Real Estate Central

CoreNet Global Releases the Findings of its 2008 State of the Industry
Report

HONG KONG, May 14 /Xinhua-PRNewswire/ — Competition for a reduced
labour pool, worker-centric location decisions and the sustainability wave.
Stir those ingredients together and that is the future of Corporate Real
Estate (CRE), according to The 2008 State of the Industry report, CoreNet
Global’s new snapshot of how industry professionals are driving, and being
driven, by rapid changes in business and the workplace.

According to the CoreNet Global report, which is based on a compilation
of the views of industry leaders and research findings from over the past
year, organizations are increasingly relying on corporate real estate as a
resource for their entire company, and that the days of the corporate real
estate ‘order-taker’ are largely over.

With realty issues becoming increasingly integral to the mission of any
organization, The 2008 State of the Industry report concludes that a number
of global business forces are catapulting corporate real estate executives
from tacticians into more strategic roles for their corporations. As a
result, the field of corporate real estate is undergoing massive change,
driven by the following factors:



— The global war for talent as the baby boomers enter retirement;
— The mix of multiple generations in the workplace;
— The ongoing expansion and integration of the global economy, including
mergers and acquisitions to enter emerging markets;
— The monetization of real estate assets and the globalization of real
estate investment funds, equities and trusts;
— The persistent advance of technology;
— and the velocity, impact and awareness associated with energy costs and
carbon reduction, as well as the brand stigma for wasting energy
resources.
“The new State of the Industry report paints a picture of an industry
that has undergone a stunning transformation. The real work of corporate
real estate professionals today and in the future is locating offices and
factories near qualified workers and lowering their companies’ carbon
footprints,” said CoreNet Global CEO Prentice Knight.

“Corporate real estate executives today wear many hats, are no longer
order takers, but are corporate decision makers influencing how business is
done in companies the world over,” Knight added.

Moreover, the report describes an increasingly complex role for
corporate real estate executives. The report concludes that corporate real
estate executives:



— Have a ‘balcony view’ of the enterprise;
— Are providers and integrators supporting the board, business units and
other internal shared functions like HR and IT;
— Support the entire business, not simply real estate;
— Increasingly come from other parts of the corporation.
Methodology

The key findings of the report are drawn from multiple sources,
starting with the views, opinions and expectations of more than 60 senior
CRE leaders from around the world who took part in the first annual CoreNet
Global Industry Leaders Roundtable in January 2008.

CoreNet Global Applied Research Center findings from 2007 were also
used to update the CoRE 2010 benchmarking done in 2004, as were results
from the CoreNet Global Discovery Forum series conducted in 2007 with
industry executives in 20 cities around the world.


Information contained in the report is also culled from:

— CoreNet Global Summit case presentations;
— Global Innovator’s Award and other award cases;
— Contributions by members and the CRE industry;
— CoreNet Global’s LEADER Magazine case studies and articles.
CoreNet Global members manage US $1.2 trillion in worldwide corporate
assets consisting of owned and leased office, industrial and other space.
With 7000 members representing large corporations around the world, CoreNet
Global ( http://www.corenetglobal.org ) operates in five global regions:
Asia, Australia, Europe, Latin America and North America, including Canada.




For more information, please contact:

Jennifer Gao, CoreNet Global
Phone: +86-21-6122-1251
Mobile: +86-138-1771-0822
jgao@corenetglobal.org

Janet Middlemiss, JEM Worldwide
Phone: +852-2857-3832
Mobile: +852-9195-7829
janet@jemworldwide.com


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Source: Real Estate Newswire