For a long time, the management of corporate property portfolios was treated as if it was a question of housekeeping. It was later subcontracted when companies made sale and lease-back operations by selling their premises to an agent who rented it out for them. However, the market of real estate agents became concentrated among a few operators and rents increased. During the crisis in 2008, many companies renegotiated their rents and they re-evaluated the fact that they could regain control of their real estate expenses which in many cases had become the second largest corporate expense after the wage bill. The cost of a workplace today is estimated to be on average more than seventeen thousand Euros. For the past three years, half of the largest companies have restructured their real estate departments and made them into strategic units. A discreet revolution is taking place.
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