CONTACT US
Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Cushman and Wakefield and Corenet Global Release New Survey Results on "What Occupiers Want"

Amanda Phua • 05/07/2023

Corporate Real Estate Leverages Hybrid Office Environments to Win with Cost, Talent and ESG

Cushman & Wakefield (NYSE: CWK), in partnership with CoreNet Global, the global professional association for corporate real estate, has released new survey results showing some key shifts in occupiers’ approach to workplace decisions.

“Our survey, in cooperation with CoreNet Global, provides a detailed look at what is driving workplace, location and portfolio decisions by tenants around the world – and the findings demonstrate movement in thinking and approach in the aftermath of the pandemic. Moreover, our special topic in this edition is on how occupiers are reacting to the rising importance of business objectives associated with Environment, Social & Corporate Governance (ESG), as climate change continues to affect our lives and businesses. In summary, our findings show that real estate goes flex, to win on cost, talent and ESG,” said Dimitris Vlachopoulos, Partner and Head of Total Portfolio & Location Strategy, EMEA at Cushman & Wakefield.

Key Findings:

1. Cost, talent and operational excellence are the top three strategic drivers that inform key real estate decisions. 

Occupiers consistently identify cost, talent, and operational excellence as the top drivers of their real estate strategy and decisions. The exact order of these has shifted somewhat in 2023; talent continues to be very important, but cost has also risen in importance. This is not surprising given the elevated uncertainty since mid-2022 as inflation peaked and, in response, interest rates began to rise.

2. ESG is rising in importance, and most CRE teams have defined ESG goals with underlying drivers varying by region.

Since the last survey, ESG moved from No. 8 to No. 5 globally as a key corporate real estate (CRE) driver, with two-thirds of CRE executives indicating their firm has ESG goals that they have already begun to implement or are planning to implement.  

3. The targeted amount of communal space within the office has doubled compared to pre-pandemic levels (40-50% vs 20-30%), with the majority of occupiers (89%) seeing the office as a place for creativity, innovation, osmosis and as a planned meeting point.

With office occupancy generally lower than pre-pandemic levels, there has been a clear trend towards occupiers reducing their overall footprint, while simultaneously optimising their current space with amenities and services to increase office usage and experience.

“The purpose of the office is clearly changing but occupiers have not fully adapted to the future ways of working. The office is now a destination to connect people, place, and purpose. Employees will learn, innovate and socialise in an engaging workplace,” said Cameron Ahrens, Head of Global Occupier Services, Asia Pacific. “To cultivate a workplace environment that is flexible and collaborative, occupiers are looking to adapt their spaces and rethink the way they engage with people. This not only help to motivate employees, but also aligns with their social pillar goals.” 

“The report confirms what we hear on a daily basis from clients – that occupiers continue to juggle many important, and sometimes competing, priorities. As the role of the workplace continues to evolve against a backdrop of global economic uncertainty, organisations are doing their best to reconcile cost, talent retention, employee wellness, carbon reduction targets, and operational efficiency through their real estate. With so many changing variables, decision making is as complex as it has ever been,” Ahrens said.

According to Cushman & Wakefield’s research, office space is still in demand with Asia Pacific in the lead. With a favourable long-term outlook for the region, the office demand growth drivers in many Asia Pacific markets are so strong that they will more than offset the impacts of flexible working, resulting in ongoing positive net absorption. As such, it is important for occupiers to ensure that workplace not only leads to increased efficiencies in the use of assets but works to drive increased business innovation and productivity while allowing real-time flexibility to move with the speed of business change.

The survey also explored the rise of ESG factors as drivers of office space demand, and occupiers’ willingness to pay a premium to incorporate sustainability into their workplaces. 
“Companies are working hard to adapt to an evolving landscape and shifting priorities post-pandemic. Finding the right balance is critical to making smart decisions about their workspace needs, and also for attracting and retaining the right talent, in the right location,” said Sonali Tare, Vice President, Strategic Content at CoreNet Global. “There is no one-size-fits-all solution – what works is using data and metrics to devise a solution on an office-by-office basis.” 

