FM516 Property and Asset Management Assignment

introduction of FM516 Property and Asset Management Assignment

1.0 Property portfolio strategy

1.1 Description of the principle aspects of the property portfolio strategy

The “Property portfolio strategy” is considered as the “centralized concept of management” for the properties related to real estate for the organization or the clients for managing the overall financial goals (Matarneh et al. 2020). Therefore, the “Property portfolio strategies” help to assess the key risk from the invested properties. Therefore, the “Property portfolio strategy” helps to manage the acquisition, disposal, and planning for supporting the business objectives.

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• Management of associated risk:The “Property portfolio strategy” also helps to manage the associated risk related to property ownership, environmental concerns, legal compliance, market volatility, etc.
• Management of Assets:Assets management is another important part of developing the “Property Portfolio Startegy” for the “MeiraGTx Ireland DAC”. This also improves the overall operational efficiency, acquisition and maintenance.
• Space optimization:Space optimization is another vital part that helps to minimize costs and productivity maximization.
• Diversification:This type of strategic approach also helps to diversify the market fluctuations and required changes based on the business needs.
• Management of Lifecycle :Lifecycle management is a crucial part of managing real estate assets of the disposal and acquisition process. It is also essential for regular maintenance purposes, renovations, and upgrades for the long-term portfolio’s values.
• Implications as the facilities manager:The “Portfolio strategy” plays an important role in providing the facility management of the acquisition process, and planning process, of the “real estate properties”. “MeiraGTx Ireland DAC” is a popular company of genetic medicine with a “global footprint” which provides curative treatments for patient who suffers from serious diseases (Jang and Collinge, 2020). Therefore understanding the key aspects plays an important role in developing the “Property portfolio strategies” as a facility manager of Meira GTX. Development of the “Property portfolio strategies” has several implications for the facility managers which are discussed as follows.
• Improve the overall operational efficiency:The “Property portfolio strategy” helps to improve the operational efficiency of the facility managers based on “MeiraGTx Ireland DAC” objectives and company goals.
• Improve the skills of cost management:The facility managers can easily learn the knowledge of cost management process from the “Property portfolio strategies” (Dias and Ergan, 2020). Therefore, the facility managers can easily learn about the space utilization process, and maintain balance and utility management process.
• Develop the stakeholder communication process:The facility managers can easily learn about the collaboration process with the stakeholders like tenants, seniors, or external parties by implementing this type of “Property portfolio strategy.

1.2 Explanation of the specialist required for the management of property portfolio

“Property portfolio management” is required to provide the options of the best investment process based on the age, income, risk appetite and time horizons. Therefore, portfolio managers need to understand the overall investment pattern to fulfil the policies of the “MeiraGTx Ireland DAC”. therefore, the “Property portfolio management specialist” helps to mitigate the rising complexity related to property management of “MeiraGTx Ireland DAC” based on the specialized skills (Ashworth, 2021). Therefore, the “Property portfolio management specialist” can provide the expertise, legal compliances, financial management, and overall risk management in “property portfolio management” of “MeiraGTx Ireland DAC”.

