ESG and the Future of Real Estate: How Sustainability is Changing the Industry The real estate industry is undergoing a significant transformation as sustainability becomes a top priority for investors…
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Related Party Leases under ASC 842 Recently, the Financial Accounting Standards Board (FASB) introduced new rules and clarifications regarding the treatment of related party leases under ASC 842. Although these…
GAAP vs. Tax Accounting: Navigating the Complexities of Financial Reporting With the introduction of ASC 842, some private companies are struggling with the requirement to record the vast majority of…
Understanding Accrued Rent and Deferred Rent in ASC 842 Accounting Rent is one of the largest expenses that companies face, and it’s critical to properly account for it. Under the…
“Why Lease Management Shouldn’t Be Ignored: The High Cost of Underestimating Your Lease Portfolio and How to Optimize It for Your Business Needs” Many companies are underestimating the total cost…
The ongoing effects of the pandemic, evolving workplace trends and unique economic circumstances have driven businesses to reconsider how and why they enter into new leases. But how exactly are…
This is part II of our Mastering Lease Accounting Compliance series. If you missed part I, you can read it here. Adopting a lease accounting standard can have a significant…
This is part I of our Mastering Lease Accounting Compliance series. If you’re looking for part II, you can read it here. Lease accounting standards such as ASC842 and IFRS16…
With more and more organizations focusing on ESG initiatives, we’ll use this blog to demystify what ESG is, why organizations choose to focus efforts on ESG related initiatives, and how…
By: Joe Fitzgerald, Senior Vice President of Lease Market Strategy Spreadsheet applications are easily the most important and universal accounting tools used today—so much so that you’d never guess the…
On-demand webinar summary Lease management is integral to achieve and maintain lease accounting compliance. But that’s not the only opportunity it presents. In fact, 100% of recently surveyed senior finance...
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Your business already uses Excel for many accounting calculations, including for ASC 840 lease accounting, so it’s understandable that you may want to consider continuing to use it as an…
Written by: Robert Michlewicz, President at Visual Lease I was drawn to Visual Lease for several reasons, one of the biggest is how the company is leading the market in…
Have you ever wondered how the public can participate in the development of accounting standards? Do you have opinions you would like to share? Many accounting standards governing bodies, such…
On-demand webinar summary Having accurate, reliable lease data is a necessary part of achieving lease accounting compliance. But beyond lease accounting, having visibility into lease data also supports businesses manage...
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Do you know where all your leases are? If you don’t, chances are you haven’t conducted a lease inventory for your business. Conducting a lease inventory is a standard practice…
What is Capital Lease Accounting? A capital lease is a contract allowing a renter to use an asset temporarily. This lease shares the same economic characteristics of asset ownership in…
There is power within your lease portfolio. Over the last year, public and private businesses have taken a closer look at their leases – and experienced the downstream benefits of…
This article originally appeared here in Forbes. As a result of Covid-19 and the changing landscape related to leases, private companies have received more time to prepare for and adopt…
This article originally appeared here in Forbes. In 2020, many companies were forced to make tough decisions regarding their leased commercial spaces. From office closures to consolidations and deferrals, many…
Lease accounting is a massive, cross-functional effort. It involves various stakeholders and systems that impact (and are impacted by) leases. It is not just an accounting problem – and goes…
Cell phone companies offer new phones to entice clients to renew their contracts. Retailers slash their prices to draw consumers to purchase. Car dealerships hand out freebies and discounts. In...
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Changes in accounting standards have made lease accounting more difficult. Adopting IFRS 16 lease accounting, for example, has made compliance cumbersome as it involves adjusting to new policies, systems and…
The old lease standard, ASC 840, did not require all kinds of leases to be recorded on the balance sheet, which in turn provided the opportunity for many to use...
Read MoreLeasing vs buying is not an easy decision to make regardless of the asset involved. While there are lease vs buy analysis Excel sheets, choosing one over the other is…
There have been several major changes in the way businesses address service contracts in recent years given the new standards and updates on the existing standards. For one, the new…
If you have signed an operating lease for space, built leasehold improvements, and determined that you are legally required to take out the leasehold improvement when the lease expires, then…
The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) are not blind to the tedious task facing firms once the new standards take effect. Hence, the creation…
When companies think about purchasing lease accounting and lease administration software, many make the mistake of considering these tools as a cost of doing business. The mistake is understandable, because…
With the new FASB/IFRS lease accounting standards, significantly more assets and liabilities must now appear on the balance sheet. Yet, some businesses still aren’t using lease accounting software to help…
With the big push to achieve compliance, a lot of businesses have been laser-focused on making the transition to the new FASB/IFRS lease accounting requirements. While that is understandable, it’s…
You did it! You made the smart decision to purchase a lease accounting solution to help you ensure compliance with the latest accounting guidelines and reporting requirements. Now comes the…
Until recently, Corporate Real Estate (CRE) and Accounting departments had little reason to talk to each other. ht CRE is primarily responsible for obtaining space and managing facilities-related issues. The…
Over the past few years, Visual Lease has helped hundreds of public companies achieve compliance with the new lease accounting standards. For many organizations, real estate lease accounting turned out…
The upcoming lease accounting changes mandated by FASB and IASB have dramatically increased the scope and complexity of lease reporting requirements for every organization that has leased assets (which is…
An agile leased real estate portfolio supports an agile workforce Business agility is a paramount goal for today’s business enterprises. Given the rapid pace of change, and the shortening of…
Information technology is revolutionizing CRE Technology is transforming everything today and this is true for commercial real estate technology as well.
