Why you should benchmark the cost of your CRE service providers

The blog post from JLLT discusses the importance of cost benchmarking for commercial real estate (CRE) service providers. The article explains that cost benchmarking involves comparing the costs and performance of different service providers to identify opportunities for cost optimization and value enhancement. It highlights the challenges faced by organizations in benchmarking CRE service provider costs, such as data availability, consistency, and accuracy. The blog post provides insights into the key steps involved in conducting effective cost benchmarking, including data collection, normalization, analysis, and benchmarking against industry standards and best practices. It emphasizes the benefits of cost benchmarking, such as identifying cost-saving opportunities, negotiating favorable contracts, and improving overall service delivery. The article concludes by emphasizing the need for organizations to establish a robust cost benchmarking program to drive transparency, efficiency, and value in their CRE operations.