Ema Iftimie, Globalworth: Sustainability Means Developing Energy-Efficient Workplaces That Prioritise Well-Being

Globalworth, a listed real estate company operating in Central and Eastern Europe and a leading office buildings investor in Romania and Poland, has a vision that goes beyond construction and creates environments that foster innovation, sustainability, and community. With a philosophy that’s based on three strategic pillars, or the 3 Ps—People, Places and Planet—the company has an ambitious goal of reaching a 46% reduction in its carbon emissions by 2030 compared to 2019 levels (Scope 1 and 2).

By Aurel Dragan

Ema Iftimie took on the role of Managing Director in December 2023. She is a seasoned professional with an impressive tenure of almost 25 years in real estate, 10 of which she’s dedicated to fostering growth for Globalworth Romania through a top-tier leasing strategy. Business Review got a chance to talk to Ema Iftimie to find out more about the future of Globalworth and the latest trends on the office market.

What are the most important real estate trends that Globalworth is integrating into its strategy?

According to research, the demand for green-certified buildings is increasing, indicating a substantial movement towards sustainability. This transition is not only about environmentally friendly building standards; it also represents changing investor and tenant priorities concerning the planet. There is an increasing emphasis on developing workspaces that are energy-efficient and prioritise well-being and environmental stewardship. This aligns with our commitment to sustainability and reflects a broader change in societal values.

Another important trend is the focus on employee well-being, which influences office design. Employers are looking to create work environments that support the physical and mental health of their employees, incorporating features such as natural light, green spaces, and recreational areas. Companies are seeking more adaptable office spaces that can be easily reconfigured to meet ever-changing needs. This includes modular furniture, flexible layouts, and scalable infrastructure.

How does Globalworth approach and integrate innovation and sustainability into its projects?

Our focus extends beyond construction to crafting environments that foster innovation, sustainability, and a sense of community. Our philosophy is rooted in three strategic pillars or, as we call them internally, the 3 Ps (People, Places, and Planet), with an ambition to create green spaces that meet the demands of our tenants and contribute positively to local communities. We have set an ambitious goal to reduce our carbon emissions by more than 46% by 2030, compared to the 2019 baseline (for Scope 1 and 2). This objective is not just a milestone for us but a commitment to a greener future. We are expanding our portfolio beyond the premium Class A office spaces to include high-quality logistics facilities and mixed-use developments, demonstrating our adaptability and forward-thinking approach.

Our dedication to sustainability is further evidenced by the significant number of properties that hold prestigious green certifications, establishing our leadership in eco-friendly development. As we move forward, we are mindful of the broader economic factors affecting the real estate industry. The focus on liquidity and sustainable office spaces positions us well to navigate market fluctuations with confidence and poise. Our mission is not merely property development; we aim to create centres of innovation, sustainability, and community engagement. Ultimately, we view ourselves as people serving people, aspiring for our initiatives to meaningfully contribute to the health and well-being of the planet.

Starting with the pandemic, the labour market has reinvented itself and gone through a complex process of transformation in terms of both ways of working and the employer-employee relationship. In this context, what will the future of work/jobs look like and how will this influence the demand for office space?

Before the Covid pandemic, the Romanian office real estate market was on the rise, especially in major cities. The demand for modern, well-equipped office spaces was fuelled by the economic climate and the presence of multinational corporations. Globally, the pandemic has significantly impacted the office real estate sector, with a shift towards more remote work. In Romania, just like in other countries, there has been a greater emphasis on flexible working arrangements, leading some companies to reevaluate their need for office space.

The move towards remote and hybrid work models has prompted companies to reconsider their office space requirements, exploring more flexible leasing options or reducing their office footprint. This change has affected both the demand and the prices on the office real estate market. Still, in the first 6 months of 2023, we managed to increase our office occupancy rate by over 94%, showing that interest in green, sustainable buildings like ours remains highest.

What can you tell us about Globalworth’s initiatives to create flexible workspaces that can adapt to new trends?

Hybrid solutions will continue to influence demand as an ongoing consequence of the Covid pandemic’s temporary work-from-home measures, which are now being regarded as the new normal. To accommodate both physical and remote work arrangements, we are endeavouring to achieve the most effective output in terms of efficiency and operations for our tenants. High-quality refurbishment with a focus on community is a crucial aspect of the new office life. Today’s fit-out projects reflect the workplace of the future with flexible spaces, ergonomic furniture, relaxation areas, warm colours, ample game areas, amphitheatres, and fresh materials.

Tenant feedback is very important for an office property developer. How does Globalworth collect feedback from tenants and how does it integrate this data to improve tenant services?

We are constantly collecting feedback from tenants in our community, both directly through our Building and Asset managers as well as by conducting annual surveys. Globalworth’s active community also shares its experiences and ideas through our social media channels and during the campaigns we organize in the buildings monthly. We have the Globalworth Helpdesk where tenants can easily submit input or report issues. Also, we schedule recurrent meetings with our tenants and send regular newsletters informing them about the events and asking for feedback on specific aspects of buildings or services.

At Globalworth, we create a positive and open environment that encourages tenants to share their feedback honestly. We respond promptly to their concerns and communicate any changes or improvements made based on their input. For us, regular and transparent communication is key to maintaining a solid and healthy tenant-landlord relationship.

How do you view the role of technology and digitalization in optimising operations and tenant experience?

In 2024 digital transformation must be a core element in the strategic framework of every real estate business. Companies must embrace data-centric property management to gain instant insights into the operational performance and energy efficiency of their assets. Using artificial intelligence and predictive analytics will enable better decision-making and assessment of profitable investment prospects. Moreover, augmented reality (AR) and virtual reality (VR) technologies are set to revolutionise the way properties are showcased.

At Globalworth, we have already taken a significant step in this direction with the adoption of the Forge solution, providing detailed analytics on our buildings’ functionality. Forge, powered by machine learning, is tailored to minimise operational and maintenance expenses, improve the comfort of those within the buildings, ensure assets are readily available, and boost the sustainability of our office spaces, offering valuable insights for efficient building management.

On the environmental, social, and governance (ESG) front, our commitment remains unwavering. The goals we have settled have received endorsement and verification from the Science-Based Targets initiative (SBTi), serving as crucial milestones that support our vision and long-term ambition to emerge as the leading choice in sustainable real estate.

What does social impact mean to Globalworth and how does this translate into partnerships with NGOs or other community initiatives supported by the company?

Sustainability and social impact at Globalworth are about acknowledging and embracing our growing responsibility to the people who occupy our buildings and the wider community in which we operate. Our portfolio boasts 1.4 million square metres of premium real estate space, catering to more than 250,000 people daily under normal conditions. Furthermore, we will sponsor over 15 initiatives in Romania this year, with a focus on education, art, health, and the environment. Our care for the local community is demonstrated by several of our programmes, including: The Primo Hub Centre, where as part of our “Space for Ukraine” campaign within the BOB building, we played a crucial role in establishing an essential educational centre for more than 130 refugee children; the International Day of HPV Awareness—Offering 150 free medical tests for women from the Globalworth community during our March campaigns for tenants on Women’s Day; becoming a sponsor of the Romanian Gymnastics Federation, the most medalled sports federation in Romania – Globalworth honours the young medallists at the Olympic Games; Open Your Heart to Children’s Heart: as part of our Valentine’s Day campaign, we encourage our tenants to donate to the new Pediatric Cardio surgery ward of the Marie Curie Hospital.

Through these actions, the Globalworth Foundation demonstrates its desire to improve the lives of Romanians, emphasising its commitment to long-term growth and social well-being.

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