Corporate real estate is increasingly data-driven but analytics expertise is in short supply
Chicago, Oct. 21, 2015 – The war for technology talent isn’t just a problem for tech firms. The shortage of real estate and workplace-focused data scientists is becoming a major concern for corporate real estate (CRE) departments, according to JLL research. And CRE departments are not just competing with each other they are facing competition with the tech industry and start-ups, competitors, service providers and other departments inside their own companies.
In the last five years, corporate real estate leaders have become fierce competitors in this battle for talent. C-suite leaders now recognize that data and analytics are pivotal for creating strategic workplaces. And they are demanding data, metrics and predictive scenarios from corporate real estate experts that inform financial, operational, recruiting and employee satisfaction goals.
“To exceed C-suite expectations, CRE teams must become more adept at using data and analytics to fully capture, understand and interpret the information within their own real estate portfolios,” says John Forrest, JLL’s CEO of Corporate Solutions, Americas. “New analytics platforms provide the infrastructure but it’s also essential to hire the right people who can interpret the data and bring meaningful insights to business leaders.”
Corporate real estate departments are feeling the crunch “Even the best data in the world still needs to be brought to life, interpreted by trained, capable professionals,” said Richard Brown, Head of Business Intelligence at JLL. “Robust data with strong governance is the beginning. Powerful visualizations and analytics bring the pieces of the puzzle together.”
According to a new JLL report based on a Forrester Consulting study, corporate real estate teams recognize that they are severely under-staffed. This remains true regardless of industry or company size.
Only 28 percent of CRE executives describe their company’s use of data analytics as “data-centric,” but a sizable 56 percent expect their companies to become data-centric in the next three years. “The corporate real estate industry has a lot of hiring to do,” said Forrest. “Some CRE teams are creating in-house departments with people offering data and analytics skills to perform the data scientist function. Others look outward, and expect their outsourced real estate service providers to deliver both expertise and technology.”
To meet this growing need, JLL recently introduced its leading real estate data and analytics platform RED. The new platform brings together master data governance, knowledge management, business intelligence and advanced analytics, underpinned by cutting-edge technologies and tools. The platform was designed to dramatically improve data-driven decision making and give clients the power to turn real-time real estate and workplace data into timely and meaningful business insights.
A leader in real estate outsourcing, JLL’s Corporate Solutions business helps corporations and public institutions improve productivity in the cost, efficiency and performance of their national, regional or global real estate portfolios by creating outsourcing partnerships to manage and execute a range of corporate real estate services. This service delivery capability helps corporations improve business performance, particularly as companies turn to the outsourcing of their real estate activity as a way to manage expenses and enhance profitability.