For commercial real estate companies that didn’t have a crisis management plan, the pandemic has been a rude awakening. It has also been an opportunity to take notes.
According to BDO USA’s Ross Forman, managing director of corporate real estate advisory services, as many as 50% of businesses globally didn’t have a business continuity playbook in place before the coronavirus, and a large percentage of those that did had not run true exercises or simulation to make sure their plan would play out smoothly.
“They may have checked the box — i.e., ‘Is the generator running?’ or ‘What tools do we have?’ But did they test? Did they train? In many cases, the answer’s no,” Forman said. “It’s kind of like health insurance: We’re healthy, we’re making money, revenue’s growing and we’re focused elsewhere. And it’s all good until you get sick and you find, well, you could’ve used some health insurance.”
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