Commercial Real Estate

Conversations at Clerkenwell:Commuting to the office was once mandatory, with workers expected to spend most if not all their working day inside the building. Thanks to widespread flexible working policies, the golden handcuffs have been removed and City workers are now going into the office 2.3 days a week on average. However, 9% of London’s office inventory is sitting vacant, says Timothy Griffin, Principal at Wellbrook Hospitality and Leven, at this year’s Clerkenwell Design Week.The office isn’t dead, but the hospitality sector is capitalising on changing work lifestyles. This topic was brought into a panel discussion at Conversations at Clerkenwell, hosted by Alys Bryan, Editor at Design Inside, with the following expert panel speaking alongside Griffin: Mbali Chaise, Director and CIO at Systems4Change, Walter Craven, Founder at Kabin, and Angelle Champkin, Design Leader at GTA Interior. This blog post summarises their discussion points.Design details in hybrid hospitalityDevelopers are snapping up vacant office buildings and transforming them into hybrid hospitality spaces, complete with aspiring hotel rooms, workspace lounges, and restaurants. However, the panel warns that differing layouts between office buildings and hotels bring design challenges. For instance, workspaces have much deeper floorplates than hotels, resulting in long windowless rooms with a central void. To overcome this, an atrium can be incorporated over the centre of the building, a design feature with two benefits, as it brings copious amounts of light into the space.Daylight is a mood booster – and a space filled with natural lighting, botanicals, and high-end finishes looks not only luxurious but Instagrammable too. Design references for brands entering the market include successful hybrid hospitality spaces and Members’ Clubs – Hoxton’s Working From and Soho House are examples. The hospitality industry is experiencing a flight to quality, with a level of personalisation to set the bar even higher. For example, installing smart technology enables users to change lighting and temperature to suit their preferences.Calming colours and music evoke a high-end vibe. But emanating a relaxing atmosphere is also inclusive for the neurodiverse community, accounting for 20% of the UK population. Inclusive spaces are flexible and agile – private, more intimate workstations, such as phonebooths and pods, allow workers to take themselves away from a noisy and overwhelming social environment to focus or take private phone calls in peace. Meetings rooms, phone booths, and pods can be bookable by hospitality management software. ‘Designing neurodiverse-friendly spaces caters to everyone,’ explains Craven.Who uses hybrid hospitality spaces?Most popular with roaming workers, the likes of digital nomads, and remote workers, people flock to hybrid hospitality spaces for coworking, taking meetings (either in-person or over the phone), and having food and drink with a colleague or friend. Some workers live locally, others may travel further afield, and guests will likely use the lobby rather than work alone from their hotel room. Craven believes that people are attracted to hotels by the ‘great energy’ in the lounge space. Connectivity is of course, paramount to enhancing the working experience for everyone. Businesses can manage usage by requesting <a href="https://help.nexudus.com/docs/wi-fi-network" target="_blank" rel="noopener noreferrer">credentials</a> when users sign up for WIFI.However, the unwritten rule of hybrid hospitality spaces is that while it’s free to use, making workspace lounges more widely open and accessible, food and beverage (F&B) must be purchased within the building. It’s not cheap, but F&B heavily contributes to the bottom line, and most coworkers are prepared to pay for it. ‘Food brings people together,’ says Champkin, so it’s important to incorporate this into a hospitality space, otherwise guests and coworkers will seek it elsewhere. Technology can support, for instance, <a href="https://help.nexudus.com/docs/dynamic-pricing" target="_blank" rel="noopener noreferrer">dynamic pricing</a> will maximise revenue across hospitality offerings.The industry is experiencing a surge of partnerships between hospitality and F&B brands. Even if a worker only buys a coffee or two during the working day, they may return in the evening for cocktails with friends, or dinner at weekends with their partner. Front-of-house staff must remain welcoming, because good customer service brings people back again and again, retaining brand loyalty. ‘A smart operator knows this,’ Griffin reckons.Learnings for the flexible workspace sectorOnce upon a time, corporate hotels had no soul or character, the lighting was brutal and the furniture cheap. But as hospitality merges with workspace to meet shifting work-life needs, the sectors learn from one another. For example, corporate offices are removing unnecessary desk space (incorporating hot desking policies to support hybrid workers), and replacing them with soft seating areas and communal kitchens. Meanwhile, hotel lobbies include collaboration tables with ergonomic chairs for optimum comfort, enabling people to work there all day. Implementing a workspace management system gives users oversight as to whether there’s space available at their favourite workstation.Sharing a more equitable space breaks down the barriers (literally) between teams within companies. Gone are the days of senior leaders’ private offices, now everyone typically shares the same workspace, allowing younger and older employees to mix, forging a more inclusive company culture. An aesthetically pleasing workspace also attracts and retains talent. Likewise, open hospitality spaces allow office workers to pop into the lobby for a quick meeting or coffee with their coworkers. This space may even be on the ground floor of their workspace building.The tech-savvy Generation Z, who have recently entered the workforce and graduated at the height of the pandemic, expect hybrid meetings and virtual collaboration in their working lives. Not only that, but they’d rather work for a company that prioritises well-being and flexible working over a high salary. Chaise declares that 54% of Gen Z would like to attend in-person events. Hospitality spaces and workplaces alike are hosting more experiential socials – Craven gave cocktail-making classes and ‘paint your poodle’ sessions as examples. <a href="https://help.nexudus.com/docs/events" target="_blank" rel="noopener noreferrer">Events</a> can be made bookable online to capture data and manage numbers.As shifting work patterns continue to merge the workspace world with the hospitality industry, it raises relevant discussion points around design, work-life culture, and technology. The hotelification of the office is here to stay, the panel agrees. In the future, the overlap will likely continue as workers sustain more flexible lifestyles.

