Corporate real estate has been in the news a lot as of late, especially on business owners and senior officers who are looking into the prospect of either returning to work or adopting alternative ways of working to get the job done.
In essence, corporate real estate is, by definition
, property utilized by companies for the purpose of running operations. This definition can further be broken down into specific roles, such as:
– Corporate headquarters
– Back office
– Research and development facilities
– Retail centers
– Branch offices
These days, we take an added perspective when talking about corporate real estate – and that is the digitalization of corporate real estate management. As a result of the pandemic, companies have undertaken an accelerated pace toward digitalization, innovation, demographic changes, and globalization. The strength of companies now relies on the ability to overcome traditional thought processes and adopt more flexible strategies that deeply involve the digital space.
It is no longer a matter of if, but when full digital transformation shall be the standard of operations for companies.
Corporate Real Estate Challenges and Needed Transformation
Reports have surfaced that certain organizations in the US have failed to make the necessary adjustments post-pandemic, affecting their output and chances of survival in a very challenging economy.
Commercial real estate debt and companies filing for bankruptcy have also been pain points for the industry and a bounce-back is yet to be seen.
On top of these issues, digital transformation is now the most widely talked about the concept not just for work, but for life in general. The list can go on and on but the important task to control right now is choosing the right corporate real estate broker. There are several factors to consider when choosing a corporate real estate broker, including:
– Experience
– Licenses and Registration
– Charges and Fees
– References and Client History
– Familiarity
– Level of Commitment (Part-time vs. Full-time; Single Project vs. Multiple Projects)
– Technological Savvy
Remember, the role of the real estate broker is to highlight the best options and be an expert advisor in your company’s given field of specialization. On top of that, they have to be capable of negotiation and always have your company’s interest at heart.
Corporate Real Estate and the Bigger Picture
The digital transformation is here, whether you are ready or not. Whether you are a small business owner or a large-scale institution, now would be the time to learn about the digital space and how it can propel your company to greater heights. The first step is to understand corporate real estate technology and how it can complement the existing backbone of your company and corporate real estate management strategy.
In one of our videos, Dusty Duistermars “Understanding the Intelligent Office: A Corporate Real Estate Guide to IoT in the Workplace” over at YouTube. In this discussion, Dusty analyze several things to consider for aspiring business owners, including:
– Facing the reality and the status quo
– Employee experience and operations
– Advancements in technology and workplace behavior
Should automation, integration, and artificial intelligence be a staple in all companies to keep up with market changes?
Join our discussion on our Discord server via the following link: https://discord.gg/gbJ9Ta78JG
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