Rethinking metrics: Measuring the value of workplace and corporate real estate
Abstract
This paper explores the evolving metrics used to measure the value of the workplace and corporate real estate (CRE) to enterprises employing tech-enabled professionals. Traditional metrics, such as desk utilisation, are no longer relevant in the hybrid work environment. Instead, a combination of qualitative and quantitative metrics is proposed to provide a comprehensive understanding of workplace value. Quantitative metrics, such as overall utilisation and peak utilisation, offer insights into space efficiency, while qualitative metrics, gathered through employee surveys, reveal the impact on employee experience and business outcomes. By integrating these metrics, CRE professionals can demonstrate the strategic value of real estate, support informed decision making and enhance employee satisfaction and productivity. The case study of Syneos Health’s Tokyo workplace illustrates the successful application of these metrics, highlighting significant improvements in employee experience and operational efficiency following the relocation and consolidation of office spaces. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.
The full article is available to subscribers to the journal.
Author's Biography
Patrick Hoffman is a seasoned executive leader with over 20 years of experience and a global perspective. He has a proven track record of success in real estate strategy, talent development and maximising value, particularly in challenging situations. Patrick began his career in brokerage at CBRE before moving to McDonald’s Corporation, where he honed his leadership skills and served as the Senior Director, Strategy Alignment in the worldwide development function. As Director of Real Estate Strategy and Operations at Red Hat and Vice President of Real Estate at Advance Auto Parts, Patrick led dynamic teams that optimised real estate portfolios and drove successful real estate strategies. In his current role, he leads corporate real estate (CRE), environmental sustainability and records information governance and safety, security and business continuity at Syneos Health. Syneos Health is a leading fully integrated biopharmaceutical solutions organisation built to accelerate customer success. Patrick holds a bachelor’s degree in geography and urban planning from Indiana University of Pennsylvania and a master’s degree in law with a concentration in real estate law from the University of Pittsburgh. He has achieved the designation of Master of CRE (MCR), demonstrating his commitment to excellence in his field.
Peggie Rothe is passionate about employee workplace experience and the strategic role of workplaces in organisational success. As the Chief Insights and Research Officer at Leesman, her role includes leading the research undertaken on the world’s largest independent workplace experience database and helping organisations understand the link between people and place. Before joining Leesman in 2014, she was a researcher at Aalto University, Finland, focusing on corporate real estate and workplace management. She published her findings in several peer-reviewed academic journals and earned her doctorate in 2015. Prior to this, she worked as a management consultant and real estate adviser.
