Latest acquisition further increases MRI’s presence, support and client base in the APAC region

Sydney, Australia – 13 January 2022 – Global PropTech leader MRI Software today announces its acquisition of LeaseEagle, an Australian-based leader in commercial property lease management solutions for tenants in corporate, retail, healthcare and other sectors. Founded in 2005, LeaseEagle’s software is used by clients to manage over 50,000 locations across Australia, New Zealand and South Africa.

LeaseEagle delivers advanced software solutions designed to help commercial tenants effectively manage lease commitments across multiple real estate assets. In addition to ensuring compliance with IFRS 16/AASB 16 lease accounting standards, LeaseEagle’s cloud-based platform reduces the risk of missing critical lease dates and makes detailed occupancy analysis simple. It also provides data-driven reporting for better decision making, saves time and improves accuracy with automated invoicing and significantly increases business process efficiency.

MRI Software managing director and senior vice president (Asia Pacific), David Bowie, says adding LeaseEagle to MRI’s existing suite of integrated workplace management systems (IWMS) and unique AI-based lease abstraction and intelligence solutions is “timely and strategic.”

“Australian commercial property deals in 2021 were nearly double the value of 2020 investments amid the most extensive rewrite of property leases in history. That mix of fast growth and complex change represents very high risk, and I believe this acquisition gives MRI the right solutions and expertise to help clients reduce that risk.”

Mr. Bowie explains, “Very few tenants retained a simple monthly rental profile over the last 18 months. Many faced variable credits, floating deferments and conditional termination rights, all of which heighten the risk of manual error that can cost organisations dearly – in some cases, as much as hundreds of thousands of dollars.

“For large tenants, the complexity and burden for compliance and accuracy with data-intensive lease accounting standards is significant. LeaseEagle provides those organisations with the ability to centralise all lease and franchise information, gain real-time reporting and integrate process automation, and we’re thrilled to welcome them to the MRI family,” Mr. Bowie says.

Lee Trevena, chief executive officer and founder of LeaseEagle, adds, “I had each one of our 185+ clients in mind when considering this transaction. Well-loved brands rely on LeaseEagle as a single source of truth for multi-site lease management, and MRI’s history of cultivating a client-centric culture and bringing in the right talent to deliver the best value to their customers makes this the perfect fit. I look forward to the LeaseEagle team adding to that legacy.

“My strong belief is that joining the global MRI family will provide our customers the best of both worlds by giving them access to some of the world’s best real estate expertise, innovation, client service and support resources while maintaining everything they know and love about LeaseEagle,” Mr. Trevena says.
IFRS 16/AASB 16 standard compliance

The International Financial Reporting Standards (IFRS) and the Australian Accounting Standards Board (AASB) mandated full compliance with new lease accounting standards known as IFRS 16 and AASB 16 from 1 January 2019. Since then, far more complex lease reporting data is required across entire lease and option periods.

For those companies impacted, non-compliance is simply not an option. LeaseEagle ensures clients have the reporting, analysis and data management needed to effectively maintain compliance while balancing their already demanding workload.

MRI’s latest acquisition of LeaseEagle also complements other recent acquisitions in the Asia Pacific region, including Box+Dice, Palace and WhosOnLocation in 2021, and Rockend in August 2019.

About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work as well as play. MRI’s comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organisations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. MRI became one of the first real estate software providers to serve Australia and New Zealand in 1995 and further strengthened its commitment to the region with acquisitions of Rockend, WhosOnLocation, Palace, Box+Dice and LeaseEagle. For more information, visit mrisoftware.com

Media contacts
For more information, to arrange an interview and/or photography please contact the PR person listed below closest to you:

Australia & New Zealand for MRI
Heather Jones (+61 (0) 400 394 669)
heather@hjconsulting.com.au

EMEA for MRI
Hugh Filman (+44 7905 044850) or Zoe Mumba (+44 7725 832393)
mri@platformcomms.com

North America for MRI
Rachel Antman (+1 212 362 5837)
rachel@saygency.com

Survey by MRI and CoreNet Global reveals firmer remote working policies; increased technology adoption to manage the workplace

Solon, Ohio – November 8, 2021 – The latest research from MRI Software, a global leader in real estate solutions, shows that commercial occupiers’ willingness to allow all employees the choice to work remotely fell dramatically from 39% to 26% between March and September 2021. Seventy percent of survey respondents planned to institute policies that tighten up remote work eligibility and onsite requirements – up from 60% in March. The research also showed that landlords’ apprehension over the rise of remote working increased significantly over the same period, with 43% concerned about its impact on their business compared to just 26% in March.

