Corporate real estate (CRE) data plays a pivotal role in understanding and optimizing office spaces. Today’s businesses are harnessing occupancy and utilization data with space management software, to align work environments with hybrid work needs and long-term objectives. Exploring how data-driven decisions enhance the employee experience can influence office efficiency, reduce costs, and future-proof workspaces.
What is Corporate Real Estate Data?
CRE data encloses a broad range of information about physical office spaces. This includes lease data and occupancy and utilization data, both of which are essential for effective decision-making. Companies collect occupancy, utilization, and open feedback data to gain insights into how their workplaces support employees and align with long-term business goals. Cloud-based space management software allows for the consolidation of CRE data, aiding facility managers and real estate professionals in making informed workspace decisions.
Optimizing Efficiency Through Space Utilization Data
Space utilization data plays a pivotal role in CRE data analysis. It provides valuable insights into key metrics such as the cost per employee, asset, facility, utilization rates, and operational expenses. This data empowers companies to assess whether their current office space justifies leasing costs, whether there’s a need for consolidation or expansion, and how to optimize overall office efficiency.
In the context of today’s hybrid work environments, adaptability is paramount. This is where the significance of space utilization data truly shines. Understanding how people use office space and assets and evaluating its efficiency can be challenging. However, sensor-based data offers a real-time, continuous, and precise overview of actual space utilization, providing invaluable insights for effective decision-making and workspace optimization.
The Role of Data in CRE
While Corporate Real Estate (CRE) data forms the foundation, it’s the combination with additional sources such as booking applications and Internet-of-Things (IoT) sensors that significantly enhance our comprehension of employee presence and workspace utilization. IoT sensors are pieces of hardware that detect changes in an environment and collect data. They’re elements of the IoT ecosystem that bridge the digital world to the physical world. This synergy of data creates a more comprehensive representation of workplace dynamics, empowering organizations to make better-informed decisions that align with both employee requirements and business objectives.
Optimizing Employee Experience Using Data
Enhancing the employee experience is a key driver of workplace productivity. It’s important to use data to make office spaces comfortable and efficient. Future smart offices aim to be places where people can connect and collaborate, offering co-working spaces and amenities to make work more enjoyable. To achieve this, understanding what employees like and need is crucial for designing flexible and efficient offices.
However, a good employee experience isn’t just about having enough space. Creating an exceptional employee experience means making the workplace a welcoming and inspiring environment, not just a place you have to go to. With the increase in hybrid work, companies are reconsidering the size and layout of their office spaces. Optimizing space not only saves money but also improves the overall employee experience.
The Way Forward: Rightsizing CRE Portfolio with Data
To improve the employee experience and optimize corporate real estate portfolios, companies must focus on data-driven decision-making, understand employee needs, and create agile, efficient workplaces. By harnessing the power of data, organizations can optimize efficiency, reduce costs, and create future-proof work environments.