Everyone wants to be a part of the next ‘Uber’. Not just investors—but consumers will want it too, because people will eventually get bored of Pokémon Go. The phrase “Uber for ___,” much like “Google,” has come to represent a simple, streamlined, and integrated way to improve one’s lifestyle through a technology platform or system.
Uber for real estate?
That might seem a little harder to imagine. However, with the growing intersection between the on-demand economy and commercial real estate, new types of office environments and workspaces are flourishing across major cities all around the world.
The real estate world is beginning to learn that the average life expectancy of a company is now just 7.2 years, and that it will likely shrink even further as the pace of entrepreneurism and competition around the world continues to accelerate. Much like when they buy hot dogs and hot dog buns, business owners who have to sign ten-year leases with commercial landlords are wondering how to fit their extended lease commitments with their own probability of survival.
As a result, agility and adaptability are becoming top priorities for business leaders, and financial resources are increasingly prioritized towards acquiring better technology and talented people instead of on more corner office space for executives. Intellectual capital is becoming the dominant currency, and the new generation of talent who has that capital is commanding and shaping an evolved work environment.
What talent wants—a simple, technology driven, lifestyle-informed workspace—is what tenants need, and ultimately what landlords must build.
We believe that this talent-defined workspace is where hospitality and real estate will collide, where office spaces will eventually operate much like full service hotels, but in place of sleeping rooms, there are desks. This is how landlords must compete to meet the new demands of forward-thinking tenants.
The Place Where Hospitality and Real Estate Collide
The ideal type of commercial real estate will begin to democratize the best amenities, the latest technology, and an on-demand services platform to deliver better business experiences. The burden of optimizing space will no longer rest with the businesses themselves. Instead, real estate will become an agile and comprehensive service, one that constantly evolves to stay competitive.
In this model, the landlord is a brand and the tenant is a member of a larger community. In other words, the Uber for real estate. We’re excited to begin this journey at Convene. We hope that you’re excited for the wave of changes to come!