• Financial Advisor:The financial advisor specialist also helps in proficient financial management processes including rent collection, financial management, financial reporting, accounting and budget allocations. Therefore, the financial advisor specialist can help to maximize the optimization process and the investment rents by minimizing the overall expenses.
• Expertise:The relevant skills provide expertise and in-depth knowledge of different property management in terms of both commercial, retail or residential expertise of “MeiraGTx Ireland DAC”. The expertise can easily identify the root cause of the challenges based on which tenants or property owners faced challenges related to “Property portfolio management”.
• Legal experts:Property management also helps to identify the regulations and the legal requirements related to the property management of “Property portfolio management” (Xu et al. 2020). The specialist also have the relevant knowledge related to the federal laws and portfolio compliances based on relevant regulations and challenges faced by the “Property portfolio management” of “MeiraGTx Ireland DAC”.
• Surveyors:The surveyor also helps to manage the overall effective management process to identify the associated risk related to the property management of the “MeiraGTx Ireland DAC”.
• Improve the maintenance process and the repairs:The “Property portfolio management specialist” can also help to repair the portfolio properties by expanding the overall networks by including the service provider, reliable contractors and the “property portfolio management process”.
• Criteria of selection and appointment:Selection of the specialist for “Property portfolio management” involves several selection criteria which are discussed as follows.
• Experience level:The experience level matters for the “Property portfolio managers” that can easily help to deal with different type of requirements of commercial requirements, residential requirements, etc (Jensen and van der Voordt, 2020).
• Educational Qualifications;The relevant degree with certification knowledge is essential for property management of the “MeiraGTx Ireland DAC” " In general, the bachelor's degree necessary with relevant knowledge in accounting, business administration, and job training is necessary as the basic educational qualification for recruiting the “Property portfolio managers” of the “MeiraGTx Ireland DAC”.
• Communication skills:Communication skills are another important part that might help to communicate with both the external and the internal stakeholders in developing the property management process of the “MeiraGTx Ireland DAC”.
• Relevant knowledges:Some key relevant knowledge related to best practice management, trend records, property markets, leasing, legal issues and property valuation skills is an important part of recruiting the specialist for “Property portfolio managers” of “MeiraGTx Ireland DAC”.
• Technological knowledge:Technical knowledge is another important criterion for selecting specialist “Property portfolio managers”. Tracking of performances, streamlining the process, and using different software for providing of the reports for “MeiraGTx Ireland DAC”.
• Finacial knowledge:Financial knowledge is another relevant and important criterion that helps to build strong, management, and analytical knowledge for the risk evaluation process, and the budgetary process of “MeiraGTx Ireland DAC.

Therefore, these are the basic selection criteria for recruiting a specialist “Property portfolio managers” by which the managers can easily identify the complex problems related to the investment goals of “MeiraGTx Ireland DAC”.

1.3 Explanation of property portfolio implementation strategies

Implementation of the “Property portfolio management” process is highly associated with some following startegies which are discussed as follows.

The first step is to define the key objectives taken by the “MeiraGTx Ireland DAC” for the investment levels of rental income, capital appreciation, risk management, and diversification. Based on the key objectives of “MeiraGTx Ireland DAC”, the “Property portfolio managers” can start the market research process by which the potential risk can be easily identified. This research conduction process can include the identification of key strategies for economic growth of “MeiraGTx Ireland DAC”, present rental demand, identification of the property prices, population trends, etc (Thabet et al. 2022). The asset allocation of “MeiraGTx Ireland DAC” is the next vital step that helps to identify the investment horizons, risk tolerance levels, return expectations levels, and the investment criteria for the rental space of the “MeiraGTx Ireland DAC”. identification of property type, rental potential level, location, and expected returns can help in the comparison of available similar types of properties. The next vital strategy is the financing part. Determination of the financing is another important step that helps to acquire the property management process. Risk management is another important implementation strategy that can help to identify the market fluctuation levels over the periods. Tracking of the monthly rental income, occupancy rates, and portfolio returns is the next vital stage in the overall portfolio monitoring process. Therefore, these are the key strategies that are followed for implementing the “Property portfolio management” of “MeiraGTx Ireland DAC”.

1.4 Explanation of maintaining the portfolio values for ensuring facility management strategies

Adoption of a systematic approach might help to maintain the overall portfolio valuation for ensuring the facility management strategies. Therefore, strict monitoring of asset performance, strategic alignment, and risk control management processes are the key necessary factors to facilitate the overall management strategies. Conduction of the portfolio analysis of “MeiraGTx Ireland DAC” is another vital step that easily identified the improvement areas of associated identified risk. The facility management can be also maintained through the development of strong maintenance planning by considering budgetary planning, predictive maintenance, and proper schedules with the stakeholders (Bolshakov et al. 2020). The next important strategy is the implementation of associated risk practices related to equipment failures, safety hazards, and any type of compliance issues, and monitoring of monthly KPI performance through using the KPI trackers for “MeiraGTx Ireland DAC”. Cost control optimization is another vital part that effectively identified the risk controls and effectiveness of “MeiraGTx Ireland DAC”. The “Property project managers” also need to provide monthly autogenerated feedback and regular updates to all stakeholders. In this way, the strategic approaches might help to facilitate the entire facility management process for “Property portfolio management”.

