© 2016 CORENET GLOBAL 1

TOO MUCH INFORMATION: THE SHARING ECONOMY & ITS INFLUENCE ON

CORPORATE REAL ESTATE

By Craig Van Pelt

ABSTRACT – Nothing short of a phenomenon is impacting both businesses and consumers. The advent of the so-called Sharing Economy is fundamentally altering how we consume goods and services. A paradigm shift from ownership to access is occurring. If the sharing economy promotes the utilization of underused assets, there may be no other physical asset that is as underutilized as commercial real estate. The movement is not only opening up new categories of business like peer-to-peer marketplaces, but is highlighting the importance of collaboration and the sense of place that is needed for a communal atmosphere in the office. The sharing economy provides challenges and enormous opportunities for corporate real estate professionals to catch up to the speed of business by being able to find solutions for a changing workforce and an evolving workplace environment.

Sharing is a simple concept. At the most basic level, sharing is using something jointly with another. It is a central philosophy around

how children are raised. Interject the word ‘economy’ after the word ‘sharing’ and watch the adults argue about its true meaning. Not

only can the definition not be agreed upon, neither can the phrase itself. It has been called “sharing economy”, “collaborative

consumption,” “access economy,” “peer economy,” and “collaborative economy.” Others have argued that the sharing economy isn’t

about sharing at all.1 Regardless of the exact descriptor, the notion of the sharing economy has enjoyed most-favored-nation status as

the ubiquitous buzz word du jour for quite some time. But irrespective of the semantics, something is afoot and it is no doubt changing

how we live our day-to-day lives and the way we conduct business. Through the lens of corporate real estate (CRE) professionals, the

so-called sharing economy is profoundly impacting how we plan for the future and may be the secret weapon that helps CRE catch up

to the speed of the business.

Some form of the so-called sharing economy has been around for millennia, but what has

changed to make this moment in history an inflection point for the way we consume products and

use resources? The simple answer is direct contact between the supplier and customer via an

online platform is becoming increasingly frictionless.2 The core of the sharing economy is

embodied by a paradigm shift from ownership to access. The importance of sharing consumer

goods, ideas, information and competencies matches the idiosyncratic notion of the younger

generations to effectively and efficiently use finite resources – whether it be reduced fuel

consumption through shared-vehicles, the trend toward smaller homes, or the increased adoption

of open-sourced software. This concept has touched almost every industry, particularly those in

real estate, transportation and multi-media.

January 2016

What does Frictionless mean?

In economic terms, the theory of a frictionless market is a market without transaction costs. As consumer sentiment changes and the appeal of ownership lessens, the sharing economy pledges to ease the burden of cost, maintenance and other factors.

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A Social Phenomenon Collaborative consumption is being described as a phenomenon. It is a class of economic arrangements in which participants share

access rather than having individual ownership.3 This is being made possible because information is everywhere and it’s easily

accessible. It is undoubtedly the major outcome of the internet-age. Collaboration is becoming far easier with this access and through

the sharing of information and best practices. Consequently, our ability to innovate and take action on these innovations – combined

with lower barriers to entry – is resulting in the placement of more power in the hands of individuals or small groups of individuals

away from established, well-capitalized organizations. This is shifting the balance of power from a collective few to a much larger

pool.

The halcyon days of the early internet promised home delivery of everything from diapers

to pet food. While there were clearly more losers than winners – as evidenced by the

dot.com bust – some companies disrupted entire industries. Amazon and eBay

fundamentally changed how people bought and sold goods. These forward-thinking

companies built up enough trust via an e-commerce model that people feel comfortable

providing their personal and financial information over the internet. Directly connecting

buyers and sellers, this period brought about the birth of the peer-to-peer (P2P)

marketplace.

