Management of Real Estate

Introduction

Physical workplace and business strategy

Demographics in the workplace strategies

Work style and culture

Comfortable working environment and pre-booking for technological amenities

Recommendations

Conclusion

Executive Summary of Flexible Working Arrangement

Demographics and culture shaped by organizational strategy have a direct impact on a corporate real estate strategy. Technology is advancing with no fluidity, and real estate is not immune to changes. Embracing flexible working arrangements will serve the business objectives and bottom lines. Employees are the key asset developing real estate strategies centric to the organizational direction to ensure adaptability. This report highlighted a flexible working arrangement, the technology-based building is the potential of disrupting office workspace. It described the use of vale based approach, incremental strategy organization leveraged cost minimization, and physical amenities for the workplace future. 

Introduction to Flexible Working Arrangement

The employee is considered as a key asset to the organization. The office environment plays a key role in supporting the need for employees. The important aspects of workplace design are physical workspace. The demand for flexible work options is driven by the employee's sense of control. Strategic real estate planning is important for increasing an organization's competitive advantage and analyzing the impact of the overall performance of the organization (MJ 2019). The aim of this report is to introduce CRE strategies and workplace design attributed to technological, demographic, and external factors.

Physical Workplace and Business Strategy

The impact of technologies has shaped the workplace with more automation and fewer managers. The technological impact will lead to a flatter organization structure. The benefits of workplace strategy are associated with the change in approach as a flexible workplace leads to cost-saving and will lead to an increase in productivity (Roskams 2019). The organization talent pool can be expanded with the technology revolution. All organization cost and value creation are critical in achieving enterprise-wide value for maximizing firm value. The link between corporate strategy and business strategy are diverse. Corporate strategy is defined as organization direction within the world it operates. Corporate real estate strategy supports the overall corporate strategy and property management related decisions. Management measures for benchmarking align corporate strategy function across real estate function by flexibility and human resource objectives. Real estate alignment on quality of space, the quantity of space, and technology is directly related to organizational culture and values. CRE strategy is linked to aligning property on human resource objectives and cost minimization with changes in workplace and technology advancement. Physical workspace with a business lounge facility in the future course in key locations is an extension of physical independence. Corporate strategy is amalgamation for the accommodation of people and processes. The benchmarking is aligned with people, processes, and enabling people to align the real estate portfolio (EY 2020).

Demographics in The Workplace Strategies

Demographics play a key role in workspace design. Millennials are networked and highly social on social media networks. The need for relatedness by an individual is expressed as security and belonging. Age plays an important role in workplace needs. Baby boomers show the basic need for the workplace and require basic support and privacy. Generation X classifies the need for authority in work competence (Keperman 2019). The older employee is keen on the less densely populated office. Higher age is received for authority and traditional office space comfort. Women perceive the greater need for personalization and social interaction. The company can adopt to flexibility, and promote human resource objectives for improved productivity. The development of workplace requirements will improve organizational profitability. The flexibility and co-working setup preference are dependent on equipment, privacy, and office climate with accessibility and fixed workspace. Older age groups prefer indoor climate as indoor aesthetics are preferred by employees. The need for work environment the support activities show the informal relationship and social interaction in the office design as part of work compatibility and productivity.

The aging population has an impact on work design and workplace flexibility. Millennial approach to work differs from other generations with their intention to learn and grow is highest. The generation is young and does not have vast experience focus on collaboration and is tech adaptive. The demographics influence the office location with Generation Y to seek office support and form of personalization requirements. The management behavior as social and cultural structures influence physical structure and workplace.

Work Style and Culture

Company s culture is developed through traditional space creating outside signage and recognizable workplace are some potential sites in adaptability for company culture. The social-environmental commitment in shared workspace adds to hindrance and may lead to a decline in productivity. Extrinsic motivation plays a key role in changing work behavior. The employee need for autonomy to make decisions and their need for competence determine behavior. The implementation of HRM practice and leadership impact work life and work. Flexible working arrangements provide an employee to meet their psychological needs for autonomy and relatedness. External changes can impact company business operations and work design and working behavior. The increase in competition and point of difference between the workplace are investors for capitalization on the network. The physical work environment includes the aspect of functional, social, and quality attributes. The development of private space, customized space, space for connecting ideas as open design for the physical environment. 

The likelihood of likability for all cannot be ascertained due to heterogeneity and diversity. The performance-based system and smart buildings as a workflow solution will be sustainable and functional will serve organization objectives for human resource objectives. A value-based strategy focus on differentiation, low cost. Organizational use of incremental strategy focuses on flexible attitude and emergent development for flexible working arrangements (Meulenbroek 2014). Providing amenities and using workplace solutions in shared space is value-based options. Business effectiveness and workplace requirements shape strategy on environmental factors and areas of operations mobile support, creative pursuit, and physical design amenities option. Water conservation, indoor air quality measure as lean management will in prove business measures on sustainability inflexible work arrangement. increasing innovation while implementing smart applications be innovative. The application ranks high on user experience but lacks a cost advantage due to the high upfront cost. The growing technology integration will impact the workplace with 50% of the employees will be shifting to telecommuting (Deloitte 2020). The flexible arrangement has employer advantage with no weather condition and location constraint impacting work requirements Reducing carbon footprints and going paperless are measured to achieve efficiency. The flexible workspace model will develop complexities between landlords and service providers. Employee resistance on the acceptability of a flexible arrangement as a bias to gender. Developing employee harmony is a challenge with disruption in work-life balance. 