In carrying out the research, MRI partnered with CoreNet Global, the leading association for corporate real estate professionals, to survey a group of close to 200 tenants and landlords from a range of industries globally.

The findings offer insights into post-pandemic views on the future of the office, with analysis contained in a full report entitled MRI Software Market Insights: Views from Real Estate Occupiers and Landlords on the Return to Office. The results show that, overall, nearly 80% of responding commercial occupiers have increased the availability of remote work. It also shows that 69% of respondents said that the worldwide shift to remote working during the pandemic has fundamentally changed their long-term approach to space usage – only slightly down from 71% in March.

“Many companies already made remote work available before the pandemic, but the mass shift to home working demonstrated to most businesses that staff and executive teams could continue to be productive outside of the office,” notes Brian Zrimsek, Industry Principal at MRI Software and author of the research report. “Pandemic-driven technology adoption simplified the process of staying connected and collaborative, but organisations still recognise the benefit of bringing employees back to the office and offering hybrid work arrangements that support engagement, workplace culture and productivity.”

Occupiers project fuller offices in the new year
The report shows that, as more employees are expected to return to the office, commercial occupiers’ views on the future of work continue to evolve. In fact, 57% of corporate tenants expect to have more than half of their workforce back in the office by the end of Q1 2022, while landlords were more optimistic, with 67% expecting the majority of workers to be back onsite by the end of Q4 2021. Other key findings that show some change in thinking in recent months include:

• 49% of commercial occupiers are converting or expanding their use of hot-desking, slightly down from 54% in March
• 42% of corporate tenants indicated that they would require less space after the pandemic, down from 56% in March
• At the same time, 61% of landlords expected their tenants to lease the same or more space despite the prospect of more remote working in the future, but this figure was also down from March (67%)
• By September, 74% of landlords were seeing tenants negotiating new lease terms (up from 58% in March), while nearly double said tenants were letting leases lapse (48% versus 26% in March)

New technologies for new circumstances
Both occupiers and landlords see a strong need to adopt technologies to handle changing requirements as the pandemic abates. The survey showed that 70% of corporate occupiers plan to adopt new technologies to manage changes in space usage. The proportion of landlords that thought their existing technologies were sufficient to manage changes in space usage dropped from 61% to 45% between the two 2021 surveys. The most recent results reveal that 61% of landlords expect to adopt new technologies to handle changing space needs, compared to 55% in the previous survey. The top functions named by landlords planning to adopt new technologies going forward included:

• Track and manage who is onsite (employees, visitors, contractors) – 63%
• Strategically manage long-term space utilisation and layout – 53%
• Schedule and reserve desks – 47%
• Better enable hybrid meetings between onsite and virtual attendees – 42%
• Reserve and manage meeting space – 21%

“Tenants and landlords have an opportunity to partner on ways to return to the office safely and effectively,” concludes Zrimsek. “With more employees returning to the workplace, it is clear that both commercial occupiers and landlords realise that PropTech tools will be essential to planning and maximising space usage, meeting the requirements of a hybrid office, keeping the workforce safe, and developing the best real estate strategies for the future.”

MRI will present Leveraging Technology for Strategic Workplace Decisions at the CoreNet Global Summit in Seattle on Tuesday, November 9. MRI and CoreNet will discuss the report findings in a webinar for CoreNet members on November 18, 2021.

About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organisations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.

MEDIA CONTACTS:
UK for MRI
Platform Communications
Hugh Filman (+44 7905 044850)
or Zoe Mumba (+44 7725 832393)
mri@platformcomms.com

US for MRI
Rachel Antman
+1 212-362-5837
rachel@saygency.com

ANZ for MRI
Heather Jones (+61 400 394 669)
heather@hjconsulting.com.au

Addition of global energy use specialist bolsters MRI’s facilities and real estate management solution set and empowers organisations to improve energy efficiency and reduce costs

London – 2 November, 2021 – MRI Software, a global leader in real estate software, announces it has acquired eSight Energy Limited, a UK-based software development company that empowers property owners, operators and occupiers worldwide to better manage their energy consumption and environmental footprint. Deploying eSight Energy® solutions enables organisations to improve energy-related decision-making and savings through off-the-shelf and customisable reporting and analytics. The acquisition enhances MRI’s comprehensive facilities and real estate management capabilities by adding energy monitoring solutions that decrease operating costs, reduce environmental impact, improve facility performance, and help meet legislative and compliance standards.