2.0 Property costs

2.1 Undertaken analysis of taxes, costs and charges for occupying the owing property with specific references

“MeiraGTx Ireland DAC” is a popular medicine company that mainly emphasises on potential development of curative treatment for those patients who suffer from serious diseases. Now, suppose, the “MeiraGTx Ireland DAC” purchase a property for developing the “portfolio strategies” for providing the innovative manufacturing opportunity for providing the solution for the “gene therapy”. The purchasing address of the property is located at “Block K, Airport Avenue area” (Suzuki et al. 2023). This property mainly provides innovative manufacturing opportunities for “MeiraGTx Ireland DAC” and whose total cost is 8 million amount which mainly helps in researching the innovative manufacturing features for“MeiraGTx Ireland DAC” (Banka et al. 2023). The payment acquisition date was on 13th March, 2024. Owing of this property mainly helps to improve the overall manufacturing process and tried to reduce the overall risk mitigation process.

Therefore, owing or occupying property by “MeiraGTx Ireland DAC” should undertake the following costs which are discussed as follows.

Cost related to property purchase

Table 1: Lease Property Cost

The cost associated with the property purchase is one type of cost that the “MeiraGTx Ireland DAC” need to face for owing the property purchases. These types of costs include the survey and research costs, legal fees purchasing costs of the properties.

“Registration charges and the stamp Duty charges”

Table 2: Stamp Duty Charges

The “MeiraGTx Ireland DAC” also needs to face the “Stamp Duty charges” based on the purchased property evaluations. The “MeiraGTx Ireland DAC” also needs to provide the stamp duty charges for the property transactions process (Kieltyka et al. 2022). According to commercial stamp duty charges of Ireland, “MeiraGTx Ireland DAC” needs to pay approximately 7.5% of the duty rate for occupying the property by “MeiraGTx Ireland DAC”.

“Local Property tax”

Table 3: Local Property Tax

The “MeiraGTx Ireland DAC” also needs to provide the annual tax for the properties that are occupied by “MeiraGTx Ireland DAC”. However, the calculation of this taxation is based on the property and market valuations.

Income tax

Table 4: Income Tax

The “MeiraGTx Ireland DAC” also needs to provide the income tax if “MeiraGTx Ireland DAC” use the property for the rental purpose. However, “MeiraGTx Ireland DAC” needs to provide this rental income tax by the recent income tax rate of 20%.

Interest payment based on mortgages

Table 5: Payments of Interest on Mortgages

The “MeiraGTx Ireland DAC” also needs to provide the mortgage changes if the owning properties of “MeiraGTx Ireland DAC” have any kind of mortgage payments.

Insurance charges

Table 6: Insurance changes

The insurance tax is also needed to be provided by “MeiraGTx Ireland DAC” for protecting the property risk from theft, fire or any kind of natural disasters. However, the “MeiraGTx Ireland DAC” have to face varying property coverages for owing the properties by “MeiraGTx Ireland DAC”.

Repair and maintenance charges

Table 7: Repair and Maintenance

The “MeiraGTx Ireland DAC” also needs to provide the repair and maintenance cost for property renovation and another maintenance cost for the property by “MeiraGTx Ireland DAC”

Tx Ireland DAC”.

The above section critically describes the impact of taxes and costs for owing the properties by “MeiraGTx Ireland DAC”. Suppose, “MeiraGTx Ireland DAC” have a lease property of £7000,000 rupee in each year, whose utilities cost is £190,000 rupee in every year (Jelonek et al. 2022). The “MeiraGTx Ireland DAC” also needs to pay the “maintenance cost” of £70,000. Therefore, the overall cost of occupying the new property by “MeiraGTx Ireland DAC” needs to pay.

Table 8: Estimated taxation cost for “MeiraGTx Ireland DAC” for owing the new property

The above table clearly defined the estimated required tax that might have to pay “MeiraGTx Ireland DAC” as a new property charges.

