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Historically, the legal sectorhas

beenoneof the least aggressive

adoptersof technology.But

in aworldwhere clients are

increasingly clamoring for lower

costs,fixedprices and efficient

service, smart lawfirms know they

haveno choicebut toharness

technology if theywant to thrive

– and even survive – in today’s

competitive landscape.

Think Smart: How

Law Firms Harness

Technology to

Survive

SHERRYCUSHMAN

ExecutiveManagingDirector

Leader,LegalSectorAdvisoryGroup

sherry.cushman@cushwake.com

JAMESMEIKLE,

MRICS

Partner,CentralLondon

OccupierRepresentation

james.meikle@eur.cushwake.com

JEREMYPEARSON

ManagingDirector

TenantAdvisoryGroup,AsiaPacific

jeremy.pearson@cushwake.com

18TheOccupierEdge

The Occupier Edge

Fourth Edition

Co-working Report

Asheadset

technology

conti ues

to improve, anumber

of companies are

already exploring the

possibilitiesofVR/AR

for virtualpro

perty

tours andprojections

of scalemodels, and

they

see

evengreater

marketing

opportunities

down the road.

Thepromisesofvirtualandaugmented reality (VR/AR)havebeendescribed

plentyof timesbefore:Fully immersivevideogames, sideline-qualityviews

of sportingevents from thecomfortofa living room, surgeons reviewing

apatient’smedical recordsand scansmid-procedurewithout leaving the

operating tableandmanyotherflightsof fancy.

Theproblemhasalwaysbeen the limitsof the technology.Processing speeds

inheadsetshave traditionallybeen too slow tokeepupwith themovementsof

humaneyesand limbs,and theheadsets’visualdisplayshave lacked thehigh

definitionnecessary to resemble the realworld (forVR)or integrate seamlessly

with real-worldvision (forAR), leavingusers frustrated.

Thatcould soonchange.According toa research report released lastyearby

GoldmanSachs,VR/ARhardwareand softwarearefinallybeginning tocatch

upwithconsumerexpectationsandarepoised todisruptanumberofmarkets,

including realestate.

The report seesVR/ARbecominga$2.6billionmarket in realestateby2025

asheadsets suchas theOculusRiftand theMicrosoftHololens improveover

thenext fewyears. It’sessential tobeginpreparing for theexpansion. In

addition tovirtualwalkthroughsofbothfinishedandunfinishedbuildingsand

virtualmodelsprojectedontodesksand tables in the realworld – innovations

whicharealready inongoingdevelopment –companies seeopportunities for

moregame-changingdevelopmentsa little fartherdown the road,oncemass

adoption takeshold.

Virtual Reality the New

Reality for Real Estate

VR/ARCOULDBECOMEA$2.6BMARKET

INREALESTATEBY 2025

15

CO-WORKINGCONCEPT

ASACOSTCONTAINMENT

STRATEGY

Most respondentshave indicated that theneed for

major changes in their current footprint isnotpar-

ticularly exigent,butwill consider adoptingflexible

workplace strategies toutilize existing spacemore

efficiently.They are alsowilling to invest in tech-

nologies to enableflexibleworking environments.

Several respondents areopen to leasing short term

overflow space and even consolidating their foot-

prints.

More thanhalfof theCREmanagers are also

interested in incorporatingCo-working solutions

into theirCRE strategies.Co-working spaces are

10-30% cheaper as compared to traditionaloffice

spaces inmanymarkets. In some locationswhere

theyhave expanded, they arewilling tooffer

tenant incentives inorder tofillup spaces.For

thosewilling to exploreCo-working spaces,pursu-

ingopportunisticgrowthover thenext 12months

serves as themost importantmotivation (63%).At

the same time,more thanhalfof all respondents

are also expecting somepotential cost savings in

high cost locations.

Nuances exist acrossgeographies that aremost

likely to embrace theCo-working concept.Those

based in theAsiaPacific (70%) aremost likely to

useCo-working space as itgives them theflexibil-

ity to exploregrowthopportunitieswithoutbeing

encumberedby long-term space commitments.

TheTechnology,Media/Entertainment, andProfes-

sionalServices sectors,whichusually emphasize

teamwork and collaboration in theworkspace, are

themostwilling to adopt thispractice.

Among thebusiness sectors

surveyed, theBanking,Financial

Services, and Insurance (BFSI)

sector is themost sensitive to real

estate costs

5

CO-WORKING: UNDERSTANDINGTHEONGOINGEVOLUTION

edge

the occupier

Insights andTrends

fromCushman&Wakefield’s

GlobalRealEstateExperts

FOURTHEDITION | 2017

Co-working

Understanding the

Ongoing Evolution

APRIL2017

ACUSHMAN&WAKEFIELD

RESEARCHPUBLICATION

87%CRE

leaderswant toadoptworksettings thatsupport thewaystaffwork

Co-workinghasbeen themost transformationalpractice in the

workplace in recent years. It isgoingmainstream ingateway

markets across regions asprime rents continue to soar.

