For decades, office real estate has operated in a stable—but rigid—ecosystem built around the long-term lease. I often joke that it’s a Lost World—a closed system that evolved under specific, isolated conditions. The lease shaped everything: how buildings were financed, how risk was underwritten, and how value was calculated.

But the issue with Lost Worlds is that while they’re highly specialized, they’re also fragile. Even small changes can break the system.

If the office market is a Lost World, then flexible leasing is its First Contact event—the moment when an isolated system encounters something fundamentally new and incompatible. Tenants are demanding more flexibility and better amenities—and they’re often willing to pay a premium for it.

But owners, stuck in legacy systems, struggle to meet that demand.

The Problem: How Flex Is Valued

The challenge lies in how we value flexible leasing. Standard models like Direct Capitalization are designed to handle leases—not licenses—and assume predictable, fixed income. Because valuers rely on comparable sales, and comps reflect what investors are underwriting, we’re stuck in a loop:

No one underwrites flex differently, so nothing trades differently. If nothing trades differently, nothing gets valued differently.

It’s a Catch-22.

📺 Watch: Circular Reference – CRE Valuations & Sale Prices

The Solution: A New Model (From Other Industries)

The good news? This is a solved problem—just not in real estate.

Other sectors like insurance have been here before.

Take mining for example. Mining involves big upfront investments followed by uncertain, variable cash flows over time.

Sound familiar? Swap out commodity prices and ore grades for desk rates and occupancy levels, and you have the same core valuation challenge.

The valuation method all the industries facing potential volatility have adopted?

The Expected Value Method—a probabilistic approach that models cash flow volatility directly, rather than papering over it with crude discount rate adjustments.

What We Need: Data + Tools

Of course, this is easier said than done. There are two major challenges:

1. Better dataWe need to shift from relying solely on market transaction data to using real operational data. But that data is fragmented:

* Operators understand costs and occupancy patterns.

* Service providers can track utilization and performance.

* Platforms and tools can help benchmark and analyze.

2. Better toolsOnce we have the data, we need the tools to model it. That’s why I co-founded ReturnSuite—to give landlords and investors a way to build and understand probabilistic cash flow models that reflect reality and unlock capital.

Our Future is in Our Control

Valuers won’t lead this shift—and they shouldn’t. Their job is to follow the market. But we—the landlords, operators, and investors—are the market. If we start underwriting differently, valuations will follow.

This was the focus of the Brave Ideas talk I gave in London earlier this year:“The New Era in Office Valuations: A Collaborative Approach.”

As always, if you’re curious about the models or want to chat, I’d love to hear from you.

About the authorSam Gamble is the co-founder of ReturnSuite, a modern cash flow modeling platform for commercial real estate. A former landlord and flex space operator, he now helps owners, investors, and lenders model flexible income, justify value, and unlock financing.

👉 Connect with Sam on LinkedIn to continue the conversation.

Introducing NCG Spark — a powerful new solution designed to accelerate enterprise speed-to-market. From strategy to space, Spark helps you make faster, smarter real estate decisions backed by data and delivered with precision.

Learn more

A Brave Ideas Mini-Series at the Global Workspace Association Immersive Event

presented by ReturnSuite

(Watch the full length video on Youtube)

How can office landlords balance flex and stability?

In this episode of Brave Ideas, Brave Corp Founder, Caleb Parker talks with with Andrew Dunn, Vice President for the world's largest landlord, Brookfield Properties, to explore their innovative approach to flex space and hybrid leases. Brookfield has already grown a massive 1.8 million square feet of flex space across multiple global markets. Andrew discusses how their strategy is evolving and the importance of stability in an increasingly flexible office landscape.

💡 Key Topics Discussed:

✅ How Brookfield’s hybrid lease model combines fixed rent with performance-based incentives, aligning landlord and operator interests.

✅ Why stability is crucial for growing Brookfield's flex space portfolio.

