{"id":1004547000,"date":"2021-02-10T09:23:00","date_gmt":"2021-02-10T17:23:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004547000"},"modified":"2021-08-10T09:24:11","modified_gmt":"2021-08-10T17:24:11","slug":"uli-europe-showdown-the-future-of-office-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/uli-europe-showdown-the-future-of-office-2\/","title":{"rendered":"ULI Europe Debate: The Future of Office"},"content":{"rendered":"
\"\"<\/a>

ULI live survey results. Image via Urband Land Institute<\/em><\/p><\/div>\n

Uncertainty in the office sector lingers as the pandemic continues to unroll. Technology, people\u2019s demands and sustainability are the main drivers\u2014and these are linked together by a common theme: \u201cThe office as a contribution to the community and the built environment,\u201d as stated by Alex Gebauer, CEO of Allianz Real Estate, one of the speakers at the 2021 ULI Virtual Europe Conference.<\/p>\n

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READ ALSO:<\/strong> What to Expect From the Office Sector in 2021<\/a><\/p>\n

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On the second day of the event, Chris Kane, founder of Six-Ideas, a global consultancy focused on workplace development and innovation, virtually met Nathalie Charles, BNP Paribas Real Estate Investment Management\u2019s deputy chief executive officer & global head of investment management, in an Oxford-style debate on the future of the office sector<\/a>. Duncan Swinhoe, co-managing principal at architecture firm Gensler, moderated a thought-provoking discussion that tried to establish if occupiers will streamline their office space utilization while successfully adapting to working remotely or if landlords will have the ability to lure back office-users. ULI\u2019s live survey results\u2014according to which 86 percent of participants believe office buildings have a strong future\u2014served as a hot conversation starter.<\/p>\n

Human-Centric Needs<\/h2>\n

The office sector\u2019s resilience is mainly driven by the people\u2019s desire to be connected and the importance of interactions, according to Charles, who believes that \u201coffices are about people\u201d. To that extent, interpersonal interactions help us develop ideas and the office serves as an incubator of innovation.<\/p>\n

Furthermore, the need to have all of our five senses<\/em> stimulated is paramount; otherwise, we become frustrated and end up underperforming as an individual and as a whole, Charles noted. She also talked about movement<\/em> as the act of being energized\u2014which takes up multiple shapes such as commuting or using the subway again, as well as rituals, or \u201cour need to have frameworks in which we feel secure in both professional and personal levels\u201d.<\/p>\n

Rethinking Systems, Reforming Views<\/h2>\n

While Kane agreed that the need for interpersonal relations is undeniable, he invited the audience to take a step back to see the bigger picture: The basic systematic change fueled by the coronavirus \u201crevealed the Achilles\u2019 heel of commercial real estate. COVID-19 poured fuel on the flames of change.\u201d<\/p>\n

The current work-from-home situation is too narrow, in Kane\u2019s opinion\u2014the real issue is actually work-from-anywhere<\/em>. \u201cThe real estate industry needs to accept there are fundamental structural changes taking place in the market\u2026 The game changed and COVID-19 changed the entire stadium,\u201d he said. What\u2019s more, work-from-home also changed tenant expectations. The massive shift from a fixed work environment to a fluid one can\u2019t be satisfied by the current offer, Kane noted, as the present landowner operating system is cumbersome and inflexible.<\/p>\n

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READ ALSO:<\/strong> Embracing the World of Outdoor Workspaces<\/a><\/p>\n

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After almost one year of pandemic disruption, 2021 is not necessarily a brand new starting point for the office world. There are millions of square feet of office space still vacant, Charles noted. And while this stock is currently not sustainable, converting these spaces into other use, such as residential, is simply not possible. \u201cReal estate doesn\u2019t work like this because it is extraordinary where it is,\u201d Charles said.<\/p>\n

\"\"<\/a>

Session attendees: Duncan Swinhoe (top row), Chris Kane and Nathalie Charles. Image via Urban Land Institute<\/em><\/p><\/div>\n

According to Kane, the need for some fresh thinking in the industry targets shifting consumer needs. From this perspective, the industry is \u201ccostly, convoluted and confrontational\u201d. In order to reframe everyone\u2019s approach to growth, one needs to apply the \u2018two heads are better than one\u2019 principle\u2014\u201despecially when the other head is your customer\u201d, Kane pointed out. To that extent, it\u2019s pivotal to get together to figure out a better system for providing and consuming real estate<\/a>.<\/p>\n

From an investment standpoint, the consumer does not represent the specificity of real estate. In Charles\u2019 opinion, both investors and customers have to adjust at the same time, while aiming to serve those clients by finding the right solutions for their occupiers. And that is where innovation is needed. \u201cWe are at a time of friction, question marks, uncertainties, and the way we will tackle that is with a lot of innovation in the coming months and years,\u201d she added.<\/p>\n

Office vs. People vs. Place<\/h2>\n

There\u2019s an existing office stock in place that can be innovated and developed in order to support human-centric connectivity to business, Swinhoe noted. But isn\u2019t innovation and the replication of interaction more difficult to produce in a more atomized environment, far from physical office spaces?<\/p>\n

Nearly all participants in a recent Deloitte survey think work from home will be a substantial part of their workforce in the future. Many will follow the model<\/a> going forward. And so, a better, but also smarter approach is needed. Dropbox, for example, rebranded its office buildings and allowed its staff to work in those spaces, but not at their creative studios. Similarly, after the consecutive lockdowns in Paris, Charles kept coming back to the office to discuss with younger employees their views on the current situation. One thing was clear: They didn\u2019t want to be isolated, often yearning to escape their often small or noisy personal space.<\/p>\n

On a forward-looking note, a big debate on the definition of office and place is needed, according to Kane. The previous organizational patterns had the office and people serving as pillars. The focus has now shifted on people and places, especially now when employees are more sensitive to what their companies bring to the table. \u201cThe office is part of the industrial age legacy. Everything is going to be redefined like never before.\u201d That\u2019s why both consumers and providers need to get together to innovate, to figure out what the new model will look like. \u201cOf course\u2014by using the existing stock, but we\u2019ve got to use it in a smarter, more sustainable manner\u201d, Kane concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"

Top executives debate the sector\u2019s competitiveness and resilience at the 2021\u00a0ULI\u00a0Virtual\u00a0Europe\u00a0Conference. <\/p>\n","protected":false},"author":741,"featured_media":1004518055,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,16,21783,21742,21747],"tags":[33327,33012,33395],"class_list":["post-1004547000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-international","category-investment","category-latest","category-office","tag-bnp-paribas","tag-gensler","tag-urban-land-institute"],"acf":[],"yoast_head":"\nULI Europe Debate: The Future of Office - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/uli-europe-showdown-the-future-of-office-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ULI Europe Debate: The Future of Office\" \/>\n<meta property=\"og:description\" content=\"Top executives debate the sector\u2019s competitiveness and resilience at the 2021\u00a0ULI\u00a0Virtual\u00a0Europe\u00a0Conference.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/uli-europe-showdown-the-future-of-office-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-10T17:23:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-10T17:24:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/uli01.png\" \/>\n\t<meta property=\"og:image:width\" content=\"964\" \/>\n\t<meta property=\"og:image:height\" content=\"747\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Corina Stef\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/uli-europe-showdown-the-future-of-office-2\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/uli-europe-showdown-the-future-of-office-2\/\",\"name\":\"ULI Europe Debate: The Future of Office - 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