CONNECTING IDEAS WITH THE CROWD

The sharing economy is revolutionizing access to financial resources. Consider the

example of Veronica Mars, a popular TV show with a fervent fan base. After being

cancelled in 2007, a groundswell of support arose to turn the show into a feature film. The

developer of the show wrote a script and Warner Brothers, owners of the rights to the

show, opted not to fund the project. In the past, this would have been the end of the story.

However, in 2009, Kickstarter, a global crowdfunding platform to help fund creative

projects, was launched. In return for pledging money, investors receive tangible rewards,

like an early release of the product. The Veronica Mars film project launched its campaign

to fund the production on Kickstarter in March of 2013. In less than 10 hours the project

attained its goal of raising $2 million. The campaign ended one month later and raised over

$5.7 million through 91,585 donors. Filming and release of the movie took less than one

year from the launch of the Kickstarter campaign. Since its launch, Kickstarter has

received over $2 billion from 9.8 million backers and successfully funded more than

95,000 projects.4 Circumventing traditional avenues of financing is an example of the

power being harnessed by connecting people and ideas.

The Power (Drill) of Sharing

Review the history of the sharing economy and it is almost impossible not to find the power drill example. It has been highlighted in Ted Talks and mentioned numerous times in the media, including within the New York Times, Harvard Business Review and The Economist. So the story goes, there are approximately 80 million power drills in America that are used a total of approximately 13 minutes in their lifetime. This has spurred the question – Is there is a better way than owning and accumulating assets? Whether the precise facts of the power drill example are factual or not, the conceptual point behind this anecdote is that the sharing economy can serve as a peer-to-peer network of people that can identify each other and communicate through an online platform in order to help monetize underutilized assets. The tricky part of this altruistic notion is how to monetize and capitalize on this phenomenon in a way that benefits both parties.

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The Sharing Economy and Real Estate If a core tenet of the sharing economy is the increased utilization of underused assets, there may be no other physical asset that is as

underutilized as commercial real estate, particularly office space. Consider that there is an estimated 12 billion square feet (111 sq.

meters) of office space in the United States alone.5 According to the US Department of Labor, the average American office worker

spends approximately 8.9 hours working on a typical work day.6 Within the United States, if weekends and holidays are removed,

offices are utilized approximately 250 days per year. If the typical work day is applied during these days, office spaces are occupied

by workers approximately 25% of the time.7 Regardless of actual occupancy, these spaces need to be maintained, heated and cooled,

security provided and a mountain of other leasing and occupancy costs. Based on this simple example, the level of inefficiency of use

and resources applied is staggering. After all, buildings command 60 percent of worldwide electricity demand and 40 percent of

primary energy consumption in most countries, and much of this energy is wasted or unneeded.8 Clearly there are many exceptions to

this occupancy example, but the underlying message is apparent, the current model of how office spaces are utilized is not efficient.

The advent of the sharing economy is providing solutions to curb some of these inefficiencies.

The concept of the sharing economy is not new to real estate. Real Estate Investment Trusts (REITs) were created in the United States

in 1960 and have spread to more than 30 countries around the world since that time. REITs are companies that own and (typically)

operate income-producing real estate. Designed to provide a real estate investment structure similar to a mutual fund, REITs can be

publicly traded on major exchanges and offer an opportunity for a group of individuals to invest in large-scale, diversified portfolios

of income-producing real estate in the same way as other asset classes. Co-tenancy, also known as concurrent estate, is a concept in

property law that provides ways for property to be owned by more than one person at a time. A common application of this is

tenancy-in-common. For example, a group of friends may buy a vacation home together, while monthly housing costs can be split and

each participant may use the property for an assigned period each year.

Real estate information has long been held close to the vest. Ask any commercial real estate appraiser entering a new market and they

will tell you that access to data is one of the most difficult aspects of their job. Uncovering comparable sales and leasing information,

operating expenses and other property details can feel like trying to wrestle away nuclear codes. Thanks to ease of access to

information online, most property details are now typically free or available on subscription services such as CoStar. The ability to

integrate all of this information, tailored to a particular market or sub-market, investor or real estate professional, will be the next wave

of innovation. This is another example of the sharing economy at work.

