Commercial Real Estate: Technology in the Modern Workplace
The 2015 Annual CRE Finance Council Conference brought together commercial real estate finance professionals to discuss the current state of the market.
22 June 2015
By Jacqueline Fronheiser and Kylie Horner
Technology has significantly impacted the way people do business today.
In the commercial real estate finance sector in particular, the adoption of cloud technology has helped deal teams become more efficient, and overcome various communication, compliance, and resource hurdles related to CMBS, ABS, and other securitizations.
The recent 2015 Annual CRE Finance Council Conference in Times Square, New York City, brought together leading professionals and businesses in all sectors of commercial real estate finance to discuss the current state of the market. The Intralinks Debtspace team was an exhibitor at the conference and we were excited to have the opportunity to showcase our solution, meet with industry peers and participate in discussions about the market.
Not surprisingly, our favorite segment was a panel about the impact of technology in the workplace with commercial real estate finance titans, Richard LeFrak (LeFrak), Stephen M. Ross (Related Companies, LP), and Robert S. Taubman (Taubman Centers, Inc). The focus of the discussion was on how the increasing use of cloud technology in the workplace is transforming existing space in office buildings.
Technology Transforming the Enterprise
The demand for office space has decreased by ten to fifteen percent since the wider adoption of cloud infrastructure. The panelists shared that:
- File cabinets are becoming extinct
- Space allocated per employee is decreasing
- Companies are making more efficient use of their office space
The workspace footprint for each employee used to be 350 square feet, and today’s mobile employee only uses about 150 square feet, said the panelists. Organizations are maximizing space efficiency in response to adopting the cloud to store sensitive information and cut down on paper processes. Companies are just making better use of their space. Maybe as workers, you could expect to see — in exchange for private storage space of course — more luxurious accommodations including high speed elevators and larger bathrooms.
Intersection of Time, Space, and Technology
While technology impacts the office environment, it also influences how we work. For example, as a pioneer of the Virtual Data Room (VDR) industry, Intralinks helped eliminate the need for physical conference rooms dedicated to due diligence on loan transactions — allowing organizations to streamline document management and execute deals more efficiently through the use of the cloud.
Kylie Horner is an Associate in Strategy and Product Marketing at Intralinks. She is part of the team responsible for determining go-to-market strategies for the debt capital markets and alternative investment businesses. Prior to joining Intralinks, Kylie worked in marketing and communications at ACTIV Financial, a financial information technology firm. She graduated from the University of Colorado at Boulder with a degree in Journalism, and a specialization in global media.