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Unlocking the next wave of value in corporate real estate
Corporate Real Estate Journal,
12
(1),
6-16
(2022)
Abstract
As real estate providers seek to recover from the COVID-19 pandemic’s impact on their tenants’ businesses — and, by association, their own — a serious question has to be asked: to drive the next wave of value, will the new normal require a change in the landlord–tenant relationship? This paper argues that the answer is yes. It requires a change from the legacy real estate mindset of cost control and reducing expenditure per square foot, to one of increasing value per square foot. Landlords can make use of a number of critical technologies to pave the way to this next wave of value creation across their portfolios: the Internet of Things (IoT), 5G and digital tenant services. This paper explores the use of these technologies, their benefits, what is required to precipitate a change in the relationship with tenants and how this will shape future operating models.
Keywords: IoT; 5G; smart buildings; digital tenant
The full article is available to subscribers to the journal.
Author's Biography
Harry Morphakis is Senior Manager, Intelligent Workplaces at Accenture. As lead technology architect for Accenture Intelligent Workspaces, Harry is responsible for co-creating future employee workplace experience across multiple clients, developing thought leadership, overseeing internal system development and designing technology that powers the workplaces of tomorrow.
Michael Przytula is Managing Director and Global Lead, Intelligent Workplaces at Accenture. Michael interacts with a wide ecosystem of vendors and real estate executives of global Fortune 500 companies on how to make their spaces and services more efficient and increasingly appealing to the new generation of employee talent. Michael has been speaking at major industry conferences around the globe since 2002.