2.2 Explanation of facilities of management strategies

The above section already describes the different types of associated taxes and costs for owing the properties owned by “MeiraGTx Ireland DAC”. However, this factors have a major influence on facilitating the overall management strategies for “MeiraGTx Ireland DAC”. Therefore, the taxes and the cost charges might significantly vary based on different cost charges of “local property taxes”, insurance charges, income taxes, and repair and maintenance charges (Taylor, 2020). The property sizes and facility management are the important factors that might change the overall strategy management for occupying the properties of “MeiraGTx Ireland DAC”.

Impact of property costs

The property cost affected the overall purchasing prices based on mortgage payments, repair, property maintained charges, etc. therefore, this property cost directly affected on the overall property prices for buying the property by “MeiraGTx Ireland DAC”.

2.3 Evaluation of the methods for reduction of occupational costs

Occupational costs are the type of costs which help to occupy the different types of space including taxes for personal properties, taxes for real estate, insurance costs for contents and buildings along with amortization expenses. However, “MeiraGTx Ireland DAC” have to face a higher entrance cost for owning the estate properties due to higher estate prices (Ye et al. 2020). This “occupancy cost” can be easily identified by dividing the overall gross rent annually based on the “annual sales”. This “occupational cost” can be reduced by reducing the overall occupational costs (Zheng et al. 2024). Different types of methods like labour optimization process, outsourcing process, involvement of remote working, automation, and safety management programs. Energy efficiency and management of the overall supply chain can help to reduce the overall “occupational cost” for “MeiraGTx Ireland DAC”.

• Integration of advanced technologies:The integration of advanced technologies also helps to improve the overall facility management process for owning the properties by “MeiraGTx Ireland DAC”. Adoption of advanced technologies also helps to develop the overall streamlined operations also reduce the efficiency cost by which the “MeiraGTx Ireland DAC” improve the operational costs (Gavrikova et al. 2020). Implementation of advanced technologies also tracks the opportunities for cost-saving by which the “MeiraGTx Ireland DAC” can easily analyse the operational improvement area.
• Outsourcing:Outsourcing is another important part that can be controlled by providing specialized services. This outsourcing process also decreased the overall labour cost for the new property by “MeiraGTx Ireland DAC”.
• Regular benchmarking of measurement:The occupational costs can be easily tracked through regular performance managements of optimizing the operations and data-driven decisions.
• Utilization of Space:Space utilization is another method that might help to reduce the overall operation cost for “MeiraGTx Ireland DAC”. implementaion of the space-sharing initiative can also control the overall operational cost for owing property management for “MeiraGTx Ireland DAC.

3.0 Property and asset registers

3.1 Evaluation of the effectiveness of the registers and analysis of the methodologies

There exist different type of factors that might affect the overall asset registers and the property registers process for the “MeiraGTx Ireland DAC”. Different types of factors like completeness, accuracy level, integration process, different types of compliances, security managements are the key factors that affected the overall effectiveness and the risk registers process (Sanderson et al. 2020). Therefore, the first requirement for the evaluation of the risk registers for the properties of “MeiraGTx Ireland DAC” need to contain all the necessary and relevant informations related to the size of the new purchased property by “MeiraGTx Ireland DAC”, the locations and the areas, total financial information for maintaining the tax rate of the purchased new properties. The second important factor are the accuracy of the up-to-date information of financial losses, total budgetary expenses, regulatory requirements related to the new purchased property of “MeiraGTx Ireland DAC”. Security is another important part that need to integrate the all the organizational databases of “MeiraGTx Ireland DAC” for maintaining the ownership of the consistency of “MeiraGTx Ireland DAC” (Sood et al. 2020”). Therefore, reviewing these factors might hel;ps to identify the key responsibilities and the registered risk for “MeiraGTx Ireland DAC”. The stakeholders also play an important role that can help to organize all the required financial information of “MeiraGTx Ireland DAC”

3.2 Tools for enhancing the effectiveness of the register

Different types of tools can helps to to enhance the overall effectiveness of the register process for the “MeriaG“MeiraGTx Ireland DAC” TX Ireland DAC”.