TECHNOLOGY REACHES CRITICAL MASS

If these concepts have been around for more than 50 years, why is the conversation surrounding the sharing economy and real estate

now being discussed as a major sea change? The answer is not specific to real estate, but it is definitive – Technology. (See

Infographic on how technology is transforming corporate real estate at the end of this report) Cloud-based technology and the

development of mobile apps are making it possible to access information instantaneously. Not only is access immediate, it is specific

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to an individual or groups’ needs. This is the heart of the peer-to-peer economy. Sharing economy business models are hosted through

digital platforms that connect information regarding real-time measurement of available resources with those with the need to

consume those resources. The rise of social media is helping to keep people honest. Posting negative/positive reviews or feedback of

individuals and companies provides positive re-enforcement and highlights incidents of bad or dishonest behavior. This system of

checks and balances works well for such companies as Uber, which offers the opportunity for both the driver and the passenger to rate

the experience and the conduct of both parties after a ride is complete.

Influence of the Sharing Economy on Real Estate Given the mission of the sharing economy to maximize resources, real estate offers ample opportunities to take advantage of

underutilized physical assets, but it also provides opportunities for those working inside those assets to operate more effectively. Some

of these opportunities have been more successful than others, while others are still revealing themselves. Still others are developing as

the market shifts, behaviors change and government regulations form to respond to industries that may be slow to react. As with any

burgeoning innovation and/or major shift in consumer behavior, bets are still being made on early market movers and players in the

real estate space. While technology is taking a front seat in driving much of this change, there are no shortages of examples of the way

real estate is being transformed by the sharing economy, both through technological innovation and simple adjustments in the way we

interact. The following are a few of the different aspects of real estate that are being influenced by the sharing economy.

WORKSPACE

Contextually, there are at least two separate ways the concept of the sharing economy movement is fundamentally changing how and

where we work. First, the “how.” For many years the typical office work space consisted of private offices, cubicles and conference

rooms. These settings encouraged privacy, but were rigid in nature and discouraged collaboration. Long before the so-called sharing

economy picked up steam in the late 2000s, office spaces were changing with more benching floor plans, mobile layouts that

encouraged flexibility of configuration of spaces and unassigned seating. More recently, progressive office spaces have introduced

breakout rooms for pop-up meetings, activity-based stations to encourage multi-disciplinary interfacing within offices and added areas

for more social interaction. Even more recently, wellness is being identified as an important component of office spaces with exercise

equipment, stand-up work stations, healthy food choices, abundant lighting and clean-filtered air to encourage healthy minds and

bodies. This first change in how we work may not be a direct reflection of the sharing economy as it may now be defined, but the

increased value placed on collaborating and the sharing of ideas is reflected in the way we interact and how office spaces are designed.

The second component is the “where.” which may be the most significant impact of the sharing economy on workplace. One of the

biggest expenses for any organization, typically behind salaries and benefits, is spent on housing employees and supplying the needed

IT infrastructure. Cloud-based storage and other mobile technology are enabling unprecedented connectivity that would have made

having a disparate workforce unimaginable only a handful of years ago. It is now possible to quickly and affordably hold virtual

meetings through Skype, WebEx or other software and easily exchange documents and ideas electronically, eliminating the need for

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face-to-face meetings. This acknowledgement of the importance of collaboration is changing the mindset of how and where we work

and is setting the stage for the increased flexibility and access to resources that is the hallmark of the sharing economy. The following

table highlights research from the ProWork Project, which examines the importance of social work settings for knowledge workers.

