WHAT IS GAP ANALYSIS?

Based on literature Narrowing the Perception Gap by Julie Frost, (1998) fundamentally gap analysis is a very simple concept which each attribute, the difference between the expectation and delivery is measured and sorted from highest to lowest. It effectively highlights the attributes you need to focus on. Meanwhile in journal of "Achieving Service Quality Through Gap Analysis and a Basic Statistical Approach", a gap is sometimes called "the space between where we are and where we want to be." A gap analysis helps bridge that space by highlighting which requirements are being met and which are not. The tool provides a foundation for measuring the investment of time, money and human resources that's required to achieve a particular outcome.(Dean E. Headley, Bob Choi, 1992). What can we concludes, that gap analysis is a tool or method uses to compare current situation and try to achieve desire situation in future. This tools is vital to ensure we can measure or take relevant steps to fulfil the gap. TYPES There are different types of gap analysis used in business, such as market usage gap, which compares the current market and the total potential of the market to indicate the possibility of growth; and product gap, which evaluates a company's growth limitations caused by certain product or service characteristics. In our case, we will look into the gap analysis regarding occupancy rate.

GAP ANALYSIS MODEL The gap model essentially asks two key questions which are Where are you now? and Where do you want to be? The difference which represent as a gap between the two, forms the basis for an action plan in relation to establishing a culture of supporting self care for patients. What the action plan will consist of is determined by the various gaps identified. Once the desired future position has been defined, the current levels of performance are assessed against this position and the actions needed to reach the desired position are specified.( Ruth Chambers and Gill Wakley, 2006).

Gap Analysis Model

CURRENT SITUATION This section contains a detailed description of the situation as it presently stands. The development of the descriptors for this section provides an opportunity for stakeholders to collectively analyze data relating to the current situation. CLOSING THE GAP This section contains the specific strategies that are designed to close the gap between the actual and the ideal.

IDEAL SITUATION This section contains a detailed description of the intended benchmark, result, or outcome. The development of the descriptors for this section provides an excellent opportunity for stakeholders to work together to set a vision for the organization.

(Ruth Chambers and Gill Wakley, 2006) EXAMPLE: To close the gap, Central High School will: EXAMPLE: A data analysis reveals that: Institute a 9th grade orientation and transition

EXAMPLE: Central High School is a place where 9th grade students are well supported in their transition to high school.

GAP ANALYSIS FOR 26 BOULEVARDS

We will adopt the same model used by Ruth Chambers and Gill Wakley(2006) into our Gap Analysis.

CURRENT SITUATION

CLOSING THE GAP

IDEAL SITUATION

We are at 90% of Occupancy Rate Level.

Attract anchor tenant to be the tenant in our building. Strengthen the marketing strategy through media electronic and printed media. Achieving rating. high green

Achieve 100% of Occupancy Rate Level.

SWOT ANALYSIS

WHAT IS SWOT ANALYSIS?

In its simplest form, a SWOT analysis can be understood as the examination of an organization's internal strengths and weaknesses, and its environments opportunities, and threats. It is a general tool designed to be used in the preliminary stages of decision-making and as a precursor to strategic planning in various kinds of applications (Johnson et al., 1989; Bartol et al., 1991). An understanding of all external factors, (threats and opportunities) together with an internal examination of strengths and weaknesses assists in forming a vision of the future.

WHY USE THE TOOL?

SWOT Analysis is an effective way of identifying your Strengths and Weaknesses, and of examining the Opportunities and Threats you face. Moreover, according to Radha Balamuralikrishna and John C. Dugger (1991), the use of SWOT analysis is when to develop a plan or find a solution that takes into consideration many different internal and external factors, and maximizes the potential of the strengths and opportunities while minimizing the impact of the weaknesses and threats.

HOW TO USE THE TOOLS?

According to Bartol and Martin (1991), there need to answer few question in order to examine the Strength, Weaknesses, Opportunities and Treats of the things that is going to be evaluates.

Strengths: What advantages do you have? What do you do well? What relevant resources do you have access to? What do other people see as your strengths?

Weaknesses: What could you improve? What do you do badly? What should you avoid?

Opportunities: Where are the good opportunities facing you? What are the interesting trends you are aware of?

Useful opportunities can come from such things as: Changes in technology and markets on both a broad and narrow scale Changes in government policy related to your field Changes in social patterns, population profiles, lifestyle changes, etc.

Threats: What obstacles do you face? What is your competition doing? Are the required specifications for your job, products or services changing? Is changing technology threatening your position? Do you have bad debt or cash-flow problems? Could any of your weaknesses seriously threaten your business?

