Commercial real estate, often shortened to CRE, is property used for business rather than residential purposes: offices, industrial units, retail and mixed use assets. In most organisations the office portfolio is the second largest line of cost after payroll, which is why it attracts finance attention whenever budgets tighten.
The awkward part is that the cost is fixed by lease while the demand for it moves weekly. A CRE team can only right size a portfolio if it knows what is actually being used, floor by floor and day by day. Booking and occupancy data supplies that, and it is the difference between handing back a floor with confidence and guessing.