SAN JOSE, CA—As corporate America deals with changing dynamics in the economy and at the workplace, many challenges exist, including site selection, lease negotiation, space planning, and construction. But today's greatest underlying challenge may be the need for the workplace to promote the recruitment of top talent in an increasingly competitive market.

The financial implications of the above are clear, and an age-old truism still applies:  Following human resources, real estate represents a company's largest investment.  Looking at ways to cut costs, companies often turn to real estate service providers to help them negotiate favorable lease terms.  But beyond rent considerations, companies often overlook the fact that they can realize even more significant savings—sometimes more than $1 million—if they think strategically and adopt a “project-centric” rather than a “transaction-centric” approach.

If you're a corporate executive in charge of facility management, chances are you're looking to maximize the use of your office, warehouse, or R&D space.  Perhaps you want to reduce your footprint, anticipating more virtual workers and more desk-sharing, which will significantly lower your occupancy costs.  Perhaps you want to relocate to more creative space that promotes your brand and provides highly sought-after amenities such as a café, a variety of work setting within the office, an executive briefing center, and even a fitness center.  Perhaps you want to reconfigure your existing space to include more open areas that promote collaboration and may improve morale and production.