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Discover how the hospitality sector is transforming vacant office spaces into vibrant hybrid hospitality environments, merging work and leisure for a flexible future. Insights from industry experts at Clerkenwell Design Week on design challenges, inclusivity, and the impact on work-life culture.

How Is The Hospitality Sector Capitalising On The Demise Of The Office?

You’ve just got a new job. Congratulations! As a brand new building operations manager, you might not know the complete ins and outs of Commercial Real Estate (CRE) but hey, you’re passionate about the industry as a whole. Your eagerness to learn should carry you through.Then comes the dreaded first request: ‘Can you pull together a report on our current deals pipeline? It should include key dates and some metrics to analyse deal flow.’You quickly discover the data’s not all in one place. Information on different types of deals is on disconnected spreadsheets. Some guesswork might be involved in connecting the data - but you’re up to the challenge.Then you realise some data points are near-impossible to access in the records!As you try to sift through it all, a dreaded thought dawns on you: even if I manage to pull this information together, how will I identify the right insights to create a coherent report from it?The harsh reality is that, even in 2024, it’s not straightforward to go from gathering data to reporting to actionable intelligence. Actionable intelligence is the single most important aspect of successful CRE leadership and decision making.At Nexudus, we’ve spent nearly 12 years understanding the science of reporting and how it can be customised for every sector. Here’s what we think good reporting can (and should) do for CRE.Get the basics right, out of the box.If you don’t have a reporting tool built into your operations, you’re likely to struggle. A good reporting module should be able to quickly access data from within the organisation, negating the need for manual effort.Such a tool should also act as a business intelligence framework, plugging into your records and spreadsheets to automatically extract relevant information when required. This negates the need to keep the system up to date at all times.Similarly, there should be flexibility built into the reporting tool, allowing the user to <a href="https://help.nexudus.com/docs/reports" target="_blank" rel="noopener noreferrer">see key information at a glance</a>, whilst being able to dig into key data points with more nuance. A good overview can quickly identify gaps and allow you to remedy them when putting a report together. This also eliminates any guesswork from the process.Ensure trustworthy, shareable data.We’re not big fans of guesswork. Accuracy quickly becomes a gamble when reports are created using disconnected data, in different spreadsheets. We encourage operational teams to not utilise data they’re not 100% confident about.Consider the request for the deals pipeline report in the intro. Pipeline reports should provide insight into active deals, the type of deal and any financial metrics associated with. Adding key dates to these reports helps teams prioritise better, create timelines, determine staffing requirements and budget around these opportunities.If information about your active deals isn’t up to date, or the type of deal has not been accurately maintained into your systems, it can create a disbalance in staffing and budgets - resulting in inefficiencies and rising costs.We believe the best way to combat this is to have one common tool that connects all your key data together, even if it’s in different systems. Using an <a href="https://developers.nexudus.com/reference/getting-started-with-your-api-1" target="_blank" rel="noopener noreferrer">API-first approach</a> can ensure all your data gathering systems are connected to each other for the most accurate, up-to-date reporting.Such a common tool will also allow operational teams to collaborate and easily share metrics between teams. This saves both the time and effort your team might be spending putting together separate presentations, with differing numbers, in favour of something more centralised and accurate.Show you the big picture.Inaccurate data can hinder your ability to properly understand risk and assign resources. Similarly, a reporting system that doesn’t allow you to see a complete overview will hinder your ability to easily connect dots and gather insights.A strong reporting tool should offer pre-built templates and dashboards to let your teams automatically pull data based on the most requested reports.In fact, in 2024, we believe a reporting tool that supports simple language queries (“I need the square footage of each unit for deals in progress”) should become the norm. It should allow you to supplement big-picture data with granular insights from your records and then visualise the whole thing: charts and graphs for every collection of data points.Yes, that’s right: a visual element built into your reporting tool, to make insights more accessible and easy to absorb at a glance.<hr>Start making intelligent, data-led decisions.Whether built in-house, or developed externally, a reporting tool is a must for your enterprise. It should be complex in its ability to access and automate key aspects of your reporting, but simple enough in UI, allowing you to engage with it using plain language queries and turn your data points into beautiful charts.At Nexudus, we’ve been perfecting our platform’s reporting capabilities to allow users to do just that.Our platform allows CRE teams to integrate their default reports, excel sheets and disconnected data points into our platform, with a set of advanced analytics tools to make sense of it for them. We also offer an API-first solution to plug into any system of yours that handles data, allowing your teams to utilise <a href="https://www.nexudus.com/nexudus-coworking/nexudus-explore/" target="_blank" rel="noopener noreferrer">Nexudus Explore</a>.Nexudus Explore offers limitless reporting capabilities, from custom templates to on-demand insights and perfectly visualised reports. If you would like a tour of how it works, reach out to the team today for <a href="https://www.nexudus.com/contact/" target="_blank" rel="noopener noreferrer">a fast, free demo</a>.