THE PROWORK PROJECT

PEER-TO-PEER PROPERTY RENTAL

The peer-to-peer property rental concept is simple. If an existing house owner has an empty house, or even an empty room, it can be

made available for others to rent for short periods of time as an alternative to more conventional forms of accommodation. These P2P

businesses run a marketplace platform model that connects hosts and travelers and enables transactions without owning any rooms

itself. Mention this concept, it is more likely than not people will think of Airbnb. It’s for a good reason. Airbnb has over 2.0 million

listings in 34,000 cities and 190 countries.9 Compare those numbers to Marriott International, which recently announced the

acquisition of Starwood Hotels resulting (if approved) in the largest hotel chain in the world, with 1.1 million hotel rooms in over 100

countries.10 This comparison shows the amount of disruption a P2P business model is having on traditional businesses.

This P2P business model currently enjoys very little existing regulation in terms of safety, taxes and other business challenges. Some

cities like Boston and Los Angeles have passed or are considering formal policies about home sharing, while others (e.g. Philadelphia)

have existing regulations against it, but have chosen not to enforce these regulations.11 Although it seems certain the regulatory

framework surrounding P2P rentals will change, the marketplace has shown there is a need and a market for this concept.

The ProWork project (2006-2009) was a joint university research initiative that sought to understand the requirements of productive knowledge work in physical, virtual and social work settings and how to manage the workplace change processes. The research reveals that knowledge is profoundly social and working with knowledge is based on this conviction. The following are a few insights from the research:

Productive knowledge work needs physical places for meeting and virtual places for knowledge sharing, not only for information sharing. Social places are transforming as we learn how to work and effectively use both physical and digital places.

The more complex a task, the more is required from the built environment, supporting information and communication technologies and social support from colleagues and managers.

Physical workplace provides a proximity to the knowledge work and networks. People mainly come to the workplace to meet and socialize; although, they are geographically distributed and collaborate from afar. Workplaces should be transparent and provide a choice of diverse spaces to support solo and collaborative interaction.

“The key to productive knowledge work is trust. Without trust you cannot share. Without sharing you cannot collaborate. Without collaboration you cannot be productive” – quote from participant in ProWork project research

Source: http://www.proworkproject.com/prowork/

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REAL ESTATE FINANCING

Pooling money is the essence of crowdfunding. Real estate has long been a favored investment class. Beyond providing the ability to

diversify one’s portfolio, real estate also provides an emotional aspect because unlike many other assets, it is tangible. Real estate

offers the opportunity to see, touch and feel your investment. For homeowners, it is building equity and providing a

home. Crowdfunding offers entry into commercial real estate investment, which had previously only been available to the wealthy or

institutional investors due to the enormous expense of commercial real estate. Traditionally, REITs have been one of the only ways for

a typical investor to take part. This all changed when Congress passed the JOBS Act.

The Jumpstart Our Business Startups (JOBS) Act was signed into law in April 2012 and made it legal to equity crowdfund, including

for real estate investment properties. The initial law allows for accredited investors to take part in equity crowdfunding.12 The legal

wrangling for unaccredited investors to take part is still taking place, but many states have passed legislation making it legal for both

accredited and unaccredited investors to be a part of the movement. Market leaders like Fundrise, RealtyMogul and Patch of Land

offer specialized online platforms to invest as little as $100 on equity or debt opportunities. These may range from an investment in 3

World Trade Center in Manhattan to helping someone finance a kitchen remodel in Marietta, Georgia. Peer-to-peer lending through

crowdfunding not only benefits investors, it also offers developers and other real estate sponsors funding options from sources other

than traditional financing.

CO-WORKING

As the cost to build-out and/or lease space has increased, the utilization of that space has become equally important. Why pay a fixed

cost over a long-term lease for an opulent board room or conference space if it is used only occasionally. What once may have been

considered a mark of prestige, is now viewed as a waste of space and resources. The sharing economy illustrates there is a more cost

effective way through real estate centric co-working. Building owners and developers are increasingly offering shared conference

spaces or meeting areas as part of a building’s amenities or allowing these spaces to be rented by the hour or day.