Co-working

Understanding the

Ongoing Evolution

APRIL2017

GATEWAYCITIES /REGIONALFINANCIAL

CENTERSAREPREFERREDGROWTHMARKETS

COSTCONTAININGREALESTATESTRATEGY

ISHIGHLYPREFERREDBYCRELEADERS

STRATEGIESFOREFFICIENTLYMANAGINGFOOTPRINT

CO-WORKINGPREFERENCES

APPEALSOFCO-WORKING

CO-WORKINGFEATURES

MOSTPREFERREDBYCRELEADERS

>50%

have alreadybegun

forming solutions to

tackle rising rents

Increase efficiencyby

offeringflexibility

92%

45%

CBD locations aremost

preferred,butmost are

willing to exploreother

locations too

MOSTSENSITIVE

TORISINGRENTS

65% alreadyhaveplans

to tackle rising rents

Invest in technology

to enableflexibility

89%

50%

short term leases

(<=6months)

arepreferred

Professional

Services

Technology

Banking

COSTSNOTA

MAJORFACTOR

ONLY 12% - focusedon

cost containment

Lease

Co-working space

54%

34%

areopen to 7-12

month leases

44

%

Don’tmove, remainwhereyou are.

Mostoccupierswant to remainwhere

they are as relocation costs are still

high inmostmarkets

40

%

Chooseefficient andflexibleworkspaces.

Occupiers are looking for efficient andflexible

workspaces considering lease length and

property costs as important factors

Banking

ProfessionalServices

You aremost likely

toutilize co-working

space, if you are

exploringbusiness

opportunities in

ASIA

PACIFIC

BUSINESSSECTORS

MOSTLIKELYTOUSE

CO-WORKINGFACILITIES

This infographichasbeenprepared solely for informationpurposes. Itdoesnotpurport tobe

a completedescriptionof the survey results.The informationonwhich this report isbased

hasbeenobtained from surveys conductedbyCoreNetGlobalduringH2 2016,butwehave

not independently verified such information andwedonotguarantee that the information is

accurateor complete.

PublishedbyCushman&Wakefield,Research& InvestmentStrategy.

©2017Cushman&Wakefield, Inc.All rights reserved.

CoreNetGlobal is anon-profit

association,headquartered in the

US, representing almost 10,000

executives in50 countrieswith

strategic responsibility for the real

estate assetsof large corporations.

Theorganization’smission is to

advance thepracticeof corporate

real estate throughprofessional

developmentopportunities,

publications, research, conferences,

designations andnetworking in47

local chaptersglobally.

PRIVACY

SECURITY

STAFF

PREFERENCE

COST

OPEN

CONCEPT

SCALABILITY

FLEXIHOURS

AMENITIES

89

%

4.5

70

%

4.4

67

%

4.4

55

%

4.4

VARIETYOF

WORKSETTINGS

*Note - all% values indicate thepercentageof respondents

GATEWAYCITIES /REGIONALFINANCIAL

CENTERSAREPREFERREDGROWTHMARKETS

NORTH

AMERICA

CENTRALAND

SOUTHAMERICA

EUROPE

MIDDLE

EAST

ASIA

PACIFIC

AFRICA

68%

27%

38%

21%

53%

17%

NewYorkCity

Johannesburg

Dubai

Riode Janeiro

London

Shanghai

REALESTATECOSTSCONTINUETOREMAIN

AMAJORFACTORFORORGANIZATIONS

BankingSector

concerned about

PROPERTYCOST

TechnologySector

is concerned about

LEASELENGTH

92%

say totalproperty

costs are important.

80%

say lease length is

important.

63%

consider regulations

will impact their

location strategies

25%ONLY

consider signing a long

term lease and lock-

in apreferential rate

duringuncertain times

SURVEYRESULTS 2016

The Occupier Edge

provides strategic, actionable

thought leadership crafted by our very own future

thinking Cushman & Wakefield experts.

This edition of

The Occupier Edge

features

articles addressing influential trends impacting

the commercial real estate industry and beyond.

A few key topics include gamification and how

it transforms the way we work; how artificial

intelligence is no longer a concept, but rather a

reality in the workplace; the top-trending topic,

gig economy, which has created a new kind of

diversity, with full-time permanent employees

working side-by-side with freelancers and much

more.

Corporate Co-working

continues to be the most

transformational trend in the

workplace. The environment,

amenities, cost savings and

flexibility that Co-working

space offers makes a great

case for all kinds of occupiers

including small businesses,

start-ups and larger

companies. With the demand

growing at 10-15% on average

per annum across all regions,

the size of Co-working space

is estimated to be at its

prime.

As of June 15, there have been

2,664

downloads

of the publication.

60 | THE OCCUPIER NEWS

Q2