3.2.1 Usage of the RFID technologies

Adoption orf the “Radio Frequency Identification (RFID) technologies” can helps to monitor the present status of the properties, location, and present conditions for identification of the property information by which “MeiraGTx Ireland DAC” can easily reduce the thrift cost, and visibility of the assets. RFID, or Radio Frequency Identification technology, has revolutionized tracking of asset, and management of asset. Through the electromagnetic fields usage for automatically identify, and track lags attached to projects, real-time data is provided by RFID on status, and location of asset.

3.2.1.1 RFID Benefits

RFID, or Real-Time Tracking can provide immediate information regarding the status, and location of assets. This is specifically useful for organizations that are managing many assets, and properties throughout different locations. Manual tracking methods includes barcoding, which can lead to errors in identification of asset, and data entry (Singh and Kumar, 2023). These risks are minimized through process of automated scanning. RFID can streamline process of inventory, which allows for quicker audits, and it is ensured in this regard, that registers of asset are up-to-date always. The system of RFID can provide alerts if an asset is moved without authorization. This is adding a security layer to management of property, and while initial costs of setup might be high, at that time long-term savings from improved efficiency, and losses reduction can offset these investments.

3.2.1.2 Implementation consideration

For RFID implementation successfully, MeiraGTx Ireland DAC is needed to consider initial costs, Training, and Integration.

3.2.2 Usage of different types of predictive tools

Usage of different types of predictive tools can easily help to identify the root cause for the equipment failure, and lifespan of the newly purchased property by“MeiraGTx Ireland DA”.

3.2.2.1 Predictive Analytics Benefit

Through the data analysis on performance, the prediction can be done by the organizations when maintenance is needed, downtime is reduced, and life of asset is prolonged.

3.2.2.2 Implementation consideration

At the time of predictive analytics tools implementation MeiraGTx Ireland DAC is needed to focus on quality of data, selection of tool, and development of skill. 

3.2.3 Asset Management Software

The complete facility for property and asset registers is provided in great extent by the considerable asset management software solutions. Such tools can be simple excel files, and at the other end, there are complicated systems embodied with different functionalities.

3.2.3.1 Advantages of Asset Management Software

These systems offer consolidated information on assets for convenient recording assets and for other activities that relate to assets. Notifications and messages prevent organizations from being non-compliant with the regulations and laws in practice. Users can track performance indicators related to assets, and, therefore, can easily detect equipment that may need attention (Xie et al. 2022). Effectively developed reporting features allow users to provide understanding of the usage of the assets, costs related to maintenance as well as performance of the portfolio. The user interfaces of many current asset management software packages are quite friendly, and therefore, very easier to navigate –even for first time users.

3.2.3.2 Implementation Considerations

Effective implementation of asset management software dictates that MeiraGTx Ireland DAC should clearly state the areas of functionality needed regarding the software, for instance; compliance, reporting and maintenance. Choose an application which is capable of expanding as the organization develops so as not to have to overhaul the computer system constantly (Sara et al. 2021). Ensure that all the user and technical support training is done to the staff and let them know that there are more resources on offer to help them with anything technical they come across.

3.2.4 Geographic Information Systems (GIS)

Though the importance of technology in managing geographical information has increased in the last decade, there seems to be little practical use of GIS by civil engineers.

Geographic Information Systems (GIS) offer the appropriate technology of mapping and analysis of spatial data. When used in property management context, GIS was most valuable in augmenting simple lists built for asset registers with geographical reference data.

3.2.4.1 Benefits of GIS

Technical Facilities GIS Software enables the location of asset to be done and this will have the advantage of mapping and seeing some geographical correlations. The geographic information can be used in strategic management, for instance choosing the right location for the new property or facility. Acquiring and analyzing data that have GIS can enhance the information that is incorporated in assets management; information such as demographical data and the surrounding environment (Godager et al. 2021). GIS tools can be useful in the planning of emergencies in that risks related to specific areas can be identified on a map.

3.2.4.2 Implementation Considerations

However, it is recommended that the staff at MeiraGTx Ireland DAC engage in GIS training so as to achieve the best results from the GIS integration. Nearly all GIS data are located in a geographical context; therefore, such data must be refreshed often and validation and verification should be done once in a while. Choose GIS tools that are integrated with your current asset management systems, so that you can make data more visible.