We undertook a detailed analysis of Strengths, Weaknesses, Opportunities and Threats in the Strategic Assets Management and 26 Boulevard. Summary follows: Internal Strength Weaknesses Treat Grade A building First commercial building at Precinct 3 Satisfied level of occupancy rate A new building. Age 3 years The condition of the building is good Safety aspect is excellent The inner softscape Unattractive tenant at the retails ground floor. To become commercial building with GBI certification To be awarded MSC Malaysia Status The tenant will move out First commercial green building in Others commercial building The building will deteriorate.

Opportunities External

After we get the result from the SWOT Analysis, now the further step will be discuss in the recommendation chapter.

REFURBISHMENT AND REBUILD

According to E. Burden (2004), refurbishment means to bring an existing building up to standard, or to make it suitable for a new use by renovations, or by installing new equipment, fixtures, furnishing and finishes. D. Highfield (2000) referred building refurbishment as part of repair, restoration and extension. Meanwhile referring to P. Marsh (1983), refurbishment should not be confused with conservation, although it does conserve the old and thus helps to preserve a continuous and evident building tradition. Refurbishment is also nothing to do with maintenance whereby maintenance will have to be carried out on the existing structure. The refurbishment/rebuild stage will occur at some point in the lifespan of buildings. As with the original construction stage, thought should be given throughout the design and contracting stages as to how the later refurbishment of any project can be undertaken. Sustainable refurbishment or rebuild can greatly extend the life of an asset (rate of depreciation) and can improve the attractiveness to tenants, thereby reducing rent gaps and/or attracting greater rents. Similarly, sustainable refurbishments can lead to greater capital returns upon sale of the building. Typically: refurbishment is often carried out under a time pressured environment; and both refurbishment and rebuild produce costs and disruption to the operation of the occupier business organisation.

For these reasons speed as well as cost is often the driving factor which can make it difficult to embed sustainability considerations. Refurbishment often entails the production of large volumes of waste by necessity and those involved should produce an appropriate strategy for dealing with reclaimed plant, furniture and materials. For the same reasons identified in the Construction and use stage, significant savings can be made through waste management plans and sourcing recycled or reclaimed materials for rebuilds. Accessing recyclable and reclaimable materials is linked to building design. The connection between the two stages is primarily twofold: firstly, specification of materials at the building design stage largely determines when, and to what extent, a building requires refurbishment or rebuild. Secondly, design determines accessibility to material components: if design negates strategic access to recyclable/reusable material then those materials either represent lost value, or will incur demolition costs required in order to access them. The significance of design to demolition is explained in further detail in the End of life content pages of the Construction sector module.

REFURBISHMENT STRATEGY The decision to refurbish is based upon adding value to an asset. It hinges around the need for re-positioning a building in the context of the market and attracting and retaining tenants to maintain or increase income streams. Projects must demonstrate a sound return on investment (ROI) and care must be taken not to over capitalise. ( Azlan Shah Ali et al., 2009) However in todays market, the focus is on more strategic and minor refurbishments such as adding a retail element to the ground floor, improving the lobby and upgrading services. The drivers of these more staggered refurbishments are lower capital expenditure and the difficulty in obtaining vacant possession or access to all of the building in a suitable timeframe to warrant a major refurbishment.

Refurbishment can have a positive impact on a buildings rental and occupancy levels as well as capital value in the following ways:- (Ali, A.S, 2008)

Capital value can be increased via successful refurbishment; The sale process often provides the impetus for refurbishing, with prospective owners identifying opportunities to add value and change the tenancy mix; Refurbishment can re-position a building in the marketplace (e.g. from B to A grade), allowing owners to increase value via higher rentals; Refurbishments can protect a building from obsolescence and potential loss from tenants vacating to superior space; In markets where tenants are willing to pay a premium for better quality space, refurbished property can attract new tenants more quickly, thus reducing letting voids.

WHEN IS THE RIGHT TIME TO REFURBISH?

According to the building refurbishment guide publish by Adelaide City Council, they mention based on their experience suggests that office buildings will require a major refurbishment every 20 25 years to remain competitive. Timing of the refurbishment is critical to success.

While the project timing for each property will depend on a combination of market and building specific factors, four major indicators of the most appropriate time to undertake a refurbishment can be identified: When a significant gap emerges between the rents being achieved in a particular property and those in new space entering the market; When a building loses tenants and finds it difficult to attract new tenants, resulting in prolonged periods of vacancy in excess of competing properties; When a building loses a major tenant; When a major tenants lease renewal is approaching, offering added incentive to stay.