APAC Corporate Real Estate Review and 2021 Outlook
Welcome to Aurex Group’s latest APAC Real Estate Market Review and 2021 Outlook. In this edition, our specialist team shines a light on Corporate Real Estate (CRE), a section of the market that has come to the forefront in 2020 as the world has grappled with generation-defining implications for organisations, employees and working environments.
With this transformational period due to maintain its influence into the New Year, businesses are relying on CRE professionals to shape the modern workplace and investment strategies going forward. As part of this review, Aurex Group spoke with CRE and Facilities Management leaders across APAC to gain insight into the evolution and where the future of workplace is heading.
Corporate Real Estate Overview
As explained in the recent CBRE and CoreNet Global joint report on the transformation of Corporate Real Estate – workplace has emerged front and centre and CRE professionals’ critical contributions to strategic business outcomes are more pronounced than ever before.
Here we explore how CRE professionals are managing this shift from traditional approaches and service deliveries to models extending the scope and remit of their function.
The CRE profession has found a new seat at the table defining company strategy and future planning. It is emerging as a key player in guiding business recovery and resiliency going forward. While it cannot be denied that the future of work strategy was already evolving, the implications of 2020 have accelerated this upheaval.
From Aurex Group’s discussions, and backed-up by the CBRE and CoreNet Global report, health, safety, environment, cost-savings, workplace strategy and change management have emerged as leading priorities for businesses. CRE professionals are being called upon as master collaborators helping to retool strategies, teams, workplace environments and portfolios to help organisations emerge as strong as possible.
With a surge in requests for CRE services over the course of the year, Real Estate teams have increased their reliance on third-party providers by 25% to keep up with the COVID demand. Large-scale government clients have also been calling on outsourced solutions, some of them first-generation, with inhouse teams unable to respond on the scale needed and risk mitigation being a driving factor.
CRE services have never been more in demand and the core offering never more disrupted. The Real Estate mantra is undergoing a fast-paced evolution from ‘location, location, location’ to ‘digital, digital, digital’.
Engaging Teams in 2021
How are leading professionals maintaining engagement and employee morale for CRE professionals going into 2021?
While technology has been a great communication tool and connector, it cannot replace face-to-face interaction. The move to online has impacted employees in differing ways and management will need to invest in personal and individual communication to ensure employees are coping with the transition.
One of the examples shared to Aurex Group was a ‘Real Estate Employee of the Month’ programme to recognise and thank front line teams. Offering professional development, well-produced and interactive virtual events and new learning opportunities are also being employed to maintain engagement.
Communication has improved across businesses as a result of remote and ‘Work from Home’ measures and leaders are capitalising on this opportunity and increased revenue to innovate engagement activities.