3.2.5 Cloud-Based Solutions

The remote access is evident, main stakeholders, investors and any other concerned parties have the ability to access data on the cloud at any given time from any part of the world (Klungseth et al. 2022). This flexibility can be very beneficial for such institutions as branches, offices, various sites or remote working.

3.2.5.1 Key benefits of Using Cloud Computing.

This means that the asset register can be accessed through internet by the respective team members each time they login using any computer or other gadget. Cloud solutions are more adaptable to higher volume of information since it is not necessary to incur big investment in I.T. systems (Moretti et al. 2023). Some of the attributing features of many cloud-based system include the capability of updating automatically which implies the user does not have to seek to patch the software to the latest one frequently. Solutions offered in the cloud most commonly are charged as services, this implies that organizations do not procure licenses in a way they would do for standard software.

 3.2.5.2 Implementation Considerations

Another factor that MeiraGTx Ireland DAC should consider in its cloud adoption strategy is the type of the security that cloud providers provide for asset data. Choose the trustworthy vendor in the market spacious with the problem amenities of customer support. Ensure that there is no creation of ‘island of information’ which results when the cloud solution cannot integrate with the others existing systems.

4.0 Building design

4.1 Evaluation of the effect of building design on the operational usage of the properties

The building design impacts its operational usage, which influences everything from functionality, and efficiency to employee productivity, and the organization's overall performance. For MeiraGTx Ireland DAC, whose focus is present on innovative genetic treatments, and medicine, in this regard, the design of its facilities is needed to support a collaborative, and dynamic environment of work.

4.1.1 Layout and Functionality

A well-thought-out layout can do the operational efficiency enhancement through the workflow optimization. Collaboration can be facilitated through the open plan designs among teams that fosters innovation and communication (Khodabakhshian and Toosi, 2021). These are important in a research-driven organization named MeiraGTx. The design of the spaces needs to be done to accommodate both individual tasks and collaborative work. This allows employees to select environments that suit best as per their style of work.

In this regard, flexible workspaces' incorporation with adjusted furniture can cater to the different needs of the project. On the other side, designated areas for brainstorming, and meeting sessions can encourage teamwork (Kumari 2022). In addition to that, laboratory integration with administrative spaces ensures that easy access is present for the research to needed resources. This reduces time lost in transit, and productivity is enhanced in this regard.

4.1.2 Sustainability and Energy Efficiency

The design of the building is needed to prioritize energy efficiency and sustainability. This reduces the costs of operation, and also to align with the broader corporate responsibility goals of the organization. The organization in this regard, is MeiraGTx. Sustainable materials, energy efficient systems, and green technologies utilization can majorly lower the facilitiy’s carbon footprint. 

Through the incorporation, which include high-efficiency HVAC systems, natural lighting, and renewable energy sources, named solar panels can lead to major long-term savings in energy costs. A commitment furthermore to sustainability can increase the reputation of the company, and this makes it more attractive to clients, and investors who are conscious regarding the environment. 

4.1.3 Safety and Compliance

The design of the building needs to adhere to regulatory, and legal standards, specifically in industries named pharmaceuticals, and healthcare where safety is important (Kumar and Teo, 2021). Particular guidelines need to be met by the facility regarding accessibility, standards of hygiene, and fire safety. For MeiraGTx, this includes ensuring that spaces of the laboratory are designed for contamination minimization, and comply with regulations of health.

Through the features of safety incorporation into the design, which include emergency lighting, fire exits, and security system ensures the visitors, and employees’ well-being. Regular assessment of risk, and audits are needed to be done to ensure ongoing compliance, and major areas are identified in this regard for improvement.

4.2 Analysis of the building design to influence properties managed

On the design of the building, the influence extends beyond the immediate efficiency of operation to encompass broader goals, and strategies of organization (Sadeghineko and Kumar, 2020). For MeiraGTx, this appropriate specifically in terms of the focus of this company on effective innovation, and research.

4.2.1 Enhancing innovation and collaboration

The elements of design through which collaboration is encouraged, can majorly impact innovations. Features named communal areas, shared workspaces, and open spaces of meetings can foster a teamwork culture. In this regard, break areas, and lounges are designed for informal discussion can lead to effective idea generation, and collaboration throughout departments.

