This article first appeared in City & Country, The Edge Malaysia Weekly on April 8, 2024 – April 14, 2024
US-based non-profit association for corporate real estate (CRE) professionals CoreNet Global hosted its 2024 Global Asia-Pacific (Apac) Summit in Kuala Lumpur last month, which gathered 670 leaders in the CRE profession from Fortune 500 companies all around the world.
Held from March 5 to 7 at the St Regis Hotel in KL Sentral, the summit brought together CRE professionals from the entire CRE ecosystem for connection, learning and skill advancement, said David Chang, chair of CoreNet Global as of April 1, in an email interview with City & Country.
“This year’s theme ‘Zoom Out: The Power of Perspective’ and the related content will help CRE leaders gain a view of larger patterns and interdependencies so that they can adapt, recalibrate and develop new solutions,” he said.
The summit also marked an achievement for CoreNet’s Malaysian chapter, which started in 2015 as a 20-member networking group. It has since grown to 120 members today and has won Best Chapter twice in a row in 2022 and 2023.
“The Malaysian chapter is a young and growing chapter,” said Chang. “They started nine years ago as a networking group and transitioned into a chapter the following year. They have continued to evolve and grow their membership in the region over the years. They are continuously expanding their influence by implementing innovative and dynamic events that attract high attendance. They keep innovating and pivoting as needed to deliver what current and future members need and want.”
Chang added that Malaysia, which is also a central location for many of CoreNet’s members and constituents in the Apac region, is poised to see growth in its commercial real estate market. “The rich cultural history and multicultural population contribute to Kuala Lumpur being a growing destination for business and leisure travellers. The local commercial real estate market is predicted to see growth in the near future, fuelled by a demand for data centres in Apac, the growing presence of multinationals in the region and growing interest in alternative investments such as industrial parks.”
Chang: [CRE] professionals not only have strategic responsibility for their corporations’ real estate footprint but are also expected to serve as strategic business partners, support their organisation’s focus on digitisation, focus on the race to carbon net zero, and reshape the ‘workplace’ for their workforce of the future (Photo by Patrick Goh/The Edge)
An evolving role
Meanwhile, the role of the CRE professional is ever evolving, said Chang. “Professionals not only have strategic responsibility for their corporations’ real estate footprint but are also expected to serve as strategic business partners, support their organisation’s focus on digitisation, focus on the race to carbon net zero, and reshape the ‘workplace’ for their workforce of the future.
“CoreNet Global advances and supports the practice of CRE through professional development opportunities, publications, research, conferences, designations and networking in 46 local chapters and networking groups around the world. The membership base is diverse and spans industries including high-tech, financial services, manufacturing, pharmaceuticals, telecommunications, healthcare, insurance and oil and gas,” he added.
As the new chair of CoreNet Global, Chang aims to continue focusing on the membership experience with strategic plans. “I have big shoes to fill given the hard work of the past chairs including Gloria Mamwa and others before her. We need to continually evolve the membership experience and remain focused on addressing the needs and desires of our constituents. I plan on working closely with Angela Cain, the CEO of CoreNet Global, and the Global Board on an ambitious strategic plan and ensuring that the right governance framework is in place to allow the agreed strategy to be executed.”
In terms of his outlook, Chang notes that senior leaders in the CRE industry have a very complex agenda to manage. “Are we differentiated and prepared for growth? Do we have the right technology to enable our agenda? Are we meeting expectations for sustainability and a more resilient business?
“Corporate real estate is expected to advise and support this journey. There will be a continued focus on sustainability that underpins corporate ambition — including the reduction of greenhouse gas emissions and greater energy efficiency with the right portfolio composition. Technology will need to be retooled to support decision-making insights and risk management. The complicated calculus of stakeholder management will still include cost and value but across a wider spectrum of stakeholders and larger ecosystems, including community groups and regulators.”
Finally, he remarked how the office remains paramount as a hub for collaboration. “But the question becomes less about ‘where’ and more about ‘how’ — including deepening engagement across teams and enabling human connections irrespective of physical locations.”
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