Phil Kirschner: Real Estate, Futures, Workplace | Work 20XX

Phil Kirschner and the 麦肯锡 team, and extended McKinsey Global Institute collect, analyze, and share a wide variety of research on the workplace, real estate, leadership, people and organizations, and more.

We used the publication of ‘Empty Spaces and Hybrid Places: The Pandemic’s Lasting Impact on Real Estate ' as a catalyst to dig into the megatrends colliding at the intersection of hybrid and distributed work, the digitization of work and workplace, and the re-factoring of cities including office and other commercial real estate categories.

Full-Length Episode available on LinkedInLive , Spotify , YouTube , and wherever you podcast. Transcript and Show notes . (editors note: originally premiered 2023-Jul-14)

Enjoy this curated clip collection from our sixty-minute conversation.

The future accelerated, paper buried

Seeing elements 7 to 15 years faster than anyone thought. The only barriers were leadership culture, and belief around output and paper and COVID ripped the Band-Aid on both of those things?- Phil Kirschner

When you're leadership style is lumped in with 'paper' as an inhibitor to progress, in 2023, that's not a good thing.I used to buy cases of paper, I get it. No more. Digital first. Still confused, spend more time with young people and figure out these paperless tools, methods, platforms, and processes.

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Cities and Work are evolving rapidly

The future of work and cities is evolving rapidly. If someone used to go to the bank branch to do their banking and COVID forced them to adopt more digital banking practices, that person's not gonna go back - Phil Kirschner

There is strength in the heterogeneity of asset class. Not just office, but residential, retail, restaurants, entertainment, hospitality, tourist attractions, etc. to keep the streets vibrant with people and activity.? Single-use, traditional 'central business districts' with offices to the exclusion of other things, are most vulnerable to the change that is underway.

Want to learn more, check out the 64-page report. McKinsey Global Institute (MGI) ‘Empty Spaces and Hybrid Places: The Pandemic’s Lasting Impact on Real Estate' - https://lnkd.in/g5hx6Yvj

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Microsegmentation and Sustainability Regulation

New York also has one of the more progressive energy efficiency laws going into effect (2024) in Local Law 97, where buildings will start to get charged for inability to meet certain sustainability goals - Phil Kirschner

Pressure on the supply side, pressure on the demand side, and pressure from regulations. Flight to quality, bonus for flexibility, agility, and efficiency. Many assets toward the bottom will recap, refactor, and turn.

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Dedicated Resources, Intentional Experiences

The direction of less space but higher experience is where we're going - Phil Kirschner

Focus on the variables that matter. Not attendance. How does HR increase employee experience (attraction, retention, objective achievement) with the real estate and facilities assets, usually powered by IT.

Footprints will shrink. Properly optimizing the asset to increase output, is on the rise.

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Workplace Operating System

To successfully manage the future workplace 'operating system', it needs to have a couple of different things in it. And nobody has this. If anyone says they do, they're lying - Phil Kirschner

The future workplace 'operating system.'

Many variables, most are available in a system somewhere, beyond the technical challenges, the prevailing organizational and political forces for the 'known' and the status quo are the biggest inhibitors to progress

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Tech resources, Systems architecture

Q - Is that really a bridge that far? Technically it shouldn't be that far, right? - Jeff Frick

A - No, I don't think I don't think it is, especially because of the sophistication that's applied in customer retail. It’s hindered by culture and two other factors - Phil Kirschner

Smarter application of property tech has been making a difference at the margins. Those margins, especially the ones related to sustainability objectives, will only increase in importance as new regulations go into effect, many with associated financial penalties.

Managing commercial real estate, and accompanying services, in a hybrid world, begs for a more data-driven, dynamic, software-driven approach than the RONCO (RIP Ron Popeil) set in and forget it for 10 years until the renewal days of the not-too-distant past.

Turning off the lights when no one was in the building was a good start.

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Flexibility, Agency, Trust

I want to configure my day and my week a little bit differently because I see that it is possible - Phil Kirschner

Covid finished Friday.

Add one more day to the 'remote' side of the weekly ledger.

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Earn a Chapter in the Company's Success Story

At a life sciences firm, a major reason for the headquarters existing is to either ‘follow the molecule’ or to ‘accelerate clinical speed’ - Phil Kirschner

Are your places designed around purpose? Does it deserve its own chapter in the company story?

The occasion of our conversation was the latest release in a long line of thought leadership, McKinsey Global Institute (MGI) ‘Empty Spaces and Hybrid Places: The Pandemic’s Lasting Impact on Real Estate' - Sixty-four pages focused on ‘superstar’ cities in the US, Asia, and Europe, and the long term impacts from Covid on the commercial real estate market with a focus on office - For the complete report - https://lnkd.in/g5hx6Yvj

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Make the most of Together time

Then the time you're together can be better and more meaningful and more authentic and more connected and not?the day-to-day nonsense that we used to say, you have to be in the office for - Phil Kirschner

Want to improve culture?

Document norms around HOW work gets done (not just when and where). Darren sometimes calls it the 'operating manual. Perceptions of positive culture will increase by multiples. Sharpen the saw, and invest the resources.

Need help? Happy to point you in the direction of open-source resources you can start with (as I'm sure the internet will as well).

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Distributed, Focused, not Lease-less

The companies that have it right are the ones that are virtual first, but not lease-less for real estate ... These are companies that give employees extreme choice ... a real sign of trust and assurance - Phil Kirschner

Digital-first, virtual-first, remote-first - these are operating principles, and many of the best practices can be leveraged across operational environments. And it doesn't mean never being together. Intentional together time is as important as ever.

Empower, trust, assure, agency, flexibility. All tied to better performance against objectives(not attendance)

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Share and Save-As

Can I have what she's having? - Phil Kirschner

Power in sharing information?vs holding information. For many organizations, it's a big shift.?Thankfully, the open source ethos, combined with an overabundance of information, has helped shift the power from information hoarders to trusted filters. It's easier to do things a second time, or even save-as a slightly different version

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Excited about the Future

I'm very excited about that future in a city like New York or otherwise ... The challenge is that all of that has to happen, together, which, it’s terribly complicated, but I try to be the optimist - Phil Kirschner

Love the concentric circle approach, many small gains across several vectors can make major impacts, and begin to support one another. The floor, the building, the neighborhood, the municipality. Interest rates, regulations, and changes in how we work, live, and play power the evolution of cities, neighborhoods, and the built space.

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Thanks again Phil. Keep sharing the knowledge

Full-Length Conversation

Phil Kirschner : Real Estate, Futures, Workplace | Work 20XX Podcast with Jeff Frick - YouTube - Spotify - Transcript and show notes - or wherever you podcast