How Canada Life is evolving their assets for hybrid working
The #FutureofWork does not mean reduced demand for #CRE
Joanna Turner, Head of Property Research for Canada Life Asset Management (recently rebranded), joins Bold Founder, Caleb Parker to talk about how Canada Life is evolving their assets for hybrid working.
Joanna says the future of work doesn’t mean reduced demand for commercial real estate. Working from home and going to the office will go hand in hand.
But she says demand for Space-as-a-Service and flexibility will grow faster as we shift to hybrid working, so every major landlord has to become Space-as-a-Service minded.
She believes conventional real estate managers should partner with experienced Space-as-a-Service operators to meet customer demand.
We also talk building valuations and have some feedback for the valuer community, as well as lenders, who Joanna says need to evolve their criteria to recognise the growth in demand for Space-as-a-Service.
Connect with Joanna on LinkedIn
Connect with Caleb on LinkedIn
If you have any questions or feedback on this episode, email [email protected]
Value Bombs
- The future of work doesn’t mean reduced demand for #CRE
- The reasons people need an office is changing
- Landlords need to be flexible and adaptable to meet the new demands from customers
- There will be a flight to prime quality space, and low quality secondary space will see higher vacancy rates
- Working from home and going to the office will go hand in hand
- People will commute to the city centre ONLY if its rewarding
- The role of the office will change from being a place where you go to work, to a place to meet and collaborate face to face, and be inspired.
- Buildings need spaces that enhance the #wellbeing for people
- Every major landlord has to become Space-as-a-Service minded
- Flexibility should be top of mind, because that’s what customers want
- Demand for Space-as-a-Service and flexibility will grow faster as we shift to hybrid working
- Conventional real estate managers should partner with Space-as-a-Service operators to meet customer demand
- Valuers need to ask themselves “What is it I’m actually valuing?” Are the additional service layers adding additional value for the customer, more revenue streams, more diversification, therefore more value to the asset?
- Should covenant strength of building users no longer be a factor in the valuing of Space-as-a-Service footprints?
- Operators need to be more transparent with landlords around data and financials
- When valuing a building, valuers should be asking whether there is higher demand in that particular market for conventional leases or is there more demand for flexibility and service
- Lenders need to evolve their criteria to recognise the growth in demand for Space-as-a-Service
Resources (Aka, mentions from Joanna)
- Jan Gehl (cities architect and the godfather of placemaking)
His book: ‘Cities for People’
His short film ‘The Human Scale’ - Ken Shuttleworth, Architect at ‘Make’
- Anouk Khan, CFO RE:Women
- Maria Wiedner, CEO of RE:Women
Twitter: @rewomenorg - Andrea Carpenter from Women Talk Real Estate
- Abigail Dean, Head of Sustainabiity, Nuveen
- Nina Reid, Director Responsible Property Investment, M&G
- Nikki Greenberg (futurist and proptech guru, NYC)
About Joanna Turner
Joanna Turner is Head of Property Research at Canada Life Investments.
In her role she is responsible for managing research and strategy, which includes forecasts, thought leadership, house views, quarterly reporting and writing regular research content.
Joanna has twenty five years’ experience in Property Research & Strategy at a global, European and UK level. Prior to Canada Life, she worked as an Associate Director in DTZ’s Global Forecasting & Research team, and has gained experience at major global property fund managers such as AXA Real Estate, LaSalle Investment Management and Invesco, as well as Cushman & Wakefield’s European Research team.
Joanna holds an Masters in Real Estate Investment from Cass Business School, City University London and a BA Honors from Manchester University. She also speaks Spanish, German and French, as well as her native English.
She is a committee member of the Society of Property Researchers, organising regular industry events and is a member of the Investment Property Forum. She writes regular blogs on behalf of Canada Life Investments and has had articles published in major property journals such as IPE Real Assets, Property Week and Euro Property. She is passionate about ESG and climate change, diversity and inclusion in the real estate sector.
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