The loss of networking and office relationship develop a practice for disrupting workplace strategies with nondestructive organization control. The overarching system for developing allocating time and work demand will transform flexibility and organization agility. Creating a flexible workplace for enhancing gender stability will enhance work engagement and work-life conflict. Developing a fit for all models is a challenge, with the rise of co-working, virtual offices, the physical office is losing its tangibility. Developing a composite workplace strategy is essential for employee and shareholder perspective. Developing an optimum portfolio of property should act as a corporation's pursuit of action. The individual demand is integrated into resources. The demand for office space is different from his/her task with required demand employees engaged in creative pursuit reform well in a collaborative work environment and seek open office space. The employee style of working on the use of verbal information, the need for concentration are dependent on employee dependency on others and requirements for closed barricade spaces. The personality trait derives results in interactivity with collaborative and open environment preferences. Co-working and adapting for workspace design that enhances exploration and digital work habits of an individual and small team (Harris 2019). Technology will continue to change the workplace. Businesses can reduce their carbon footprint through facilities management. The physical workplace can reinforce identity and culture. The corporate strategy of people enabling system is aligned to space alteration, real estate acquisition. The change in the market needs impacts productivity, flexibility approach. Corporate real estate strategy is impacted due to external factors such as political, economic, social, technological, environmental, and legal. The change in planning policy has a direct impact on real estate strategies. Property procurement is impacted due to interest rates and global slowdown. . Energy efficiency and green buildings are embraced by environmental norms and regulatory standards. Legislative factors impact the decision making with leasing agreement impacting cost effect on CRE decision strategy and work design (Nase 2018).

Technology focus has created an expansion of satellite working, flexible working. Shifting towards cost minimization and using employee engagement will promote wellbeing, resource efficiency, and minimizing life cost for the physical features of the building. Work style culture collaboration shapes an organization's working behavior. Flexible working arrangements results in openness and a result-oriented attitude. Employee flexibility means reduced proliferation. Focus on human objectives as sharing knowledge and virtual connectedness is difficult to achieve a flexible design. Working in aware enterprises with improved coordination in physical office resulted in improved communication. Rightsizing CRE portfolio for saving by traditional lease after the recessionary cycle by restructuring the company workforce can curtail economic fall. For employee hub and spoke flex can adaptive for using the social setting for the work requirement for cost saving. The flex office approach for physical amenities meeting room and community are one set of example. The use of layout from small open shared private rooms and quiet pods are meeting areas as common workspaces. Lack of participative nature and affirmation for location-dependent employees have requirements for tertiary in the workspace is met. Management’s role encompasses a enterprise business activities that are involved in ineffective management. Organizational culture and company readiness for the alternative working environment are central to realignment by recalibrating portfolio size based on the working style (Soriano et al 2020).

Adapting to changing the style on enhancing collaboration and estimating the supply for adjusting requirements for physical space is the corporate strategy of the firm. Understanding the importance of lack of efficiency and surplus financial performance for operational directives will be mechanism for first-mover advantage and unique design. . For using corporate objectives as means between business and customers physical space in technological need for automated services will improve flexibility and human resource objectives. The shift analyzed through connectivity, corporate structure as an organization will support physical and hybrid technological competence.

Comfortable Working Environment and Pre-Booking for Technological Amenities

The smart building application can provide employee ease and simultaneously take care of the wellbeing, creativity, satisfaction. The automatic meeting room allocation, workspace allocation, and personalization will address the need for availability of workspace by providing flexibility and productivity to employees. Organization are changing space through desk space to collaborative space and designing amenities for employee development and organizational attractiveness

Pre-booking and automatic allocation will add to employee time-saving as part of design. Office solution tailored to employee need with a spacious layout and diverse offering will be adaptive in flexible workspace arrangement. Developing facilities management using financial resilience as a strategy will be a win-win situation for both organizations and employees. The no upfront cost developing custom fit offices is an advantage. In the long term mandating confidentiality and security will be drawn back for the flexible working arrangement. The hybrid model will help in business flexibility and create community attraction and service and amenities for meetings and structural requirements (BCD Edu 2014). The need for flexibility and innovative space will develop members adopting flexible working. The business lease agreement can be procured quickly and easily.

