In addition to being an asset class

In addition to being an asset class for investment, real estate plays an important
role in implementing the strategic plans of many corporations and institutions.
To this end, many corporations have a real estate or facilities department that is
responsible for providing physical space for the operation of the business.
In order to accomplish this mission, the corporate real estate department must
assess the space needs of the organization and identify appropriate and optimal
locations for each type of property. The department must negotiate to lease,
acquire, or develop the required facilities; arrange for the fit out of the space;
and prepare for the relocation of staff and equipment to the new location. Once
the new space is occupied, the department must maintain the space while it is
in service. At the end of its useful life, the department must refit or sell the
space, and, if required, begin the space acquisition process again.
For an increasing number of businesses, real estate is critical to the establishment
of brand identity. A wide range of factorsdincluding the location, design,
and environmental standing of key propertiesdcan have a major impact on the
success of the corporation.