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‘It was the best of times, it was the worst of times’: The paradox of the impact of PropTech on corporate and investment real estate operating models and results
Corporate Real Estate Journal,
14
(4),
302-321
(2025)
Abstract
This paper details the impact of property technology (PropTech) on the corporate real estate (CRE) industry and explores how the rapid technological innovations in the contemporary market must be appropriately planned for and effectively implemented through the use of a target operating model (TOM) to ensure minimal disruption and resiliency for the business. It first offers a historical survey of the emergence and uptake of technology tools in the late twentieth century in order to establish the often-strained relationship between CRE and technological development. This paper then turns to the 21st century to explore contemporary issues, primarily the continued reticence organisations display in the uptake and implementation of emerging technologies. The concerns that prevent the unwavering embrace of property technology emerge primarily from the complex task of determining how technology will meld with, and bridge the gaps within, current business models. This paper proposes that the most effective guarantee to a harmonious relationship between an organisation and its technological toolbox is one founded on the solid foundations of a technologically literate and relevant TOM and offers a set of key factors that should be at the forefront of an organisation’s mind during the selection and planning process to ensure a resilient and sustainable provision of value for the future.
Keywords: target operating model; performance management; CRE integrated technology; CRE operational model
The full article is available to subscribers to the journal.
Author's Biography
Maureen Ehrenberg , FRICS, Corporate Real Estate (CRE), is an internationally recognised real estate industry leader with over 35 years of experience in business process and digital transformation, strategic repositioning and operations of large, complex portfolios. She was the President of the Commercial Division at Lessen. Her previous experience also includes being the Global Head of Strategic Real Estate Operations at WeWork, International Director and the Global President of JLL’s Facilities Management Services, the Global Head of Integrated Facility Management, CBRE, the Executive Vice President of Grubb and Ellis Company and the President and the CEO of Grubb and Ellis Management Services, Inc. Ehrenberg was named to the 2024 CoreNet Global Distinguished Leaders Circle, and she is the incoming Senior Vice President of the Royal Institution of Chartered Surveyors and serves on several industry boards.
Neal Sivie has 30 years of operational technology/information technology engineering management experience in several industry verticals, including semiconductor, telecom, retail, real estate, healthcare and coworking industries. Neal’s global experience and cross-functional, technical operations leadership have been a key resource in developing and optimising next-generation technology platforms. Neal was part of Global Real Estate Systems and Solutions, responsible for shepherding data and system integrations across building technologies, proactive operations, smart building and workplace strategy, global capital planning and compliance. Neal has a bachelor’s degree in mechanical engineering from The University of Texas at Austin and an MBA from the Graduate School of Business, University of Dallas.
Jordan Mckay is a Project Manager at Lessen LLC. He received an MA degree (Hons) and an MLitt degree from the University of St Andrews, Scotland.
