What are the top firms that have real estate consulting divisions? Within MBB, it looks like Bain has a dedicated team but they are all based in Chicago. McKinsey looks to have some real estate work, but not sure how extensive and they seem to be more global.
can anyone offer any insights into this?
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Someone else correct me if I'm wrong, but most consulting work in real estate either comes from brokerage companies advisory arms or the Big4 accounting firms. The brokerage places do the more strategy style stuff while the Big4 will do more valuation work. MBB doesn't really do as much on real estate side becuase there are so many advisory/consulting options that only do real estate and are going to be better than MBB would be.
At my MBB there were a few partners who were dedicated to Real Estate as a function. Granted the work isn't going to be the same as working at a real estate investment firm, but I can remember 4 projects specifically (was not staffed on them so only know limited info).
1 Cost cutting for a REIT firm. Obviously more of a corporate center type project, but it was for a REIT and how it could operate efficiently.
2/3 Real Estate Strategy for Fast Food restaurant and Retail company. 2 different projects of helping clients figure out how much to own, how much to rent. Which properties should they do what with.
4 Real Estate strategy for an airline. Limited knowledge here, but I believe helping figure out how much and what type of investments the airline should make with regards to terminal space and other.
Yes, MBB directly advises tons of developers, RE/FM services (e.g. JLL, Cushman), REITs globally. A lot of the work with developers tends to focus on cost transformation (e.g. procurement, org. design, process improvement, digitalization, etc.) and some strategy work. A lot of other interesting work that comes through the pipeline too.
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