4.2.2 Impact on the Well-being of Employees

The design of building plays also a major role in well-being of employee. Elements include natural light access, green spaces access, and ventilation that contribute to a healthier environment of work. This can lead to higher retention, and satisfaction of employee. For MeiraGTx, where highly skilled professionals are important to the success of the organization, in this positive environment for work ensuring is important.

4.2.3 Future Growth Flexibility 

As MeiraGTx continues to evolve, and grow, in this regard, the design of the building needs to be allowed for scalability, and flexibility. Spaces designing can be reconfigured, or expanded easily, ensures that the facility can adapt to changing requirement without major renovations.

4.3 Facility managers influence building designs for enhancing the future usage of properties for management services

A major role is played by facility managers influencing the designs of building. This ensures that they meet operational requirements at the time of aligning with strategic goals of organization. Their expertise, and insights are important in the ongoing management, and design of facilities.

4.3.1 Collaboration with Design Teams

The collaboration can be done by facility managers closely with designers, and architects in the planning phase of new reinnovations, or buildings. Their practical knowledge regarding the way utilization of spaces are done through which choices of design can be met through which efficiency, and functionality is enhanced (Borkowski 2023). In this regard, they can provide input regarding the way workflows are optimized within offices, or laboratories. This ensures that design supports the requirements of operations of organization.

In addition to that, facility managers can advocate for features that enhances safety, sustainability, and comfort. The firsthand experience in properties management equips them with insights into what elements of design will lead to lower costs of operation, and increased satisfaction of employee.

4.3.2 Smart Technologies Implementation

With thin smart building technologies, increase, facility managers can influence these systems integration into designs of building. Smart technologies can monitor usage of energy, track occupancy, and control factors of environment which include temperature, and lighting. By advocating for these technologies incorporation, the help can be provided by the facility managers to MeiraGTx regarding enhancement of its efficiency of operation, and reduce costs.

4.3.3 Ongoing Feedback and Evaluation 

Post occupancy evaluations are important for understanding the building designs effectiveness. Facility managers can lead to efforts for the assessment of the way well the facilities meet needs of operation, and satisfaction of the employee (Momeni et al. 2020). The feedback collection from employees regarding experiences can inform design modification of future, which ensures that the workspaces continues to evolve in line with needs of the organization.

5.0 Property relocation

5.1 Analysis of the planning process and procedures of for successful property relocation

The relocation of property is a complex process that needed careful execution, and planning, specifically for organization named MeiraGTx Ireland DAC. This operate in specialized fields which include genetic medicine. Facilities relocation can be driven by different factors, which includes more space need, and the desire to improve efficiency of operation, or the requirement to access new markets (Sadeghineko and Kumar, 2022). A successful process of relocation include many major stages. These stages are planning, assessment, execution, and post relocation evaluation.

5.1.1 Phase of assessment

In the process of relocation, the first step is to do a major assessment regarding the present facilities, and reasons are identified in this regard for the move. A review is needed to be included in this assessment. These are discussed below.

5.1.1.1 Present Space Utilization

Analyzing the way the existing space is utilized can provide help regarding efficiencies, and improvement areas identification (Merino et al. 2022). This include workspace layout evaluation, rates of occupancy evaluation, and allocation of resources evaluation.

5.1.1.2 Needs of future

Future growth anticipation, and requirements of operation is important. This might include projections that are dependent on present trends of business, major new projects, or resources, and staff expansion.

5.1.2 Phase of planning

Once the completion of assessment is done, at that time a detailed plan regarding relocation can be developed. This plan is needed to encompass many critical components. These are discussed below.

5.1.2.1 Development of Timeline

A clear timeline establishment for the process of relocation provide help regarding keeping the project on track. For all stages this timeline should account for, which includes planning, settling, and moving into the new location.

5.1.2.2 Budgeting

An effective budget creation outlines all expected costs, and this is important also. This needs to be included moving expenses, legal fees, renovations, and any unforeseen costs that might arise at the time of relocation.

5.1.3 Phase of execution 

The relocation plan execution includes many important actions. These actions are discussed below.

