
  2. The Value Creator: Drives change, enables productivity and is solution-oriented. The Value Creator finds new ways to achieve productivity and gets things done right the first time.
  3. The Agile Manager: Combines multiple skills such as risk management, financial acumen and team leadership. The Agile Manager possesses a strong, multi-skilled manager profile.
  4. The Savvy Communicator. Builds relationships, integrates functions and contributes to the brand. The Savvy Communicator is a trusted advisor and supports decision making.

CRE executives face unprecedented challenges and opportunities. Jones Lang LaSalle’s white paper, ‘The ‘Swiss Army Knife’ CRE Executive’ examines the skills, talent and ability needed to survive and thrive in today’s CRE industry.

Download a copy of the report