4 Takeaways from CoreNet Global in the Wake of WeWork
Density recently attended CoreNet Global Summit 2019, the largest annual corporate real estate event featuring more than 3,000 real estate and workplace professionals. During the two-day event, our team had hundreds of conversations with current customers and other real estate executives.
Here are four key takeaways from the event:
1. From Expense to Experience
CoreNet Global was hosted blocks away from Disneyland in Anaheim, California. So, it was fitting that Duncan Wardle, Disney’s former Head of Innovation and Creativity, kicked off the opening session.
“Where do you get your best, most creative ideas?†he asked the audience. Tellingly, no one answered “while at work.†With this in mind, Wardle urged the audience to rethink the workday experience by putting people first.
Other speakers shared a similar message: workplaces are not simply a cost center but a competitive advantage for recruiting and retaining talent. The CoreNet attendees agreed. In a real-time survey, they showed the range of metrics needed to manage an effective portfolio:
What Key Performance Indicators (KPIs) do you currently use?
- Cost: 62%
- Utilization/Occupancy Rates: 59%
- Density: 43%
- Employee workplace experience: 36%
- Other: 14%
- We don't use any KPIs: 11%
2. Coworking ≠WeWork
In light of recent WeWork news, coworking was a hot topic at CoreNet Global Summit 2019. The message from competitors was clear: Even if WeWork fails, flexible office solutions are here to stay.
Chris Kelly, founder of Convene, urged the audience to focus on the broader trendline of coworking, not the headlines. Other flexible office solutions had a similar message. Knotel, a flexible office provider, showcased its new line of furniture subscriptions as a way to differentiate offerings. Brokers that specialize in coworking downplayed WeWork as one of many solutions on the market.
The overall message: Coworking has become a core part of corporate real estate strategy and the ecosystem of options is larger than ever.
Emily Watkins