5.1.3.1 Logistics Coordination

With logistics, the coordination is the move that is important for disruptions minimization. This includes a moving hiring, scheduling the move, and ensuring that all important supplies, and equipments are safely transported.

5.1.3.2 Facility Preparation

Before the move, the facility is needed to be prepared to accommodate the requirements of the organization (Roncalli et al. 2021). This include installations, renovations, and ensuring that all services, and utilities are operational.

5.1.4 Post-Relocation Evaluation

After the move, the process of relocation is important for identifying successes, and areas for improvement. This evaluation should include many aspects, and these are discussed below.

5.1.4.1 Collection of Feedback

Gathering feedback from employees regarding their experiences at the time of move can provide important insights (Camposano et al. 2021). This can provide help regarding challenges identification that are faced at the time of transition, and inform relocations of future. 

5.1.4.2 Assessment of operation

Efficiency regarding operation evaluation of the new facility compared to the old one provides help regarding the relocation success measurement. This includes levels of productivity, space utilization, and satisfaction of employee. 

5.2 Analysis and selected resources of supported property relocation

To ensure a successful relocation of property, MeiraGTx Ireland DAC is needed to leverage effectively different resources. These resources can include external partnerships, internal capabilities, and technological tools.

5.2.1 Internal Resources

5.2.1.1 Relocation Team

Dedicated relocation team assembling includes representatives from major departments which ensures that regarding the move, all aspects are considered. This team is needed to include HR representatives, facility managers, and members from finance to cover all important perspectives.

5.2.1.2 Present Staff Expertise

The existing experience, and knowledge utilization of staff can provide important insights into the process of relocation (Rahbaralam et al. 2020). With needs of operation, and culture of the organization employees are familiar, and this can offer suggestions regarding new space optimization.

5.2.2 External Partnerships

5.2.2.1 Agents of Real Estate

Engaging experienced agents of real estate can facilitate the appropriate properties search. Their knowledge regarding the local market can provide help regarding the options' identification that meet the budget, and need of the organization.

5.2.2.2 Moving Companies

With reputable moving companies, the partnering can ensure a smooth transition. In logistics, transportation, and handling, these companies can provide expertise regarding risk of damage minimization to resources, and equipment.

5.2.3 Technological Tools

5.2.3.1 Software regarding Project Management

Utilizing tools regarding project management can increase the communication, and coordination throughout the process of relocation. These tools can provide help regarding progress, budget expenditure, and deadline tracking, and it ensures that the project stays on schedule.

5.2.3.2 Software regarding Space Planning

The space planning tools leveraging can provide assistance regarding new facility layout designing. This software can visualize the way utilization of the spaces are going to be done, ensuring that the operational needs are met in the design. 

5.3 Proposal of outline review process for ensuring the property relocation

5.3.1 Pre-Move Review

An in-depth assessment is needed to be conducted regarding the present facility, and its limitations to ensure that the new property will address all needs that are identified. Input is needed to be gathered from different stakeholders for the specific preferences, and requirements identification for the new location.

5.3.2 Mid-Relocation Review

The progress is needed to be monitored regarding relocation against the established budget, and timeline. This includes regular check-ins with the team of relocation to address any emerging challenges (Aminifar et al. 2022). Communication’s open line is needed to be maintained with all stakeholders, by providing regular updates on the process of relocation, and promptly concerns are addressed in this regard.

5.3.3 Post-Move Review

Feedbacks are needed to be collected from stakeholders, and employees regarding the process of relocation, and the new facility. This feedback is needed to be structured through focus groups, and surveys. Effectiveness of operation is needed to be evaluated regarding the new space, by comparing levels of productivity, and satisfaction of employee against benchmark that is established in the phase of assessment. Effective review regarding costs relocation is needed to be done by comparing the actual expenses to the initial budget for the variances' identification, and inform future projects.

5.3.4 Continuous improvement 

Depending on the findings from the post-move review, recommendations are needed to be implemented for the new facility optimization, and relocation process improvement for future moves. Lessons are needed to be documented that are learned, and best practices from the process of relocation to serve in the form of a resource for the relocations of the future.

Reference list

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Author Bio

William Chalmers   5 years | MBA

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