How To Seize Corporate Real Estate Opportunities With iOFFICE
The past year has been one of the most challenging in history for corporate real estate management.
Sixty percent of CRE leaders are aggressively pursuing contraction, consolidation, or exit plans as a result of COVID-19, according to CBRE’s Future of the Office report in September.
Additionally, 74% held off on expansion plans, while more than half delayed office relocations or capital improvements.
While there’s no going back to the way things were, trends toward increased remote work and the reimagining of the traditional workplace have brought new opportunities for leaders with the foresight to seize them.
While no one could have predicted a global pandemic, iOFFICE has been preparing for the transition to the hybrid workplace for years. Our corporate real estate management software has evolved to provide you with more valuable data, show you how decisions will impact your corporate real estate portfolio, and enable you to act quickly.
As you plan for another uncertain year, here’s a closer look at how you can minimize risks and maximize profitability with iOFFICE.
How iOFFICE supports corporate real estate management
Consolidates data from multiple sources
Strategic real estate management is only possible when you have the right data at your fingertips. Unfortunately, many CRE leaders are still using a number of disparate systems to gather information about square footage, occupancy, and costs. As they purchase new buildings, they inherit old legacy space management systems and on-premise IWMS software, which makes it difficult for them to obtain data when they need it. These outdated systems often don’t integrate well with each other, so they have to manually export data, sort through it so it’s consistent, and cross-reference it to compare one building to another.
iOFFICE consolidates data from multiple sources into one mobile platform where you can get detailed insights, such as:
- Total square footage
- Costs by building, floor, or department
- Occupancy rates
Our software also integrates with sensors to give you the most accurate space utilization data.
“iOFFICE has helped my team move from capturing data on individual spreadsheets to tracking everything in one place.”
-Andrea Sullivan, Director of Operations, Bausch Health Companies
Simplifies lease accounting
New lease accounting standards require corporate real estate leaders to keep detailed records of all leases with terms of 12 months or more. That includes every building and asset, from printers to heavy equipment.
iOFFICE’s lease agreements dashboard makes it easy to see lease costs for each building, which is key to having informed discussions with the C-suite. You can also see important details such as:
- Lease start and end dates
- Renewal options
- Renewal notification requirement
- Yearly rent obligations
This makes it easier to determine which leases you should renew and which ones are costing more than you can justify.
Gives insight into space utilization
While many of your buildings may be unoccupied now, you will need to keep a close eye on occupancy once offices reopen. Our corporate real estate management dashboards make it easy to see how each building is being used so you can make adjustments as needed.
Shows the impact of different space scenarios
When it comes to corporate real estate management, everything is on the table, from closing or consolidating offices to adding new, smaller ones.
But it can be difficult to understand how those changes could affect long-term profitability.
With iOFFICE, you can easily see how each proposed change affects your entire portfolio. You might need to reconfigure your office layout now to promote physical distancing when you reopen, but a year from now, you may need more space to accommodate growth.
Our space planning feature, Space-Right™, allows you to see the impact of these updates instantly. You can adjust the distance between workspaces with a simple slider, and our algorithm will automatically update your floor plan.
Then you can see how those changes will impact capacity. You can also determine where you may need to reassign seats or group employees into alternating shifts to accommodate everyone.
And when physical distancing is no longer an issue, you can use the same technology to improve space utilization and plan office moves.
Rather than relying on spreadsheets or emails to manage move tasks, you can assign them automatically in our move management software.
This keeps everyone accountable and reduces miscommunications or frustrations that can result from making significant changes.
Helps you optimize your portfolio with flexible office space strategies
Flexible office space has the tremendous potential in the post-pandemic world of corporate real estate management. Several factors will continue to drive opportunities in this area.
The first is employee expectations.
Although research shows most still want to spend the majority of their week in the office after workplaces have reopened, they have grown accustomed to the flexibility of working remotely. Many want to work from home at least one or two days a week, while some may never want to return to the office.
Employees who had long commutes will also find it harder to justify driving those distances each day. Still, they want to meet with their coworkers in person and get away from the distractions of their home life. To meet these needs, more employers may consider leasing smaller offices or coworking spaces.
Coworking spaces are expected to make up 30% of the corporate real estate market by 2030, according to JLL.
They’re also taking advantage of flexible workspace trends like desk hoteling.
For CRE leaders, these strategies can be a great opportunity to reduce real estate costs while improving employee and tenant satisfaction.
Another factor driving the trend toward flexible office space is uncertainty and the desire to minimize risks in corporate real estate management. Sixty-nine percent of corporate real estate leaders who responded to a CoreNet Global survey said they expected their company to reduce their real estate footprint as a result of more frequent remote work.
When corporate real estate leaders can see the big picture at a glance through customizable dashboards and reports, they can take a more proactive approach to space management.
They can see how much space it allocated for each department, how much space each department is currently using, and how much they are expected to need, based on growth forecasts.
“iOFFICE was the key driver allowing us to effectively and efficiently manage and provide services to our nationwide portfolio of locations. We are able to lead the discussion on strategic occupancy planning rather than reacting to one-off requests. The CRE team is now a respected and proactive enterprise function within the company.”
-William Martin, VP, Health Management Systems
Helps you improve the tenant experience
As employers rethink how they will use office space, they’re becoming more focused on making the workplace a destination, rather than a mandate.
And smart corporate real estate leaders are making the tenant experience a priority.
In a global Verdantix panel of over 300 real estate and facilities directors, nearly a third of respondents said improving employee/occupant comfort was their top priority over the next three years. That was before the pandemic. Now, they’ve likely become even more focused on elements like air quality, self-service technology, and workplace services.
iOFFICE’s integrated experience management system makes it easy to manage everything from cleaning and maintenance to desk and room booking.
While CRE leaders may not be directly involved in these functions, they can make their properties more desirable.
Request a demo of our corporate real estate management software
As the corporate real estate landscape continues to shift, it’s more important than ever to have the data you need to make informed decisions.
iOFFICE’s corporate real estate management software gives you everything you need to make your next move with confidence and take advantage of opportunities.
To see a closer look, request a demo today.