Taking this concept one step further, operators such as Liquidspace provide an online platform for businesses or buildings that have

extra space to share with groups looking to hold a meeting or event. Take the example of Marriott, which is transforming unused

conference rooms into flexible offices through Liquidspace. This venture has been very successful and added the advantage of cross

sales, attracting customers to their hotels who may not have been there otherwise, along with increased profitability.13

Real estate service providers are identifying this need, too. JLL launched Space Exchange™ in the fall of 2013 that assesses

workforce space requirements and connects corporations with a vetted network of locations outside of a company’s portfolio. These

services deliver access to a real-time online marketplace for short and medium-term needs.14 Other companies like Regus and

WeWork, which will be discussed later in this paper, provide temporary workplace solutions for people looking for a place to conduct

work.

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Not all players in the commercial real estate field are viewing the escalation of the co-working trend as favorably as others. Investors,

building owners and developers prefer the stability of long-term leases and high occupancy. With the sky-rocketing cost of building

and holding real estate for the long-term, uncertainty can have a cascading effect. The sharing economy, which encourages increased

collaboration and more-fully utilizing resources, is also manifesting itself in the downward trend of space allocated per worker (i.e.

less overall space needed).15 Conversely, it also means that building owners can quickly re-purpose vacant or underutilized spaces in a

way that may have seemed unlikely in the recent past. It remains to be seen how the arrival of co-working and the sharing economy

movement will impact the overall commercial real estate market.

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The Cause & Effect of the Sharing Economy: Challenges & Opportunities for Corporate Real Estate Is corporate real estate (CRE) ready for the sharing economy? Commercial real estate has often been at least one step behind other

traditional businesses – for very good reasons. Real estate is expensive. Planning and building out an existing space takes time

(months) and developing and constructing an entire building or complex from the ground up takes considerably longer (years).

Purchasing real estate can also be a time consuming and costly exercise, given the extensive due diligence process in selecting and

ultimately closing on a property. If the decision has been made to lease a property, typical leases may run 5-years, 10-years or even

longer. Here’s the rub. Business needs change in a much shorter timeframe. Products are often designed, manufactured and

discontinued before some space can even be delivered, which means planning for the number of workers to fill that space is fluid. The

deck is stacked against occupiers from the beginning. The very nature of the traditional rules for occupation of real estate (e.g. lease

structuring) are written in such a way as to discourage sharing.

Predicting space needs is part science and part art. The stakes are high because of the enormous financial and time commitments.

Taking into consideration the aforementioned evaluation process between developing vs. purchasing vs. leasing, including a host of

other factors that may impact decision-making, and CRE professionals are in the unenviable position of making significant

recommendations without knowing all of the information. Throw in the fact that the younger generation of workers are notoriously

finicky about where, when, how and the length of time they work for an organization, and the considerations begin to multiply.

Regardless of whether or not CRE is ready for the sharing economy, it is already influencing the profession and provides both

challenges and tremendous opportunities.

THE GIG ECONOMY

Before the actual discussion of how to provide and plan for space needs, it is important to understand the trends of the people that will

fill that space. Much has been made about the Millennials entering the workplace, both positive and negative. However, their

importance to the future of organizations is without debate. Within America alone, Millennials comprise 54 million adults between the

age of 18 and 34 in 2015 and now make up one-third of the American workforce.16 By 2020, they will form one-half of the global

workforce.17 Millennials’ knowledge and use of technology help set them apart from previous generations, having grown up with

smartphones, social media and broadband.18 They have also grown up through a global economic crisis and perceive the economy and

established corporations through a different spectrum (e.g. skeptical). It has also been emphasized that Millennials desire a flexible

approach to work and want to feel their work is worthwhile, while at the same time work for an organization with values that are

similar to their own. Attracting and retaining these talented workers is one of the most critical factors for any company.