“One of the foundations of a well-connected community is sustainability. With this acquisition, we’re excited to continue empowering organisations to take on the challenge by helping them meet their environmental, social and governance goals,” says Saurabh Abhyankar, MRI’s Chief Product Officer. “Improving sustainability and energy efficiency results in a rare win-win-win by reducing costs, improving occupant health and helping the planet. eSight Energy provides businesses with the tools they need to help ensure they are doing everything they can to achieve these goals.”

eSight Energy software integrates with a broad range of real estate data sources and delivers a unified view of a company’s energy footprint – whether via interactive dashboards or detailed, customisable reports. The result is to provide actionable insights that reduce costs and consumption, helping organisations raise the value of their real estate portfolios while contributing to a more sustainable environment. Headquartered in Cambridge, UK, with offices in the US, the company monitors more than 260,000 buildings and production sites across 60 countries, helping its customers realise up to 30% savings on their energy costs.

MRI continues to invest in solutions that drive efficiency in every part of the organisation – from space scheduling, planning and booking to facilities lifecycle management to best-practice energy usage. The acquisition reinforces the company’s commitment to helping clients produce better overall ESG outcomes now and in the future. In addition, the information generated by eSight Energy software can be used to meet financial reporting requirements, such as energy and carbon reporting required by some governments. The software also simplifies and automates the tenant billing process, enabling accurate invoicing and on-time payments: It reads consumption data from tenant meters, generating error-free invoices; for multi-tenant buildings, the system can track individual submeters.

Janie Jefferies-Freer, CEO at eSight notes: “As a global leader in real estate software solutions, MRI furthers our reach and ability to help organisations worldwide boost their energy performance and environmental impact. From retail stores to universities to office blocks, today’s buildings are powered by a multitude of energy sources that produce large amounts of data from various systems, sensors and monitors. Combining eSight’s ability to tap into that data with MRI’s facilities management capabilities enables more organisations, whether large or small, to track energy consumption, identify issues and quickly resolve them.”

Founded in 1998 with the goal of monitoring energy consumption and reducing associated costs, eSight enables organisations to centralise and analyse all types of data affecting the energy efficiency of their buildings and equipment regardless of the data’s source, system or format. MRI will continue to support eSight users without interruption.

About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organisations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.

MEDIA CONTACTS:
UK for MRI
Platform Communications
Hugh Filman (+44 7905 044850)
or Zoe Mumba (+44 7725 832393)
mri@platformcomms.com

US for MRI
Rachel Antman
+1 212-362-5837
rachel@saygency.com

(ANZ for MRI)
Heather Jones (+61 400 394 669)
heather@hjconsulting.com.au

Sydney, Australia – 13 September 2021 – MRI Software, a global leader in real estate software, today announces its acquisition of industry-leading customer relationship management (CRM) solution provider, Box+Dice™. Melbourne-based Box+Dice adds a critical piece to MRI’s comprehensive PropTech portfolio, enabling real estate businesses to unify customer lifecycle visibility across both sales and rental property management.

For more than 15 years, Box+Dice has provided innovative CRM solutions to some of Australia’s biggest and most well-respected real estate companies. Just this year, the company was named the most innovative PropTech solution in the country by Proptech Association Australia. MRI’s commitment to an open and connected ethos means Box+Dice will continue working with alternative property management providers in addition to easily integrating with MRI PropertyTree™, Australia’s leading cloud-based residential property management solution, and other MRI property technology offerings.

David Bowie, managing director and senior vice president (Asia Pacific) for MRI Software, said: “The acquisition of Box+Dice is a strategic piece of the puzzle for MRI and the progressive agencies we serve in this region. It means agency leaders are now empowered to make decisions that drive profitability and revenue for their entire business, while agents can know, anticipate and better serve the needs of a person throughout their property lifetime in one unified solution. It’s great knowing we can offer one comprehensive solution to help progressive agencies grow sustainably with best-in-class technology.”

Box+Dice also offers top-down reporting and insights across the entire sales operation. Whether agencies require visibility into vendor paid advertising, top sales performers or auction clearance rates, agency leaders are empowered to make decisions that drive profitability and revenue for their business.