Discover the Power of Reporting in CRE with Nexudus: Learn how our advanced tools streamline data for clear, actionable insights in our latest blog. Transform challenges into opportunities in the ever-evolving world of Commercial Real Estate...

Reporting and its Remarkable Rewards for CRE

<div class="container">We like to keep things optimistic at Nexudus. You won’t hear us say ‘things are not looking good’, because we believe even the toughest of circumstances have a silver lining to them.Having said that, the future of office buildings looks uncertain in 2024.We can’t help but be realistic about significant vacancy rates in office buildings today. JP Morgan’s latest analysis into the issue showcases office vacancy rates approaching <a href="https://www.jpmorgan.com/insights/real-estate/commercial-real-estate/commercial-real-estate-trends." target="_blank" rel="noopener noreferrer">a historical high of 19.3%</a>Industry experts are worried that this could mean certain spaces might become bastions of a bygone era. But they say there is light yet at the end of this tunnel, <a href="https://www.jpmorgan.com/insights/real-estate/multifamily/proptech-how-technology-is-changing-commercial-real-estate" target="_blank" rel="noopener noreferrer">in the form of Proptech</a>.Since that’s a subject we know well, it’s the perfect silver lining for us to lace around the current issues facing Commercial Real Estate (CRE) spaces. Let’s use offices today to understand how Proptech can play a pivotal role in helping CRE spaces gain a competitive edge, reduce their operating costs and make more informed decisions.Smart access standards.The right Proptech can provide CRE buildings with door access solutions, as well as <a href="https://www.nexudus.com/apps/nexkiosk/" target="_blank" rel="noopener noreferrer">reception desk kiosks</a>, to record both occupants and visitors. Beyond offering improved security and occupancy information, this data can be tethered to various rooms within the building, allowing them to dynamically respond to the building’s inhabitants.This can help building owners and operators make critical decisions to manage occupancy, reduce lighting and HVAC costs and of course, optimise the usage of facilities. Smart thermostats linked to a building’s inhabitants, for example, can save on energy costs and boost a building’s sustainability. We’ll unpack this in more detail below.Efficient resource booking.There’s never enough meeting space, and it’s never available when you need it most. If this is a common issue, it’s not because your building isn’t providing plenty of meeting rooms, it’s because the process might be inefficiently managed.Imagine an employee needing some meeting space urgently and not being sure whether a room has been booked or not. Having <a href="https://www.nexudus.com/apps/nexboard/" target="_blank" rel="noopener noreferrer">display tablets outside of conference rooms</a> and privacy booths will ensure a room’s availability is always known and can allow vacant resources to be snapped up in a jiff. Office spaces can take this a step further and offer employees white-labelled apps that let them manage their bookings on their phones.Why stop there? These employee apps could connect to other resources, such as coffee stations and print rooms, making other daily tasks easier and more enjoyable for employees to manage.Continuous improvement.You’ve been there before. There’s no milk in the fridge, no snacks in the drawer and sometimes no soap in the toilets. Office HQs need to take a cue from how smart workspaces (<a href="https://www.nexudus.com/blog/1415063329/2024-is-the-year-coworking-will-eclipse-the-traditional-office-heres-how/" target="_blank" rel="noopener noreferrer">coworking spaces, in particular</a>) are managed to understand employee expectations in 2024.Proptech offers simple ways for employees to report any issues or improvements, such as QR codes on key assets (think coffee machines, microwaves, screens, chairs and lights). A ‘tap or scan to report’ sticker, with a QR code, can keep