From Matthew Powers
Executive Vice President, Life Science Practice
When it comes to commercial real estate transactions, particularly in the life sciences industry, every day counts. Delays in real estate can lead to delays in getting products to market, which can lead to substantial and potentially avoidable financial implications. That’s why executing a lean process for real estate, one free of any non-value added activities, is critically important in the life sciences industry.
In most cases where the objective is to secure needed workspace for a life science business, the process usually follows these steps:
- Establish business need for workspace change
- Define workspace requirements and establish approach
- Determine preliminary decision
- Review preliminary decision
- Determine top alternatives
- Review alternatives and agree on solution
- Prepare workspace
- Relocate people, materials, and tools
In many cases though, the process isn’t quite as cut and dry. Often times, you’re forced to backtrack and repeat steps, creating an inefficient trial by error process loop. Getting rid of that type of waste and increasing the accountability of everyone involved in the transaction are essential to improving the process.
That said, while the steps in the process may vary slightly for different companies, it is critical that any efficient real estate process be:
If you’re missing just one of these three key components, the process will suffer, and your business may suffer as a result. The JLL Life Science team is employing the lean six sigma DMAIC methodology in an effort to create the most elegant process for executing real estate transactions designed specifically for the life science industry.
Please feel free to contact me to learn more about how your company can improve its real estate process.