Travis Williams, CEO and founder of Box+Dice, said: “I’m very proud of what Box+Dice has achieved in partnership with our customers over the last 15 years. Today’s news propels our innovation deeper and wider across the world. Our customers and team will benefit from MRI’s national and global resources and open and connected platform approach to PropTech, so I’m thrilled for Box+Dice to join the MRI family.”

MRI’s acquisition of Box+Dice further demonstrates its commitment to investing in Australia and New Zealand’s PropTech industry. It also complements previous acquisitions the company made in the region, including Rockend in August 2019 as well as Palace and WhosOnLocation earlier this year.

MRI will continue to support Box+Dice customers without interruption.

About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organisations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. MRI became one of the first real estate software providers to serve Australia and New Zealand in 1995 and further strengthened its commitment to the region with the acquisitions of Rockend, WhosOnLocation and Palace. For more information, visit mrisoftware.com

Media contacts
For more information, to arrange an interview and/or photography please contact the PR person listed below closest to you:

ANZ for MRI
Heather Jones (+61 (0) 400 394 669)
heather@hjconsulting.com.au

EMEA for MRI
Hugh Filman (+44 7905 044850) or Zoe Mumba (+44 7725 832393)
mri@platformcomms.com

North America for MRI
Rachel Antman (+1 212 362 5837)
rachel@saygency.com

Scalable FM software enables real estate owners, operators and occupiers to improve building sustainability, data visibility and mobile connectivity

Solon, Ohio – August 16, 2021 – MRI Software, a global leader in real estate software, announces it has acquired FSI, a UK-based provider of enterprise-class facilities management (FM) software solutions. The addition of FSI’s cloud-based platform bolsters MRI’s overall solution portfolio and enhances the company’s ability to better serve owners, occupiers and contractors by delivering cutting-edge technology to effectively manage and maintain their facilities.

“Facilities management teams play a critical role in making sure offices are running safely and efficiently as people begin returning to workplaces around the globe,” notes Dermot Briody, MRI’s Senior Vice President and Executive Managing Director of EMEA and Occupier Solutions. “This latest acquisition significantly enhances our facilities management capabilities with a comprehensive, modern software solution that helps clients ensure their buildings and campuses are clean, properly equipped and well-maintained for their visitors and employees.”

FSI complements MRI’s globally recognized Integrated Workplace Management System (IWMS) solution and strengthens the company’s position as a PropTech provider that powers the entire workplace. The comprehensive solution will benefit clients in several ways:

• Delivers end-to-end data visibility and IoT connectivity: Connects systems from every part of a building, enabling facilities managers to centralize operational control and gain actionable insights that improve performance, proactively pre-empt costly failures and power smarter buildings.
• Enables a connected, digital-first experience: Offers mobile applications that allow providers to easily manage an on-the-go workforce from anywhere in the world, while also giving occupiers a better experience by being able to input and track service requests.
• Improves sustainability and energy-efficiency: Promotes sustainability by empowering FM teams with the tools to accurately monitor energy consumption across properties and make data-driven adjustments that cut carbon emissions, improve equipment life expectancy and at the same time reduce costs.

John Moriarty, FSI’s Chief Executive Officer and Managing Director, comments: “MRI offers a scale and global reach that will enable us to accelerate growth in our existing markets and new territories. We share MRI’s vision of an open and connected solution set that will empower our clients to speed up digital transformation – the importance of which has become abundantly clear as the COVID-19 crisis has evolved. Becoming part of MRI also means our customers have the opportunity to tap into its broad range of innovative IWMS and property management solutions, which enable organisations of all types to more effectively manage their real estate portfolios and meet today’s business challenges.”

FSI has more than 300 clients around the world, including Europe, North America, Asia Pacific and the Middle East. The company, which was founded in 1990, serves multiple asset classes and industries, including retail, healthcare, education, office, government, logistics and manufacturing. MRI will continue to support FSI users without interruption.

About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organisations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.

MEDIA CONTACTS:
(ANZ for MRI)
Heather Jones (+61 400 394 669)
heather@hjconsulting.com.au

(EMEA for MRI)
Platform Communications
Hugh Filman (+44 7905 044850)
or Zoe Mumba (+44 7725 832393)
mri@platformcomms.com

(North America for MRI)
Rachel Antman
+1 212-362-5837
rachel@saygency.com

Toronto-Based Business Augments Lead-to-Lease Offerings for Commercial Property Managers

Solon, OH – July 7, 2021 – MRI Software, a global leader in real estate technology, has acquired Findspace™, an intuitive marketing and leasing platform for commercial real estate. Based in Toronto and founded in 2009, Findspace Inc. has a marquee customer base that includes 40% of the top 25 owners and managers in the Canadian market.