Given the fact that the attitudes of the younger generation toward employers is being colored by both changes in technology and

recent economic turmoil, it is not surprising that an increasing number of workers are steering away from the time-honored path of

joining an employer and building a career through advancement in one company. Many are now simply freelancing and may be

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described as contingent workers. The Bureau of Labor Statistics generally defines a contingent worker as persons who do not expect

their jobs to last or who reported that their jobs are temporary, but commonly they are provisional workers for an organization on a

non-permanent basis. The advantages for contingent workers is the flexibility to work on different projects and not be tied down to an

organization. The downside for workers is that they do not receive typical employment obligations related to full-time employment,

such as benefits. While this is an upside for employers, the lack of commitment, limited access to institutional knowledge and the

costs related to training people can be burdensome.

This so-called “gig economy” is benefiting from the sharing economy by creating flexible opportunities through such online platforms

as Upwork and TaskRabitt, which connects available workers with employment opportunities. It has been reported that as many as 42

million workers in the US alone may be defined as contingent workers, which makes up nearly one-third of the workforce.19 White-

collar workers now comprise the segment representing the largest percentage of growth in the contingent workforce.20 As the numbers

of these workers expand, companies will have to take this into account as they plan for space needs. It also means this growing

classification of workers will need someplace to work, albeit perhaps not in a traditional office environment.

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SENSE OF PLACE

The lines have blurred between personal and professional lives. All the evidence to prove that statement probably just vibrated in your

pocket. This allows for people to work when and where they choose. Nevertheless, people do not like to work in seclusion. There is a

communal atmosphere in a workplace. The rise of contingent workers is creating a whole category of people that strive for this sense

of community, but work in isolation. To curb this feeling of separation, many workers typically go to the corner coffee shop to find a

place to sit, a cup of coffee and an internet connection. However, finding a quiet space, making a phone call, holding a meeting or

printing out a document is not always an easy proposition. Operators like Regus have offered flexible office rental options for more

than 20 years. These spaces are primarily a closed, private office environment. More recently, however, they are offering a multi-

level membership service allowing users access to Regus services and workspaces worldwide. The newest entrants into this space are

catering to freelancers and placing a focus on amenities and experience.

In 2010, WeWork opened their first location in the SoHo district of New York. The concept was to build a sense of community within

a shared office space. The target audiences are freelancers, entrepreneurs, start-ups and small businesses. People can purchase

memberships varying from around $45 per month for 1 day of workspace to $450 per month for a dedicated desk. Dedicated offices

are also available. Amenities for members range from access to conference rooms to health insurance plans. The modern, open loft-

like design of the spaces are meant to build a cooperative spirit, reinforced with social events, workshops, and networking

opportunities on site. The WeWork app allows members to post questions or fill a need – such as assistance from developers or

engineers – by tapping into the community of members for help. WeWork now has 32 co-working locations in 10 cities around the

world with around 23,000 members. Venture capital firms have taken notice. The latest round of funding secured $355 million with a

recent valuation at an astonishing $10 billion.21

Other companies are following suit, offering-on demand office space. The concept of the office-as-a-service allows businesses a

“plug-and-play” option that lets companies focus on their business, while the provider handles leases, security, bandwidth, firewalls

and other services. There are number of new entrants such as RocketSpace, NextSpace and PARISOMA, including some that are

highly specialized in the clients they serve. RocketSpace focuses on tech entrepreneurs and startups and acts as an accelerator with

educational programming and a support network of innovation professionals. Breather concentrates on the mobile business traveler

with on-demand room rental in cities for as little as an hour, offering a quiet space to work.

