Questions and Answers
What must facility managers create according to Atkin and Brooks (2015)?
An asset plan
An asset plan can only be developed within 60 to 90 days of property acquisition.
False
Which of these areas must facility managers review to understand the company's assets?
Facility managers must inspect the ______ areas of the property to ensure adequate records.
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What is a characteristic of a new building according to Atkin and Brooks (2015)?
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What are the classifications of a leased building?
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What type of space is considered a 'totally serviced workplace'?
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Tenant feedback is an important step often overlooked by facility managers.
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Study Notes
Facility Management and Asset Planning
- Facility managers create an asset plan that encompasses management of property operations, personnel, and finances.
- Asset plans are developed within 60 to 90 days after property acquisition or during transitions between asset managers.
- Asset plans align with owners' objectives and involve deep market analysis.
Key Areas in Evaluating Real Estate Assets
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Legal Document Inspections
- Mechanical records must be inspected for preventive maintenance and operational efficiency.
- Compliance checks reveal deficiencies regarding building registration and regulations.
- Complete building plans must be reviewed especially for any planned alterations.
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Physical Property Review
- Interior quality should be assessed, including cleanliness and repairs in common areas to minimize liability risks.
- Foundation and exterior require detailed checks for structural issues, facilitated by a qualified structural engineer.
- Roof surveys are crucial for budgeting and assessing maintenance needs.
- Vacant spaces need inspection to determine cleanliness and potential demolition for re-marketing.
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Market Analysis
- Facility managers must evaluate current management and leasing personnel to ensure effective plan implementation.
- Tenant interviews are essential for gathering feedback on property management and maintenance quality.
Ownership, Leasing, or Renting Decisions
- Companies can either own, lease, or rent space based on their operational requirements:
- New Building: Purpose-built facilities designed to meet specific business needs, with an occupancy period of 25 years or more.
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Leased Building:
- Long lease: 7 to 25 years.
- Short lease: 1 to 7 years.
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Rented Space:
- Tenant fitted-out: Customized for the tenant's business.
- Furnished: Ready for immediate occupancy but not tailored to needs.
- Serviced workspace: A temporary solution to space issues.
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Description
Explore the crucial components of facility planning as outlined by Atkin and Brooks (2015). This quiz covers asset management, operations, and the strategic alignment with the owner's objectives in real estate. Evaluate your understanding of the asset plan development process and its significance in property management.