Findspace enables clients with portfolios that range from 250,000 to over 45 million square feet to fill open space faster and differentiate their businesses through a modern and easy-to-deploy platform. The solution provides real-time, integrated space listings for websites while supporting marketing efforts with visually appealing branded content and collateral.

“This acquisition significantly enhances our lead-to-lease solution for commercial property managers,” says Saurabh Abhyankar, MRI Software’s chief product officer. “It’s especially timely, given the end of lockdowns and an upswing in leasing activity as businesses reassess their space needs. By adding Findspace to our product offering, we can give our clients immediate access to a robust marketing solution that allows them to address increased demand while standing out in a crowded marketplace.”

MRI’s flagship property management solution in North America, Property Management X™, already integrates with Findspace, allowing clients to easily publish data about vacant spaces directly from their back-office system into their property listing website. This tight integration is now available to MRI’s large commercial client base that manages over 20 billion square feet of space across North America.

This latest addition to MRI’s solution portfolio is integral to the company’s vision to help clients in the commercial real estate sector grow and market their business. MRI will leverage its global development capabilities to expand and enhance Findspace’s innovative solutions for leasing and property management professionals.

“In 2020, we joined MRI’s Partner Connect program because the two companies shared an open-and-connected approach,” says Alain Cohen, president and CEO of Findspace. “Like MRI, Findspace has a ‘clients-first’ philosophy that prioritizes flexibility and choice. That philosophy has enabled our clients to create unique branded experiences through every step in the lead-to-lease process.”

He continues: “Now, as part of the MRI team, we can extend this approach to a larger pool of clients while expanding our geographic footprint.”

MRI will continue to provide uninterrupted support to the owners and property managers that use Findspace.

About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.

Media Contacts

(North America for MRI)
Rachel Antman (+1 212 362 5837)
rachel@saygency.com

(EMEA for MRI)
Platform Communications
Hugh Filman (+44 7905 044850)
or Zoe Mumba (+44 7725 832393)
mri@platformcomms.com

(ANZ for MRI)
Heather Jones (+61 400 394 669)
heather@hjconsulting.com.au

Unified workplace management offering enables businesses to effectively manage the needs of a hybrid workforce while ensuring the safety of employees, visitors and contractors

Solon, Ohio – June 24, 2021 – MRI Software, a global leader in real estate solutions, announces the launch of MRI Workplace Central, a comprehensive solution that empowers businesses to manage the return of their workforce to the office and other workspaces. The workplace management offering allows property and facility managers to gain visibility across all facets of the commercial sites they operate to ensure they are well-run and safe.

“We are proud to bring MRI Workplace Central to market as a comprehensive solution to drive the successful return to work of organizations worldwide,” says Dermot Briody, MRI’s Senior Vice President of Occupier Solutions. “As businesses rethink the future of the workplace and take steps to bring employees back into the office, flexible technology will be required to manage new and changing work arrangements and expectations.”

MRI Workplace Central provides a wide-ranging set of applications to help organizations bring people together as a team while ensuring their wellbeing. Its components include:

• Space planning – to help organizations understand and prepare to meet evolving workspace needs as COVID restrictions are lifted;
• Scheduling/room and desk booking – emerging as a priority for businesses, with 54% of respondents indicating they will be converting to or expanding hot-desking, according to global research conducted by MRI and real estate professional association CoreNet Global;
• Space utilization – ongoing evaluation of space usage, allowing for strategic adjustment as needs change over time;
• Presence management – to track and control the flow of employees, visitors and service providers in and out of offices and other facilities with tools that provide a full view of who is on-site and who is working remotely.

MRI has conducted extensive research and gathered data on what tenants and landlords are doing to prepare for the hybrid office environment and look further into the future. The MRI-CoreNet survey revealed that close to 90% of respondents expect their organizations to allow remote working after the pandemic – a third more than before – while over 70% say the pandemic fundamentally changed their long-term approach to space usage.

Briody notes: “The office remains at the heart of workplace culture, collaboration and engagement, which are key to business results. But realizing the benefits requires balancing hybrid work schedules and adapting to changing regulations and health requirements over time, using the right technologies to do so. We have strategically grown our global workplace management offering in recent years, and MRI Workplace Central represents a milestone in our efforts to deliver flexible solutions to help organizations manage the future of work.”

