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A majority of lease administrators are focused on reducing expenses and capturing accurate and timely data on their leases, according to a new study by Deloitte. Leveraging advances in technology, many companies are seeking to improve management and reduce costs by using a centralized organization structure for lease administration, up from two thirds in the 2006 survey. Updating its 2006 benchmarking survey, Deloitte conducted a survey to assess how companies were approaching lease administration issues. The survey was completed by 209 executives at companies involved in lease administration including companies that lease commercial space ("tenants"), building owners who lease commercial space to tenants ("owners"), and companies that provide lease administration services ("service providers"). Key findings from the Deloitte report include: * Progress on integration of lease administration and accounting systems. The percentage of tenants who said their lease administration technology systems were not integrated with their financial systems declined from 81% in 2006 to 59% in the current survey. Among owners, only 22% said they had a stand-alone lease administration system, down from 46% in the prior survey. * Not all companies staying current with technology. Although many companies reported that they recently purchased or upgraded their lease administration software, roughly one third of tenants and owners had not done so for three years or more. * Data accuracy and integrity remains a challenge. Ensuring the quality of data -- essential for accurate reporting and sound management decisions -- was considered to be a very significant challenge by 30% of tenants, 40% of building owners, and 51% of service providers. * Benefits from lease audits and reviews. Roughly two thirds of tenants that conducted lease audits said that they had resulted in cost reductions, while about half of the owners who conducted lease reviews said they had resu
Keywords: Lease Administration, Organization Design, Human Resources, Outsourcing, Technology
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