offices better stocked, better maintained and better incentivised for employees to commute into.Office spaces can take this a step further and become more humanistic in their design. In one of our favourite new reads, ‘<a href="https://www.scc.org.uk/resources/news-and-insights/giving-buildings-a-new-lease-of-life/" target="_blank" rel="noopener noreferrer">Giving buildings a new lease on life</a>’ Martin Reeves advocates building different environments at the office HQ, from those that cultivate collaboration to those that foster focus, simply by adjusting colours, lighting and layouts in specific rooms, and letting employees choose what they want based on their preferred way of working.When you combine this with the wealth of building intelligence Proptech can offer to CRE owners and operators, it creates the perfect recipe to distil various employee work styles into inviting spaces that adapt and improve based on the need of the hour.Sensors and AI, oh my.Environmental data is of great importance to CRE investors. If a building is poorly optimised for energy and is not demonstrating measurable improvement, then it’s not a viable asset. Proptech that leverages emerging technologies, such as smart sensors and AI, can give CRE owners a data-driven edge to decarbonise.Investors can see reported data around how temperature, air quality and water usage are managed, and <a href="https://help.nexudus.com/docs/sensory-overload-maximizing-your-office-potential-with-sensors" target="_blank" rel="noopener noreferrer">with advanced sensors</a>, even determine how often doors and windows are opened. CRE spaces can now aim for complete carbon neutrality, with smart sensors that plug seamlessly into analytics software.Sensor and IoT-fitted buildings can be made smarter with AI. An entire office space can be mapped out and replicated digitally, and the usage of various sensors and IoT fixtures can be tested (and re-tested) to determine their impact. Imagine being able to test how low and high occupancy affects various parts of your building, and how employee usage of key assets affects their lifespan. AI can help run various simulations of a real office environment to give CRE owners and investors a precise understanding of how to model the perfect environment for a building’s occupants while mastering ESG performance.When such precise tooling of office spaces is at its peak, the phenomenon will not only entice employees to return to highly adaptive and sustainable spaces; it will also become the standard to which all CRE can aspire.<hr>At Nexudus, we’re passionate about creating fully customisable, easy-to-integrate software that manages your entire space - from reception to rooftop. For over 11 years, our award-winning tech has helped workspace owners and operators be more efficient, provide users with an unforgettable experience and gather advanced analytics for better decision-making. <a href="https://www.nexudus.com/contact/" target="_blank" rel="noopener noreferrer">Discover how we can help you today.</a></div>

As office vacancy rates climb, we at Nexudus delve into the transformative power of Proptech for Commercial Real Estate. Read our blog, to discover how technology is being used to reshape CRE spaces for efficiency, sustainability, and adaptability in the office revolution.



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How Is The Hospitality Sector Capitalising On The Demise Of The Office?

Reporting and its Remarkable Rewards for CRE

Unlocking the potential of Commercial Real Estate in 2024

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Read our latest articles to catch up on our most recent updates, advice and tips for workspace operators, and news and insights from the wider coworking and flexible workspace industry.

How Is The Hospitality Sector Capitalising On The Demise Of The Office?

Reporting and its Remarkable Rewards for CRE

Unlocking the potential of Commercial Real Estate in 2024

Cookie Warning

Company

Resources

Community

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