CoreNet Global Member Profile -- Richard J Watton

Asia Region Chair Richard J Watton

CoreNet Global provides the Corporate Real Estate (CorpRE) industry in Asia with a forum for sharing best practices, innovations and solutions to an increasingly complex set of asset and risk management challenges. Starting with the multi-cultural backdrop of Asia and its geographic enormity, the resources of a global network such as CoreNet Global provides can make a crucial difference to corporate occupiers and their service provider partners.

"Knowledge sharing and understanding how your peers and colleagues in the industry are doing business in the current economic climate are all part of the value that CoreNet Global delivers," according to CoreNet Global Asia Regional Chairman Richard Watton, Head of Real Estate Business Services Asia Pacific for JP Morgan Chase & Co, "... the ability to take the leading practices and experiences of industry peers within and beyond Asia Pacific and to add a networking aspect to that knowledge content is another important element of the CoreNet Global programme," he adds.

That combination of knowledge and content networking will be on full display during the CoreNet Global Summit in Shanghai, set for 24 - 26 March 2003 at the Portman Ritz Carlton, Watton observes.

"More than ever before and for the foreseeable future, to sustain growth, CoreNet needs to look at what value membership is adding to members corporations," Watton continues. "The delivery of Asia-relevant education, research and certification is fundamental to the future development of CoreNet Global in Asia."

Although Asia has been in recession for some time now, we now have a worldwide recession Watton points out. "The MNC corporations are now feeling the squeeze from the west. In such difficult times, corporations are facing falling revenues and functional units within the corporation need to look at cost saving measures. However exiting RE cannot be done unilaterally.

Watton's opinion is that RE divisions are therefore looking hard at where they are spending their funds and that the CorpRE perspective can add the best value to the corporation during times of financial crisis. "The CorpRE professional is looking at direct in house expenditures and the managed spend, restructuring of leases, hard negotiation at rent review, flexible office design, energy saving issues - all elements to reduce the bottom line."

From Watton's perspective, these and other economic and business challenges provide substantial opportunities for real estate to add value to the corporate value chain. "Making real estate a meaningful part of the company's plan is really what it is all about, and CoreNet Global can help us accomplish that objective," Watton concludes.