ABSTRACT
This chapter proposes that local authorities should be seeking to ensure that in all areas of their operations the role of real estate is included when they are developing corporate strategy. Property management strategies are developed to focus real estate resources and costs on serving corporate objectives, by methods such as ensuring real estate holdings are not excessive, match the organisation's needs and are not overly expensive. The London Borough of Bromley was previously used as a case study in 1988 by the Audit Commission in their report Local Authority Property: A Management Handbook. Research has revealed that for the average business 40 percent of the assets are real estate and that real estate is responsible for about 17 percent of costs. Organisations where it was first introduced such as IBM UK Ltd and British Telecom pic used purpose built accommodation and they are still monitoring effectiveness and fine tuning the arrangements.
