F100 insurer reshapes office strategy, saving millions.

The Challenge:

Company leaders recognized the pandemic's lasting impact on workplace dynamics and the urgent need to adapt. Faced with rising costs from underutilized office spaces, growing employee demand for flexible work arrangements, and the critical role of in-person collaboration in driving innovation and team cohesion, the company embarked on a strategic overhaul of its office footprint to align with these evolving needs.

The Solution:

They leveraged LiquidSpace's extensive workspace network and data-driven insights to craft a tailored CRE strategy that prioritized purposeful in-person team gathering and collaboration while optimizing costs and flexibility. Key initiatives included:

• Strategic flex space adoption:
  Employees in cities like Minneapolis, Atlanta, and Tampa gained access to on-demand coworking spaces, providing a collaborative environment without the burden of long-term lease commitments or wasted resources.

• Purpose-driven office planning and design:
  Traditional offices were transformed into multifunctional spaces such as quiet libraries, cozy cafes, and training hubs, creating environments that promote teamwork, focus, and creativity.

• Enhanced employee experience:
  Remote-first employees were given opportunities to meet periodically for training, team-building, and mentorship, fostering stronger workplace connections and a more cohesive company culture.

We’re building something new. When I talk to our people, they’re just so surprised we’re doing this, and trying something different.

- Workplace Futurist, F100 Insurance Company

The Results:

The impact of this new hybrid strategy has been transformative, reshaping the company’s real estate approach and overall employee experience:

• Massive cost savings:
  Annual corporate office space expenses plummeted from $382M in 2020 to $138M in 2024, freeing up resources for other priorities, such as employee development and technology investments.
• Enhanced team connection and collaboration:
  A mix of coworking spaces and purpose-built offices enabled more effective in-person teamwork, improved cross-departmental collaboration, and fostered a culture of innovation and communication.
• Increased employee retention:
  Streamlined in-person onboarding programs reduced new hire turnover from 35% to 5% in critical departments, helping retain top talent and build stronger, more cohesive teams.