The Future of Work is... PropTech. Interview with CEO of cove

Adam Segal — founder and CEO of building experience technology platform cove — is no fortune teller. He doesn’t carry around a crystal ball or have a magic mirror. Yet, somehow, he predicted the future of work (or at least an element of it). A little over eight years ago, Segal and cove co-founder Jeremy Scott contemplated the notion of neighborhood work spaces powered by behavior driven technology. As Segal puts it, “We asked ourselves, how do you work more locally? Not necessarily always needing to go to a central place, but how do you have optionality?” Little did he know, companies across the world would grapple with that exact question in the aftermath of a global pandemic.

Segal’s own rumination around office space is indicative of the fact that the evolution of the American workplace is a fascinating retrospective study. Over the past 20 years alone, there’s been an aspirational shift from the corner office to an open floor plan and finally, to the pandemic-inspired "hybrid" office concept.

Pre-pandemic, Monday mornings in virtually every major metropolis were alive with the hustle and bustle of 9-to-5ers. But in March of 2020, abrupt office closures transformed downtowns to ghost towns, and forced companies to reconcile with a new normal. 

Segal’s company, cove, is a partner with EQ Office to help companies define this new normal by using PropTech, the technology used to help the real estate industry perform most efficiently, to transform in-office experiences and alleviate friction around return to work. We recently caught up with Segal over Zoom to hear his thoughts on the future of work and how the infusion of digital and physical constructs is at its core.

PlaceLab: What are you seeing at the ground level in terms of future of work trends? 

Adam Segal: Future of work is definitely an interesting topic now as there's been a market shift towards work-from-home. The question everyone is asking is, “Where does the office fit into the equation?”.

This is a unique position for innovative building owners and operators, as there's never been a better time to differentiate. Previously, office space was seen as a line item. Today, companies are asking, "How can I get the most out of my office experience and reinvent the way we leverage it as part of my future of work, my culture, and who we are as a company?"

This is a unique position for innovative building owners and operators, as there's never been a better time to differentiate.

In a very real way, you can use the office as a motivating cultural component of your company.  Maybe it's not a 9 to 5, five days a week destination — but leveraging that time when you do come together. 

Now, you're really bringing life and vitality to the office where before that may have not existed. And we're super excited to be a part of that conversation on how to use technology to accomplish this. 

PL: You have personal experience as a space operator in the coworking world. What are some key learnings from being in the trenches? 

AS: My business partner Jeremy and I built a network of 20+ neighborhood workspaces. Using our app you can reserve a desk, make a reservation, see who else was there, and check-in. 

Being an operator isn't easy — I think you can ask anyone. Building operators need to have a retailer mentality — be very welcoming, answer questions in a succinct way, and be open and excited to share what we're doing and how we can enable you to do what you need to do.

It takes a certain understanding of how to appropriately engage with people and provide the best experience possible. It can be frustrating. The generic example in property management is one tenant complaining, "Oh, it's too hot," but the person next to you is saying, "It's too cold." How do you even solve that? Not necessarily by adjusting the temperature, but how you engage with people.

PL: In your experience, how can PropTech solve some of the issues building operators face while at the same time re-imaging office space for today’s needs?

AS: There’s a misconception that technology exists for technology. In real estate, what's unique is that technology is only as good as the people on the other end of it. Behind every great commercial office, there's a great operator.  You can have a great building with the most beautiful lobby, but if it's not operated in an engaging way, it's not going to resonate with tenants.

There’s a misconception that technology exists for technology. In real estate, what's unique is that technology is only as good as the people on the other end of it. Behind every great commercial office, there's a great operator.

Our focus was on how to bridge that divide and make sure companies are getting the best out of the experience from a user perspective while at the same time ensuring that the operator has all of the tools they need to effectively operate the building and engage with their tenants.

PL: Do you encounter any push-back given that CRE as an industry is slow to adopt new technology?

AS: I think that’s a fair point. Historically, real estate in general is a little bit slow to adopt newer technologies. I think it's steeped in the reality of what real estate is, which is an in-person interaction. People value this, and fear technology gets in the way of that. But what we’re trying to reiterate is that technology creates a massive opportunity to say, "How do we use technology to enhance and simplify the way in which you engage with your real estate, and then bring forth the human interaction element?"

It’s about educating and advocating for people who own and operate these commercial assets on how technology can enable and enhance their overall visions. 

PL: How does your company, cove, help operators and employees achieve these enhanced visions? 

AS: cove is a technology company that empowers building owners and operators to create incredibly sticky experiences with their tenants. 

Our app provides a single destination that simplifies the office experience. It provides people with consistency and knowledge around what to expect and how to get what they need out of their workplace.

What differentiates us — and we touched on this — is that we take a retail approach. Everything we think about and the way in which we approach building our product comes from working and engaging with customers on an everyday basis in a very real, material way. That experience informs both how we build the product and also how we engage with our clients now.

PL: Return to work is on everyone’s minds these days. How can PropTech technology like cove alleviate anxieties and the return to work friction many companies are facing? 

AS: The hybrid work model becomes a bit of a scheduling nightmare for companies.

People may choose to go into the office for the environment itself, their productivity, or the in-person engagements. We can use technology to help inform when and why you go into the office.

Using our app, an employee can reserve their seat, parking spot, and see who else is there before they even get out of bed. We’re integrated with access control providers so they can also unlock doors, put in a work order request, and even order food to your desk. Lastly, you can easily see what events are happening and opportunities to engage with people. 

With return to work in mind, it’s really figuring out how to use technology to drive engagement through office use. You're marketing to employees why they should go into the office on that particular day. 

With return to work in mind, it’s really figuring out how to use technology to drive engagement through office use. You're marketing to employees why they should go into the office on that particular day. 

PL: What’s next for PropTech?

AS: There's so much around the notion of taking an offline world or experience and infusing the right level of technology into it. You can start to think through many seamless experiences — from opening doors without needing key fobs, sensors for understanding elevator wait times, and parking. It’s designing an in-person office experience that's behavior based; making it very personalized.

It goes back to giving people the data in a very simplified way that helps inform their day, their experience, and how they engage. This leads to an endless number of possibilities and it's only just getting started.