Back in the 1980’s I was a manager in the corporate real estate department of Xerox Corporation. One of my assignments was to participate in a quality improvement program called…
The growth of co-working office spaces and flexible workplaces is explosive worldwide. In a recent article in CoreNet’s March 2018 issue of “Leader” magazine, the author reports that co-working has…
Over sixteen years ago while a Gartner analyst, I launched a series of research reports on the subject of virtual teaming. Because of mobile technology and the growth of telework,…
In my last couple of blog posts, I covered the basic elements of real estate market analysis and the real estate market cycle. In case you missed them: Real Estate…
In my last blog post, I covered the basic elements of real estate market analysis. In case you missed it: Real Estate Market Analysis: A Primer for CRE Executives In…
What CRE can learn from a real estate market analysis report Virtually all real estate service firms offer some type of real estate market analysis. These reports are typically offered…
What is beacon technology? There’s been increasing interest in what is known as beacon technology. Usually associated with retail marketing, beacon technology first emerged in 2013. Today the technology is…
There’s been a growing buzz throughout the tech world about blockchain technology and its associated topic of Bitcoin, the blockchain enabled digital currency. The specific characteristics of blockchain make it…
The CoreNet Global Summit is a forum for discussion of the most important ideas, strategies and tactics that leading Corporate Real Estate teams employ to meet goals and increase their…
Early in 2015, I reported on a dinner meeting of the Corporate Real Estate Leadership Counsel in San Francisco. I was a member of this group when I managed corporate…
We continue to get questions from our clients regarding the new leasing standards. Here are several of the more common questions with extended answers: Question #1 What are the new…
Perhaps one of the most critical aspects of corporate real estate management is the subject of process management and the software that supports it. Process management is a major subject in the topic of quality management. It has been a topic that has dominated management subjects for decades. Most software applications have specific functionality that addresses process management; particularly around work flow.
In February, IBM announced that it is reversing its 10 year old policy that allowed telecommuting. All marketing employees must now report to six IBM offices or be terminated. The offices include New York, San Francisco, Austin, Cambridge, Atlanta, and Raleigh. Other employee groups will be affected over the next six months. Employees have 30 days to make their decision. The policy will also be implemented throughout Europe.
In several of my blog postings over the last two years I made reference to the subject of outsourcing CRE functions. But my references were brief. So over the next several blog entries, I plan to delve deeply into the subject. My plan is to first discuss the general pros and cons of outsourcing while providing the rationale for outsourcing various CRE functions. I will then focus on three service areas: lease transaction services, design services, and property management services. I’ll also touch on other activities such as facility management and physical security.
Realcomm, the technology focused real estate web site, recently published an article entitled “The Data is Coming In: Corporate America is Using Less Than 50% of Its Real Estate.” This is no surprise; I remember from my own experience that our offices were nearly 30%-50% vacant at any one time.
One of my colleagues recently posed the question “Is there an example of a decision you made that you would do differently now based upon technologies available today?”
In a recent article in the New York Times, the report described how corporate America is moving from suburban campuses back to urban markets, despite the higher cost of central business district office space.
A key process for the CRE executive is overseeing the site selection process, particularly for major office, data center, or manufacturing sites. I’m going to focus on office site selection since this typically represents the most frequent type of leasing actions.
It’s been over a week since the British vote to exit the European Union, and the situation is worsening for property owners in the UK. The greatest impact is happening in the financial markets. Real estate Investment trusts (REITs) are experiencing increased redemption causing some of the biggest funds to halt outflows as a means to protect values for existing investors.
Earlier this week, the world was stunned by the British vote to leave the European Union within 2 years. The most likely impact on corporate real estate markets and operations will be immediate. While equity markets have recovered somewhat from the lows, it’s unlikely that the stock market will return to its historical highs of last week any time soon.
It was early summer of 1995, and I was aboard a French SST Concord traveling at roughly Mach3 from New York to Paris..
The long awaited new lease standard has arrived! The International Accounting Standards Board (IASB) released its version of the new lease standard last week with implementation scheduled for early 2019. The US accounting standards board (FASB) is expected to release its version shortly with implementation to follow soon after IASB’s.
In the last several blog posts, I’ve explored various aspects about the future and how these trends may affect the workplace. One key variable in the future workplace is demographic differences, or how generational differences will impact workplace design. I suspect we all assume various truisms about the major generations.