Click here to download the full survey results - What Occupiers Want: Global Survey Results 2023.

 

Note to Editors:

Cushman & Wakefield partnered with CoreNet Global to conduct this survey. It was distributed to CoreNet Global’s membership and data was collected February through March 2023.

Responses were received from over a dozen countries across the Americas, EMEA and Asia Pacific. Respondents came from firms that identify as end users, economic developers and service providers/consultants. The views represent approximately 9.6 million employees globally and 741 million square feet of real estate.

Recent Press Releases

Cititech-Industrial-Building-CardImg
Prime Freehold Strata Industrial Units for Sale at Cititech Industrial Building and Citilink Warehouse Complex

ERA Realty Network Pte Ltd (ERA), Cushman & Wakefield (NYSE: CWK), and JLL (NYSE: JLL) have been jointly appointed as the exclusive marketing agents for the sale of freehold strata light industrial units at Cititech Industrial Building and Citilink Warehouse Complex. 

Nandhini Rad • 08/04/2024

investment sales singapore 2024
Total investment sales could surpass $25.0b in 2024, higher than $19.2b in 2023

According to Cushman & Wakefield’s latest Marketbeat report, Investment volumes are up by 20.9% yoy.

Nandhini Rad • 08/04/2024

Seletar Mall, Singapore
Cushman & Wakefield and JLL Brokered the Sale of Seletar Mall

Cushman & Wakefield (NYSE: CWK) & JLL (NYSE: JLL), as the joint-exclusive marketing agents, are pleased to announce the sale of 100% interest in Seletar Mall, a dominant suburban retail mall located at 33 Sengkang West Avenue (the “Property”).

Nandhini Rad • 07/03/2024

OneTen-Paya-Lebar
Hwa Hong Corporation Limited successfully sells OneTen Paya Lebar

Cushman & Wakefield (NYSE: CWK) and Savills (NYSE: Savills) are pleased to announce that Hwa Hong Corporation Limited, represented by Cushman & Wakefield and Savills, has successfully completed the sale of OneTen Paya Lebar, a rare freehold city fringe data center located in Paya Lebar.

Nandhini Rad • 06/03/2024

hands with puzzle
Cushman & Wakefield and Nuvama Asset Management launch joint venture real estate office fund, aim to raise USD 360 million

Leading global real estate services firm Cushman & Wakefield [NYSE: CWK] and Nuvama Asset Management, the alternatives-focused asset management arm of Nuvama Wealth Management Ltd (NSE, BSE: NUVAMA), have announced the formation of a new investment entity that will facilitate participation into India’s phenomenal real estate growth story.

Amy Kathleen Kelly • 05/03/2024

Serene Centre Singapore
Prime Freehold Mixed-Use Development Serene Centre Sold for $105 million

Cushman & Wakefield, a leading global real estate services firm has today announced the sale completion of Serene Centre (the “Property”) for $105 million. 

 

Shaun Poh • 23/02/2024

LIV@CHANGI building facade
A Freehold Suburban 3-storey Retail Mall at Upper Changi Road Up for Sale via Expression of Interest

Cushman & Wakefield and CBRE, as the joint-exclusive marketing agents, are pleased to offer for sale Liv@Changi, a 3-storey suburban retail mall located at 933 Upper Changi Road North.

Nandhini Rad • 20/02/2024

Citadines Mount Sophia
Citadines Mount Sophia sold for $148 million

Citadines Mount Sophia at 8 Wilkie Road is a 12-storey premier serviced residence, offering 154 apartment suites comprising studios, 1-bedroom and 2-bedroom. 

Shaun Poh • 02/02/2024

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
MORE OPTIONS
AGREE AND CLOSE
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS