Today, corporate real estate planning is more complicated than ever. Businesses across all industries are in cash-conservation mode, looking to cut costs and remain agile in response to the current economic climate. In fact, 88% of companies are now planning for physical space needs just one year (or less) in advance, which is a 151% increase from 2022.Amidst this shift, businesses are simultaneously grappling with ongoing lease accounting and management challenges. Consider this: most businesses are acutely aware of what they’re spending in terms of people-related costs (payroll, benefits, paid time off, etc.), as this is typically the largest expense line item in their budgets. They have ample systems and processes in place to gate and report on their personnel expense, as well as the return on investment. Unfortunately, companies do not place the same rigor and controls around the management of their lease portfolios, which is surprising given leases are usually a business’s second-largest expense. This knowledge gap is attributed to the fact that 83% of senior Real Estate Executives report that their companies are not prioritizing investing in the dedicated technology, people and processes required to successfully manage their lease-related expenses as much as they should be.