Corporations are taking notice of co-working, too. American Express, Microsoft, PepsiCo and Merck have rented space out in

WeWork locations. The concept of co-working has also spread to individual companies offering their space out to others. Google

Campuses’ Jump Studios project in London is a 7-story co-working and event space in the center of ‘Tech City’. The function of the

facility is to provide office space for startup companies alongside Google workers and offer mentoring programs where Google staff

will share their experience and expertise.22 This model has resulted in a number of so-called Google Campuses in cities around the

world. Other companies such as PwC and AT&T are developing partnerships with co-working spaces that offer employees the choice

of working at home or within a co-working space to conduct their daily business.23

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CONCLUSIONS FOR CORPORATE REAL ESTATE AND THE SHARING ECONOMY

As CRE professionals plan for future space requirements, understanding the needs of the people who will occupy those spaces and the

different options available to house those people will help to inform those decisions. As worker profiles continue to shift toward

shorter tenures at the same company and the number of freelancers escalate, it is now more important than ever for the CRE

profession to be progressive in its decision-making. Not only delivering the right amount of space, but it will be imperative to deliver

the right type of space that encourages interaction and aligns with how and where people want to work. In some instances, this may

result in delivering non-traditional workspaces and committing to non-traditional lease terms.

The real-time information and access that the sharing economy is enabling allows for flexibility and immediacy, which is something

real estate has not historically offered. Being able to place workers in a temporary solution such as co-working spaces can deliver the

benefit of on-demand office services and provide an environment that fosters collaboration. As the nature of work and workers

evolves, sharing resources like conference spaces, board rooms and other underutilized areas can help to reduce costs for occupiers

and allow for the inevitable changing needs of the business to be addressed. Whether or not CRE embraces the sharing economy, it is

already upon us and will continue to provide both challenges and opportunities. Negotiating the challenges and capitalizing on the

opportunities in smart and innovative ways can help shrink the gap between the speed of real estate and the speed of business.

CoreNet Global is the world’s leading association for corporate real estate (CRE) and workplace professionals, service providers and economic developers. Over 9,500 members, who include 70% of the Fortune 100 and nearly half of the Forbes Global 2000, meet locally, globally and virtually to develop networks, share knowledge, learn and thrive professionally. Craig Van Pelt is the Director of Knowledge Community Research with CoreNet Global. Among his current responsibilities, he has performed numerous studies and written extensively on topics ranging from Key Performance Metrics to wellness. He has broad-based strategic experience in the public, private and non-profit sector. His background and skill set includes financial analysis and modeling, corporate real estate, valuation, development economics, market research and demographics and site selection. Craig possesses an MBA from the University of Michigan and a BA in Urban Planning from Miami University. He is also a member of the American Institute of Certified Planners (AICP). For more information on the CoreNet Global Knowledge Communities, please visit our website. Check out our Research Corner Blog to keep up on the latest projects and new content being delivered. Connect with us

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Go Back

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REFERENCES & END NOTES

1 Eckhardt, G. and Bardhi, F., “The Sharing Economy Isn’t About Sharing at All.” Harvard Business Review. (January 28, 2015). Accessed November 2015 from: https://hbr.org/2015/01/the-sharing-economy-isnt-about-sharing-at-all

2 Further information can be found about the development and the rise of collaborative consumption within the seminal work by the P2P Foundation within the report entitled: “Synthetic Overview of the Collaborative Economy”. This report can accessed at the following: http://p2pfoundation.net/Synthetic_Overview_of_the_Collaborative_Economy

3 Hamari, J., Sjöklint, M., & Ukkonen, A. (2015 - in press). “The sharing economy: Why people participate in collaborative consumption”. Journal of the Association for Information Science and Technology. Accessed November 2015 from: http://juhohamari.com/publications

4 Accessed November 2015 from: https://www.kickstarter.com/

5 Miller, N., “Workplace Trends in Office Space: Implications for Future Office Demand”. Journal of Corporate Real Estate. Volume 16. Issue 3, pp. 159-181.

6 Bureau of Labor Statistics, U.S. Department of Labor, American Time Use Survey. (2014 results released in June 2015) Accessed November 2015 from: http://www.bls.gov/tus/

7 The calculations are as follows: 52 weeks per year x 5 work days per week = 260 work days per year. Less 10 holidays = 250 work days per year x 8.9 average hours working per day = 2,225 working hours per year. Total hours in year (52 weeks x 7 days per week x 24 hours per day) = 8,736 total hours. 2,225 working hours per year / 8,736 total hours = 25.47% office utilization.

