Real Estate Transformation is a hot topic. With the change in how offices are used due to the rise in Hybrid and Remote work styles, there are few companies left without some impact on their offices. When fewer employees are in the office on a busy day, there is less demand for space. Conversely, there is an increased demand for the space that is kept to be as collaborative and functional as possible. A Transformed real estate portfolio is, by necessity, both smaller and more advanced.
Every real estate professional I have spoken to over the past three years knows that they need to transform their portfolio. However, few of them feel they are in a position to achieve that goal. Their business partners are often out of alignment with what needs to happen worrying more about mandates and bringing more employees back to the office than dealing with the new world they are facing. When real estate and the business are not aligned, it is nearly impossible to drive consistent change efforts.
If you are looking to Transform your real estate, start with the basics:
- Look at your data. How many employees are in the office? What are they doing when they are in the office? Are their occupancy patterns stable and consistent? If you have clear data, it provides a solid base for planning.
- Create workplace alternatives built from your data. Your alternatives should be creative and address what employees want from the space. Give the business a say here to ensure they are bought into the process.
- Understand the operational impacts of your preferred alternatives. Not all workplaces will work out of the box without either process or technology. Think through what employees will be facing when they come to your new offices.
- Own the decision to Transform.