Sustainability in real estate and encouraging real estate commitment are prominent business objectives. A home environment or social place does not have regulation and pre-arrangements and is set up by business to monetize unused is violiation of norms. Organizations and CRE managers should take the view that a comfortable working environment with high-quality technology which is understandable and flexible, workstations which can be pre-booked, and a selection of working places – such as social, quiet, confidential video-conferencing – may provide staff with a productive environment. A high-quality building that is well serviced and maintained may produce an efficient and effective environment conducive to improved staff productivity. The classification of beliefs, values, and expectations of the individual impact the corporate strategy. Aligning of corporate and structural aspect create a uniform identity Employee reaction to the workplace is reflected in performance. The nature and quality of work impact the workplace environment. The complex task requires higher concentration where while learned task does not require conscious attention. This may result in dissatisfaction with the employee on the open-plan office. A flexible work arrangement intrudes on privacy. Employee office space and work patterns impact work output. Similarly employees in repetitive work different functional requirements. Corporate real estate managers have to take into account activity and flow for an employee to foster performance. aesthetic quality requirements have a less positive impact on a flexible arrangement

The human resource development on the ageism population as compared to the next generation with smart and flexibility that impacts the workspace requirement. The core business aspects are reducing real estate costs and enhancing employee well being. Under the hierarchy and market culture the strategic focus on cost reduction. Employee centric organization shows low consideration for environmental sustainability. Clan culture and Adhocracy promise innovation and flexible structure (HBR 2014).

Recommendations on Flexible Working Arrangement

  • The modern workplace has become digital and mobile that can be shaped with the hybrid model and operating through the leasing model is attractive for the company. Using the drop-down space globally for using the regional office for client-facing teams and satellites locations for its technological and core teams as greater flexibility to the company
  • Using a joint venture strategy is a flexible approach for companies to partner with operators as a less risky approach for shifting to investment properties that will be beneficial for tenants and landlords and will act as a synergy of services.
  • Development office for recyclable and sustainable as part of corporate responsibility in organization goal.
  • Favor of multiple-use facilities and create space alteration. The launch of activity-based work style self-control and common goals is relative to business objectives and strategy. Corporate real estate managers should partner with human resources for flexible work benefits programs. Activity-based design for the unassigned network for providing space will enhance the collaborative environment
  • The element of the smart building for enabling communication and technology-enabled amenities will engage employee wellness and build stickiness for happiness across the organization. The experience led amenities and diverse lease models are a solution for shared space.

Conclusion on Flexible Working Arrangement

Technological advancement has a large impact on workplace design and physical workspace. CRE managers have to align corporate strategy and corporate real estate strategies base on workforce capabilities, demographic, and work environment. The study organizational, purpose, and scope management through business design and facility management for businessCRE strategies on cost-saving, flexibility A high-quality building that is well serviced and maintained will impact staff productivity. Flexible workspace impact flexibility, cost-saving, and human resource development objective and capturing business value are impacted business decision making. Co-working ‘ rise has shown technological amenities and virtual workspace as offering provides an option for independent physical workspace for employees. Flexible working arrangements results in openness and a result-oriented attitude. Employee adaptability, preference, and work-life balance are key employee issues identified in flexible working arrangements. The change in competitive and business practice will assess the business environment for workplace strategies.

Reference for Flexible Working Arrangement

BCD edu. 2014. Corporate arrangement, Retrieved September 20th, 2020, September 20th, 2020 < https://www.bc.edu/content/dam/files/centers/cwf/individuals/pdf/benefitsCEOFlex.pdf >

Deloitte 2020, A strategic approach to real estate management, Retrieved September 20th, 2020, < https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/realestate/lu-strategic-real-estate-management.pdf >

  1. 2020. Work from home an opportunity for real estate optimization. EY LLP publication

HBR. 2014. Workplace strategy that moves people [Online].< Retrieved September 20th, 2020 <https://hbr.org/2014/10/workspaces-that-move-people.

Harris, R 2019. ‘Real estate in the digital era’. Journal of General Management. 44(3), pp 119-127. DOI: https://doi.org/10.1177/0306307019834404

Kemperman, A., Vosters, S., & Meulenbroek, HA, 2019, Workspace needs and their support; ARE millennials different from other generations?. Proceedings from 25th Annual Pacific-Rim Real Estate Society Conference, Melbourne, Australia, 145-165

Meulenbroek, HA. & Hynes B 2014, ‘ An overview of steps and tools for corporate real estate strategy’. Corporate Real Estate Journal, 4(4), 44-61

J. Skibniewski & Hajdu. 2019. Approaches to improve the quality of workplace built environment. Creative Construction Conference. https://doi.org/10.3311/CCC2019-087

Nase, I., & Arkesteijn, M, 2018. ‘Corporate real estate strategies and organizational culture. Journal of Corporate Real Estate. 20 (3), pp. 154-176. DOI:10.1108/jcre-10-2017-0035 

Roskmas, Michael, & Haynes, B. 2019. ‘Employee-workplace alignment: employee characteristics and perceived workplace requirements’. Facilities. 38(4), pp. 282- 297.

Soriano, A. et al. 2020. ‘The role of employees’ Work patterns and office type fit (and Misfit) in the relationships between employee well-being and performance’, Environment and Behavior, 52(2), pp. 111–138. DOI: 10.1177/0013916518794260.

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