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Building Asset Optimization
Building owners and managers are finding the convergence of two
trends: increasing pressure for financial results and a declining
talent pool in building operating engineering. The combination makes
it tougher for a property manager to keep a building in top shape
and to see above daily details of operations to optimize the
physical asset value of the property for the owner. Chelsea Group
has developed an innovative approach to support property managers
and building engineers in improved delivery of capital improvement
and maintenance programs. Leading property management firms that
have adopted the Chelsea Group approach find they now can see “both
the forest and the trees” in keeping their buildings in good shape.
The first decade of
the Twenty-first Century has seen rapid change in many
aspects of commercial and institutional property
management.
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Real estate
transaction speed and complexity. The market for
commercial real estate and the expectation of investors
for superior due diligence have collided as the pace of
acquisition and disposition of properties has reached
unprecedented levels, requiring rapid deployment of
highly competent building science experts in teams that
embody diverse skills
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Declining on-site
engineering expertise. Changes are afoot in the building
engineering world, including the retirement of a
significant portion of the experienced and well trained
chief engineers who have run large buildings in past
decades (decreased supply), at the same time that the
number of large buildings has increased (higher demand),
opening a need for on-going interaction of building
science experts in all aspects of building operations
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Increased
technological sophistication of building assemblies and
systems. New structural concepts, new building
materials, more “intelligence” in controls systems all
add up to a growing challenge in keeping up with the
diverse characteristics of buildings and tenant
improvements in a large portfolio, where multiple
generations of technology must be understood and
optimized
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Concern for energy
efficiency and sustainability (“green”) performance.
Owners, investors, and tenants of commercial real estate
increasingly expect more efficient, more sustainable,
“greener” construction practices and building operations
in the buildings in which they are involved, and they
expect documented results
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Record-breaking
natural and man-made disasters. From California
wildfires to Gulf Coast hurricanes to the World Trade
Center bombing, the need to be prepared for disaster
recovery has never been clearer, and the ability to work
with insurance and Federal adjusters has never been more
important in the protection of the value of real estate
assets.
Along with all of
these challenges has come the ceaseless need for top
notch financial performance. This often overarching
need, combined with the confluence of trends in
commercial real estate, points to the value of
establishing a long term relationship with a reliable
provider of building science consulting. Such a
relationship presents an opportunity to define costs and
work in a management system that will allow proper
application to building science consulting skills to
optimize their value across your portfolio.
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Our Asset Optimization program is about protecting and enhancing the
physical asset value of commercial and institutional real estate.
The system includes benchmarking for key parameters of physical
asset condition and the needed documentation of the asset for
on-going assessment of value, providing a potential for a net
reduction in operating and capital expenditure costs, whether in one
building or across an entire portfolio. Based on that benchmarking,
Chelsea Group can assist in capital planning for buildings and
prioritization across portfolios, implementation of capital and
maintenance improvement programs, training and coaching of building
engineering, and tracking and reporting program results.
For portfolios that are buying and selling properties, Chelsea Group
can assist you in Property Condition Assessments (PCAs) useful in
property acquisition and disposition. Our depth of expertise is in
mechanical, electrical, plumbing (MEP) services, energy performance,
indoor air quality (IAQ), and moisture and mold assessment.
Recently, our clients have begun using our
sustainability assessment process to
supplement traditional PCAs for risk assessment and valuation.
On an on-going basis, Chelsea Group offers capital planning and
budgeting assistance to asset and property managers, and support to
building engineers in overseeing and commissioning projects. Clients
find that the third party involvement helps achieve lower initial
capital costs through better planning and greater return on
investments through properly implemented and commissioned projects.
When problems occur in a building, Chelsea Group offers help in
developing solutions, overseeing corrective actions, verifying
results, and helping plan preventive measures to avoid future
occurrences. Many of our clients have found high value in Chelsea
Group on-site support from the outset of any incident, such as a
roof or plumbing leak, in IAQ complaint, or a significant equipment
problem. Chelsea Group also has extensive experience in
flood
recovery and resolution
of major mold problems in complex buildings and campuses. Support
with documentation for insurance recovery and forensic evidence is
often part of such work.
Chelsea Group’s Asset Optimization program will help your company
achieve:
- Net reduction in operating and capital expenditure costs
- Increased tenant retention
- Improved quality of engineering services
- Energy cost savings
- Utility rebates
- Decreased tenant complaints
- Rapid recovery from damage to the building
- Protection of the asset value of your property
Midsource Engineering Services
Clients have asked us to develop a concept we call “Midsource
Engineering Services”, a phrase we borrowed from the IT industry.
Most people think about building engineering as either an “in-house”
staff function or as an “outsourced” subcontracted service. The new
concept of Midsource Engineering Services provides the owner or
property manager with on-going coaching and technical leadership
from top level engineering talent at Chelsea Group to enhance their
own in-house, on-site building engineering personnel. Midsource
Engineering Services offer the context of a long term relationship
that can cost effectively bring in technical resources when they are
most needed, when a problem can be prevented or an opportunity
quickly realized. It is all about becoming a part of the team.
Midsource Engineering Team
- In-house or outsourced building engineering staff provides
- Efficient response to client and tenant needs
- Direct control of engineering services
- Happier tenants
- The Chelsea Group Midsource Team adds
- Improved benchmarking and performance enhancement programs
- Technical training sessions to address critical technical
opportunities and challenges
- Information and advice to property managers on trends in building
engineering management and technology
Taken together these elements lead to protection and enhancement of
your real estate assets. Chelsea Group will enhance your engineering
staff with broader technical depth and insight that our engineers
and scientists can bring to your buildings. |