✅ Insights into the future of coworking and how corporate demand is influencing flex space growth.

✅ How Brookfield views hybrid leases as essential for scaling flex spaces in large office buildings.

Who should isten?

➡️ Landlords looking to innovate with hybrid leases and flex spaces
➡️ Co-working operators and tenants in the flex space market
➡️ Investors interested in the future of office real estate

If you enjoy the conversation, be sure to subscribe, like, and comment with your biggest takeaway!

Links:

• Connect with Andrew Dunn
• Learn about Brookfield Properties
• Follow Caleb on LinkedIn
• Subscribe to our Brave Ideas Newsletter

This mini-series is presented by ReturnSuite:
Software that simplifies complex cash flow modeling for modern real estate companies.

A Brave Ideas Mini-Series at the Global Workspace Association Immersive Event

presented by ReturnSuite

(Watch the full length video on Youtube)

What does a successful operator-landlord partnership actually look like?
Previously this season (Ep2), we explored how landlords and operators struggle to align on flexible office deals.

In this episode of Brave Ideas, Brave Corp Founder, Caleb Parker sits down with Kylie VanBuren, Director of Real Estate Transactions at Industrious, to explore how the best landlord-operator partnerships are structured, and why transparency, underwriting, and financial modeling are the keys to success.

💡 Key Topics Discussed:

✅ Why landlords are increasingly moving away from traditional lease models

✅ How revenue-sharing & management agreements create win-win partnerships

✅ The underwriting strategies that build trust between landlords & operators

✅ How valuation tools impact flex space deals

This episode explores what good looks like and what needs to happen for more partnerships to work.

If you’re a landlord, operator, investor, or involved in the future of workspace, this episode is packed with fact-based insights and strategies you can’t afford to miss.

If you enjoy the conversation, be sure to subscribe, like, and comment with your biggest takeaway!

Links:

• Connect with Kylie VanBuren
• Follow Caleb on LinkedIn
• Subscribe to our Brave Ideas Newsletter

This mini-series is presented by ReturnSuite:
Software that simplifies complex cash flow modeling for modern real estate companies.

A Brave Ideas Mini-Series at the Global Workspace Association Immersive Event

presented by ReturnSuite

(Watch the full length video on Youtube)

Can office investments survive with outdated valuation models? Not anymore.

In this episode of Brave Ideas, Brave Corp Founder, Caleb Parker sits down with Ben Wright from The Instant Group (with insights from Sam Gamble) to discuss why offices are no longer bond-like investments and how operational data, dynamic pricing, technology, and demand for flexible workspace is reshaping the asset class.

💡 Key Topics Discussed:
✅ Why dynamic pricing is the future
✅ How data-driven insights are transforming office valuations
✅ Instant Group’s innovations in supporting dynamic, flexible office models

Offices are no longer just buildings—they’re operational businesses.

If you’re a landlord, operator, investor, or involved in the future of workspace, this episode is packed with fact-based insights and strategies you can’t afford to miss.

If you enjoy the conversation, be sure to subscribe, like, and comment with your biggest takeaway!

Legal disclaimer: Nothing mentioned on this podcast should be considered official investment advice.

Links:

• Connect with Ben Wright
• Connect with Sam Gamble
• Follow Caleb on LinkedIn
• Subscribe to our Brave Ideas Newsletter

This mini-series is presented by ReturnSuite:
Software that simplifies complex cash flow modeling for modern real estate companies.

Bonus Episode

The best coworking spaces today aren’t just about desks—they’re about data-driven decisions that enhance experience, service, and efficiency.

In this special DEEP DIVE of Brave Ideas, Brave Corp Founder, Caleb Parker is joined by Manuel Conti, Cofounder of PONT, to explore how data is transforming coworking operations, from boosting revenue and amplifying the human experience to building trust with landlords.