The launch of MRI Workplace Central incorporates best-in-class technology from two recent acquisitions. Earlier this year, MRI acquired WhosOnLocation, the provider of an integrated cloud-based solution that empowers organizations to address workplace safety and security needs, and Manhattan, the real estate and workplace solutions business formerly owned by Trimble.

MRI will be running a webinar entitled “Create a safe and flexible work environment with MRI Workplace Central” on June 29. Click here to register.

About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.

Media Contacts:
(US for MRI)
Rachel Antman (+1 212 362 5837)
rachel@saygency.com

(EMEA for MRI)
Platform Communications
Hugh Filman (+44 7905 044850)
or Zoe Mumba (+44 7725 832393)
mri@platformcomms.com

(ANZ for MRI)
Heather Jones (+61 400 394 669)
heather@hjconsulting.com.au

Report by MRI Software and CoreNet Global shows tenants expect changes in space usage post-pandemic while landlords don’t – but both see need for new technology adoption

Solon, Ohio – May 25, 2021 – New research from MRI Software, a global leader in real estate solutions, reveals that 71% of commercial occupiers say the mass shift to remote working during the pandemic has fundamentally changed their long-term approach to space usage, and yet 69% of landlords expect no lasting impact from COVID-19. MRI partnered with CoreNet Global, the leading association for corporate real estate professionals, to survey 200 tenants and 50 landlords across a broad cross-section of industries worldwide. The findings offer insights into key post-pandemic views on the return to work and indicate critical differences in the expectations of commercial tenants and landlords.

The survey report, MRI Software Market Insights: Getting Back to the Office, shows that over half of business occupiers plan to lease less space after the pandemic, yet over half of landlords don’t see their tenants’ requirements changing:

• 56% of occupiers say they will need less space, with the vast majority expecting fewer employees onsite at any one time; whereas 60% of landlords see their tenants leasing the same amount of space, with only 33% projecting a decline;
• None of the tenants surveyed said they would seek more space to enable a lower workplace density, and just 3% anticipate leasing extra capacity to allow for additional collaborative areas once remote workers start coming back to the office.

“Many of the findings were expected but the differences in outlook between commercial occupiers and their landlords were particularly surprising,” says Brian Zrimsek, Industry Principal, MRI Software. “The good news is that both tenants and real estate owners see the benefits of bringing the workforce back into the office. Together, they now have an opportunity to align their approaches and partner to ensure that employees work even more effectively and safely as their companies adapt to new standards, practices and configurations.”

One area where both corporate occupiers and landlords are in clear agreement is on the need to adopt technologies to handle changing requirements as the pandemic abates, with even those confident in current capabilities planning to extend their existing set-ups and/or deploy new workplace management tools. The results show that 83% of occupiers and 64% of landlords plan to adopt new technologies, while 77% of tenants and 68% of building owners/operators intend to expand their current solutions.

Other significant findings include:

• The report confirms the scale of remote working, with 72% of occupiers having fewer than a quarter of their employees onsite during the crisis – and virtually all of those were deemed essential workers;
• Remote working has grown in acceptance, with roughly a third more companies expecting to allow remote working (89%) after the pandemic than before (66%) – a 23-point uptick;
• More remote working will mean different office set-ups for many employees, with 54% of occupiers either converting to or expanding their use of hot-desking and just 20% keeping assigned workstations;
• The impact of these changes is that occupiers are altering their lease strategies, with landlords seeing their tenants: negotiating new terms (63%), breaking leases (50%), seeking shorter renewal periods (44%), and/or letting leases lapse (29%).

Zrimsek concludes: “The pandemic has accelerated technology adoption trends that were already taking place. As employees return to work, both commercial occupiers and landlords realize that PropTech tools will be essential in rethinking workplace management strategies, reassessing lease portfolios, and managing flexible office requirements.”

About MRI Software
MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s comprehensive, flexible, open and connected platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through leading solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to elevate their business and gain a competitive edge. For more information, please visit mrisoftware.com.

Media Contacts:
(US for MRI)
Rachel Antman (+1 212 362 5837)
rachel@saygency.com

(EMEA for MRI)
Platform Communications
Hugh Filman (+44 7905 044850)
or Zoe Mumba (+44 7725 832393)
mri@platformcomms.com

(ANZ for MRI)
Heather Jones (+61 400 394 669)
heather@hjconsulting.com.au