Innovation: The value proposition for CRE

It’s not only where you work but how you work!

Innovations in technology and in overall corporate strategy continues to have potential for enhancing the corporate real estate (CRE) value proposition. We know that CRE is emerging as a hub for finance, HR, IT and that it plays a role in the overall corporate brand. Not only where employees work — but how they work — is increasingly a CRE function. Similarly, as logistics become more technology based, there are implications that corporate real estate will play a more significant leadership role in this area too. And, CFOs, in a recent study, concluded that they would ignore the role that CRE plays “at their own peril.”

In order to understand and decode this important part of the equation we need to be ready to answer important questions and challenge ourselves to look around and see where we stand as individuals and as a part of the CRE function in each organization. A good first step is understanding how the dynamic of innovation is taking root and manifesting itself at your company, which will let you understand how much room for improvement you have and determine if you work in an environment that fosters innovation.

Then we should look back 10 or more years and understand what are the primary innovations seen in the development and delivery of CRE strategy, as a result, can you determine if the CRE value proposition has changed given the enhancements and innovations delivered by the industry over that period of time. Most importantly, we need to know if those innovations had a meaningful and lasting impact on business performance.

Having a clear picture of where we stand and understanding the evolution within the global CRE industry, should give us the confidence to face real estate related risks for the enterprise.

Finally, you have to look forward and determine how senior CRE leaders can create a culture of innovation and best practices within their teams, ultimately positioning CRE leaders to be recognized as strategists.

I hope this has challenged your thinking and your position when it comes to innovation. Let us know what you think, we are particularly interested in hearing from people at multinational companies, and from different global regions — China, India, Europe, North America, etc… — to understand how these perspectives change geographically.

These relevant topics will also be discussed in a live and interactive session that will be held in Hong Kong during the CoreNet Global Summit, 17-19 March 2015; for more details please visit www.corenetglobal.org/hongkong2015