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Navigating uncertainty in CREM: Quantitative, qualitative and location-related adaptation of offices in times of structural change
Corporate Real Estate Journal,
14
(4),
391-406
(2025)
Abstract
Corporates worldwide are in the midst of structural change. This not only requires a transformation of corporates and their business models but also a change in how employees work in offices. Therefore, to adapt flexibility, offices must adapt to this change as they no longer fulfil the requirements of corporates and their employees. So far, there is still uncertainty among corporate real estate managers about the necessary quantitative, qualitative and location-related adjustments of offices. This study aims to fill this gap. To this end, the key results of a survey of 25 German corporate real estate managers are presented. The results obtained from expert interviews and a quantitative survey are outlined and discussed. Quantitative change in the corporates’ office portfolios is analysed. In addition, evaluations of criteria for high-quality office space are presented and the future importance of office location criteria is examined. The results represent one of the first comprehensive analyses of the expected adjustment of offices from the perspective of corporate real estate managers. They suggest a quantitative reduction in the corporates’ office stock. Furthermore, the results suggest that space planning must continuously align with the users’ requirements. In addition, corporates are still hesitant to realise space reductions. The qualitative upgrading in the ‘flight to quality’ of offices is reflected in the adaptation of space to the new role of the office in a hybrid working world. However, the quality standards that have been applied to date must still be addressed. In addition, the previously overlooked potential of specific space criteria is becoming apparent. Regarding the location-related adaptation of offices, the results reveal that in the future, corporates should focus on central locations with a lively environment. For corporates, the results thus provide a foundation for making informed decisions and implementing the transformation of their offices.
Keywords: business transformation; corporate real estate management (CREM); office; flight to quality
The full article is available to subscribers to the journal.
Author's Biography
Martin Christian Höcker , MSc, is a research assistant and a doctoral candidate at the Chair of Real Estate Management and Construction Management, Technical University of Darmstadt. He is an industrial engineer and his research focuses on the transformation of office real estate in the context of structural change. In particular, he examines the changing role of office real estate in a hybrid working environment.
Kyra Voll , MSc, is a research assistant and a doctoral candidate at the Department of Real Estate and Construction Management, Technical University of Darmstadt. She is an industrial engineer and researches the impact of new working environments such as work from home, digital workplaces, hybrid working environments and third places on knowledge workers’ work success.
Andreas Pfnür , PhD, is a professor of Real Estate Management and Construction Management at the Faculty of Law and Economics, Technical University of Darmstadt. He is a member of the boards of the Institute of the German Real Estate Industry, a fellow of the Royal Institution of Chartered Surveyors (RICS) and a member of the Board of CoreNet Global Central Europe Chapter. He regularly advises companies, the German government and associations on real estate management issues. His current research focuses on the areas of ‘Corporate Real Estate Management’, ‘Real Estate Project Development’, ‘Real Estate Investment Management’ and the ‘Transformation of the Real Estate Industry’.
Jens Schlüter , MSc (civil engineering)/BA (facility management), is an entrepreneur of office transformations by developing the award-winning programme ‘spheres’1 in real estate strategy at Cariad SE. spheres spans across change management, (inter)culture changes, and brand and employee services from information technology (IT) to amenities. He is also the project lead for construction, re-fitting, re-organisation and a facility management expert. He is a member of RealFM and leads the benchmark round tables ‘New Work and Workplace Services’ and ‘FAME’ (amenities in FM). Working as an international leader in IT companies (eBay and Zalando), he has comprehensive knowledge of cultural settings and is an early adopter of new ways of working and the impact of office layouts and corporate identity. With his background in facility management, Schlüter has a vast knowledge of combining the dots of planning, office construction, new ways of working, cultural and change management and its operational implementation.