Here’s what’s changing:

• 🚀 Operators are using real-time data to tailor spaces and services to member needs.
• 💡 Landlords are demanding transparent data-sharing to strengthen partnerships.
• 🔄 AI and IoT are driving automation while enhancing human connections.
• 📊 Data ethics are crucial—balancing insights with privacy protection.

The BIG Question:
Can operators afford to ignore the power of data?
Some are leveraging data for growth; others risk falling behind.

🔥 Listen to this week’s episode for insights on why data is coworking’s secret weapon.

If you’re a landlord or operator this episode is packed with insights and strategies you can’t afford to miss.

If you enjoy the conversation, be sure to subscribe, like, and comment with your biggest takeaway!

Links:

• Connect with Manuel Conti
• Follow Caleb on LinkedIn
• Subscribe to our Brave Ideas Newsletter

A Brave Ideas Mini-Series at the Global Workspace Association Immersive Event

presented by ReturnSuite

(Watch the full length video on Youtube)

Can office landlords afford to ignore hospitality?
Or is it the key to staying competitive in today’s market?

In this episode of Brave Ideas, Brave Corp Founder, Caleb Parker sits down with Laura Kozelouzek, CEO & Founder of Quest Workspaces - the largest woman-owned shared workspace company in the U.S. with 310,000 SqFt across NYC and Florida. With 33 years in hospitality and flexible workspaces, Laura ha seen evolution first-hand—from landlords taking a hands-off lease approach to landlords desire to curate experiences. The two dive into why landlords are rethinking their approach, how service-driven spaces create better tenant/customer experiences, and whether office buildings should operate more like hotels.

💡 Key Topics Discussed:

✅ Why "Landlords + Hospitality" is the future of office real estate

✅ The rise of "Heads of Member Experience" roles in traditional office buildings

✅ The lease vs. management agreement debate—what’s really working?

✅ How technology enhances hospitality without replacing human service

If you’re a landlord, operator, investor, or involved in the future of workspace, this episode is packed with insights and strategies you can’t afford to miss.

If you enjoy the conversation, be sure to subscribe, like, and comment with your biggest takeaway!

Links:

• Connect with Laura Kozelouzek
• Connect with Sam Gamble
• Follow Caleb on LinkedIn
• Subscribe to our Brave Ideas Newsletter

This mini-series is presented by ReturnSuite:
Software that simplifies complex cash flow modeling for modern real estate companies.

A Brave Ideas Mini-Series at the Global Workspace Association Immersive Event

presented by ReturnSuite

(Watch the full length video on Youtube)

Despite the rising demand for flexible office space, landlords and operators still struggle to align.
But why is this happening, and what’s the solution?

In this episode of Brave Ideas, Brave Corp Founder, Caleb Parker and Sam Gamble, cofounder of ReturnSuite, sat down with office real estate powerhouse, Giovanni Palivicini, at The Empire State Building in NYC to uncover the key challenges holding back the growth of flexible workspaces—from valuation hurdles to data transparency and landlord-operator misalignment.

Gio is Executive Director for the Global Workspace Association, Founder of Fronteras Commercial Real Estate, and Co-host of the Flex Uncensored Podcast.

In this candid conversation, Gio shares insider insights from his years advising landlords and operators, breaking down the barriers to collaboration, data transparency, and valuation in the industry.

💡 Key Topics Discussed:

✔️ The biggest roadblocks between landlords & operators
✔️ Why traditional valuation models don’t work for flex
✔️ How hotels & self-storage cracked the short-term lease model
✔️ The rising demand from enterprise tenants & how to meet it
✔️ What needs to change for flexible workspaces to scale

If you’re a landlord, operator, investor, or involved in the future of workspace, this episode is packed with insights and strategies you can’t afford to miss.

If you enjoy the conversation, be sure to subscribe, like, and comment with your biggest takeaway!

Links:

• Connect with Giovanni Palivicini
• Connect with Sam Gamble
• Learn more about ReturnSuite
• Follow Caleb on LinkedIn
• Subscribe to our Brave Ideas Newsletter