8 Rocky Mountain Institute and CoreNet Global (2014). “Next Generation Energy Management: A Roadmap to the Next Level of Performance”. November, 2014. Pg. 6. Accessed November from: https://resources.corenetglobal.org/knowledgecenteronline/SearchByTopicAndResource.aspx?ID=6961

9 Accessed November 2015 from: https://www.airbnb.com/

10 Accessed November 2015 from: http://news.marriott.com/2015/11/marriott-international-to-acquire-starwood-hotels-resorts-worldwide-creating-the-worlds-largest-hote.html

11 DuPuis, N., and Rainwater, B. The Sharing Economy: An Analysis of Current Sentiment Surrounding Homesharing and Ridesharing. National League of Cities: Center for City Solutions and Applied Research. (2014). Accessed November 2015 from: http://www.nlc.org/Documents/Find%20City%20Solutions/City-Solutions-and-Applied-Research/Sharing%20Economy%20Brief.pdf

12 The Securities and Exchange Commission generally defines an ‘accredited investor’ as: an individual income of more than $200,000 per year, or a joint income of $300,000, in each of the last two years, or have a net worth exceeding $1 million, either individually or jointly with his or her spouse.

13 Botsman, Rachel. “Sharing’s Not Just for Start-Ups Anymore”. Harvard Business Review. September 2015. Accessed November 2015 from: https://hbr.org/2014/09/sharings-not-just-for-start-ups

14 Accessed November 2015 from: http://www.us.jll.com/united-states/en-us/news/2453/space-exchangetm-jll-extends-coworking-concept-to-enterprises-by-matching-supply-and-demand-of-professional-workplaces

© 2016 CORENET GLOBAL 15

15 Accessed November 2015 from: http://www.nytimes.com/2015/02/23/nyregion/as-office-space-shrinks-so-does-privacy-for-workers.html?_r=0

16 Accessed November 2015 from: http://www.pewresearch.org/fact-tank/2015/05/11/millennials-surpass-gen-xers-as-the-largest-generation-in-u-s-labor-force/

17 Thean, Patrick. “Millennials in the Workforce – Engaging Them, Retaining Them” Posted April 2, 2015. Huffingtonpost.com. Accessed November 2015 from: http://www.huffingtonpost.com/patrick-thean/millennials-in-the-workfo_b_6994968.html

18 The Sharing Economy. (2015) PricewaterhouseCoopers LLP. Accessed November 2015 from: http://www.pwc.com/us/en/industry/entertainment-media/publications/consumer-intelligence-series/sharing-economy.html

19 Fox, Justin, “Where Are All the Self-Employed Workers?” Harvard Business Review. (February 7, 2014). Accessed November 2015 from: https://hbr.org/2014/02/where-are-all-the-self-employed-workers/

20 Rice, Andrew. “Is This the Office of the Future or a $5B Billion Waste of Space?: Let’s discuss over by the keg”. Bloomberg.com. Posted May 21, 2015. Accessed November 2015 from: http://www.bloomberg.com/news/features/2015-05-21/wework-real-estate-empire-or-shared-office-space-for-a-new-era-

21 Brown, Eliot. “WeWork’s Valuation Soars to $10 Billion”. The Wall Street Journal. Posted June 24, 2015. Accessed November 2015 from: http://www.wsj.com/articles/valuation-of-shared-office-provider-wework-soars-to-10-billion-1435181485

22 Accessed November 2015 from: http://jump-studios.com/work/google_campus/

23 The Sharing Economy and office real estate – a new challenge? (2015) ING. Accessed from: https://www.ing.be/SiteCollectionDocuments/INGElixis08-EN.pdf.