Leading the industry conversation in a time of change
Traditional office setups are giving way to new designs that prioritize collaborative work spaces and advanced video interaction with colleagues located elsewhere.
Jacob Wackerhausen via getty images
How emerging AI technologies can help improve the work of corporate real estate professionals
he changing nature of work is driving new requirements for the spaces in which employees do their jobs. That is one of the factors changing the operating environment for corporate real estate (CRE) professionals who provide and service office buildings and other work-related properties.
“Corporate real estate is going through a fundamental reset, and traditional CRE tools can’t keep pace with the speed of the changing mandates. Organizations are asking, ‘How do we redesign space for today? How are people actually working?
How do we make sense of the data that we’re collecting? ”
The CRE sector is also challenged by the need to optimize cost savings, develop better planning processes, and meet demands for sustainable and efficient operations. With increasingly complex mandates, the sector is exploring how emerging technologies such as artificial intelligence (AI) can provide novel solutions.
In this new era, CoreNet Global Canadian Chapter (CGCC) is leading the industry conversation on practical and responsible applications of AI to help the CRE community navigate transformation.
“Corporate real estate is going through a fundamental reset, and traditional CRE tools can’t keep pace with the speed of the changing mandates,” says Lisa Henderson, president of CGCC. “Organizations are asking, ‘How do we redesign space for today? How are people actually working? How do we make sense of the data that we’re collecting?’”
The mission of the CoreNet Global Canadian Chapter is to empower professionals in the practice of corporate real estate in Canada by delivering impactful professional development, broadening industry connections, sharing emerging practices, and recognizing outstanding performance and delivery.
“Our members are seeking perspective on the value of new AI and other proptech tools as the industry prepares for the future,” Ms. Henderson says. “These challenges are affecting all CRE stakeholders, and nobody wants to solve them in isolation. And CoreNet is ideally suited to facilitate peer-to-peer discussions to allow organizations to learn from each other while also gaining access to thought leaders.”
The members of CGCC include the full range of CRE stakeholders: occupiers, service providers, executives, practitioners and emerging professionals.
Not only does it connect the cross-Canada CRE community, it also links with the global community through CoreNet Global’s network of over 10,000 members across 50 countries. One key opportunity to learn about international solutions is offered through the annual CoreNet Global Summit North America, taking place this year in Chicago, October 26–28.
These international conversations are especially valuable, says Ms. Henderson. “Technology transcends borders. Artificial intelligence is being rapidly adopted across the industry, and it’s important for Canadian leaders to learn about adoption around the globe and be in a position to implement changes that suit the Canadian environment.”
POTENTIAL AI SOLUTIONS FOR EVOLVING PRIORITIES
While adoption of AI technologies is in its early stages, CRE leaders are conducting pilots and testing practical use cases in a number of areas.
“One priority is to determine how AI tools can drive better floor plan and efficient space utilization to meet users’ demand for different types of workspaces,” says John DeBenedictis, Canadian director of facilities and real estate services at TD Bank and a director on CGCC’s Leadership Council.
More organizations still have hybrid structures, with a blend of on-site, remote or multiple unassigned office work locations. When remote employees come to the office, they often need places where they can get together with colleagues or clients rather than another desk for heads- down work.
Employee roles are also changing as organizations hire more AI and other technical experts, says Mr. DeBenedictis. “Those technical experts use different tools and may perform their work patterns differently, so the traditional office desk setup may not work for all. Organizations want a blend of more interactive work space, more advanced video interaction with colleagues in other areas and gathering spaces, so that’s changed the dynamic of how landlords and end users need to think about their use of space and the amenities in general.”
Decision-makers are considering how AI and predictive analytics can help then run building operations more efficiently and sustainably; better predict future capital asset replacement needs; and gain more accurate cost projections. They are also seeking new ways to enhance their own employees’ productivity and to help property users better serve their clients through productivity gains.
One simple operational area that holds a lot of promise is predictive building maintenance.
“Think about your home, where you change the furnace filter every season because that’s recommended, even though your filter may still be working,” says Mr. DeBenedictis.
“In CRE, we will be piloting the further advanced use of remote technology in bank buildings, so we’ll get a signal or use machine learning over time to predict the profile on when we need to replace something like an HVAC filter ” he says. “So that helps cut operating costs by reducing unnecessary equipment changes, avoid service truck rolls, increase equipment efficiency while also reducing impact on air quality and building services from unplanned breakdowns.”
BUILDING FOR THE FUTURE
“Helping the CRE community understand and use new technologies aligns with CGCC’s mandate to elevate the profession through education, development and exposure to the important tools shaping the industry,” Ms. Henderson says. “Our goal is to advance industry excellence to equip stakeholders to thrive in the future industry, where roles and demands will look different than they do today. Change is coming quickly, and we don’t want to merely respond to it; we want to help lead it.”
Another goal for the community is to make sure it has the right organizational structures to support collaboration through technology and that its employees have the ability to optimize the new tools. “Human capital is an important area of development for the CRE sector,” says Mr. DeBenedictis. “As our roles evolve and new AI tools become available, we need to assess the skill sets of our teams and ensure we augment them for the new era.”
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