The Challenge
As an innovative services business, Brookfield Properties constantly looks for ways to improve returns for their stakeholders. Historically, contractors had maintained ownership over project data, even while owners were the biggest stakeholders—holding the highest risk of return on investment. Brookfield Properties knew they needed a way to reclaim their data. The company’s past process of managing data in spreadsheets and binders was no longer scalable for their business needs. Dan Kindbergh identified a need to "eliminate the administrative burden and lack of transparency inherent to the traditional bidding and cost tracking process and drive new value with a collaborative, scalable process." Ric Clark recognized that their current process for managing projects, coupled with the contractors' monopoly on data, "prevented us from using that information meaningfully to help us make informed decisions."
The Solution
After testing Procore with a few properties on the East Coast, Brookfield Properties rolled it out to their nearly 30 million square feet of office properties in New York, Boston, and Washington, DC. Kindbergh has found that the creation of a digitized, automated bidding and capital project management system, has helped enable their property management team to become more efficient and spend less time stuck in outdated processes. The key to success was that Procore was the only platform that put project data back into the hands of the owners and managers—instead of contractors and thirdparty vendors.
“With Procore, the balance of power shifted from the contractor to the owner. When that benefit came to fruition, it was a no-brainer for me.”
Ric Clark
Chairman
The Results
For nearly two years, Brookfield Properties has used Procore to define the specs, bid out, and monitor project progress across all properties in the Northeast region. There are 10 trillion dollars invested in global construction and capital projects annually. Clark is confident that the ability to efficiently and accurately allocate that capital "is going to have a very major impact."
