At the opening day of the CoreNet Global Summit we had the chance to meet with the Senior Vice President of CoreNet Global, Tim Venable to discuss his point of views on the current state of Corporate Real Estate Management. Read where the industry is going and where you should focus your resources in 2018 below.
How would you describe the current state of Corporate Real Estate Management?
It is increasingly recognized as a strategic asset that corporations can leverage to achieve their business aims – not just a cost to be managed. The profession is more demanding today, and more complex, because the demands that the business is placing on Corporate Real Estate are growing. Today Corporate Real Estate executives must do much more than make sure the business has the right space in the right place at the right time. Professionals must confront, and help solve in partnership with HR, IT and other functions, a growing array of business challenges: cyber security risks, geo-political risks, work-force recruitment and retention, corporate social responsibility, and more. This requires new thinking, and new skills.
What are the biggest challenges/opportunities currently facing the industry?
At a high level, Corporate Real Estate Professionals must continue to become business strategists. As one senior occupier put it so well, “We must be business people first, and real estate people second.” Corporate Real Estate has to think in terms of how it can help the business achieve its business objectives. In addition, technology is transforming our world faster than we realize, and often faster than we can keep pace. Technological innovations just over the horizon will allow Corporate Real Estate Professionals to provide more accurate insights and better decisions, and to deliver space and services to the business and employees in ways we can hardly imagine today.
Where do you see Facility Management and Corporate Real Estate going in the future?
Internal CRE/FM teams will continue to be increasingly lean and strategic. Major real estate service provider companies’ capabilities and value proposition will continue to grow. “Big Data” and the Internet of Things will take on increased importance. Anything and everything that supports the productive work of knowledge workers – workspace, technology tools, HR practices, wellness, and more – must be near the top of CRE’s agenda.
2018 is approaching quickly; what is your top 5 advice for FM/CRE professionals that want to improve their strategies and outcomes in the year to come and drive even more business value for the company and its stakeholders? Where should they focus their resources?
- Embed flexibility in everything you do
- Spend more time learning about how our world is changing and what that will mean for your business
- Invest in new technology tools – carefully
- Increase the diversity of your team
- Spend more time listening to your customers