Annie Rinker.Caleb Parker

How Hines is future proofing its portfolio with Space-as-a-Service

Annie Rinker, director of office innovation at Hines, joins Bold founder, Caleb Parker, to offer some important advice for asset owners who are thinking about launching their own in-house Space-as-a-Service operation.

Rinker leads the rollout of Space-as-a-Service across the Hines global portfolio, which includes 539 properties across 205 cities in 24 countries on five continents. The portfolio contains a whopping 232m sq ft.

The discussion covers management agreements with operating partners, what to look for in an operating partner, and how the right Space-as-a-Service footprint becomes less risky than a conventional 10-year-lease.

Questions asked in episode

  1. What drives the Hines approach to Space-as-a-Service?
  2. Why create a sub-brand?
  3. How do you determine which assets in your portfolio to roll out a Space-as-a-Service footprint in?
  4. What are “fully integrated building amenities?”
  5. Why go the operating partner route versus inhouse?
  6. What do you look for in operating partners?
  7. What does a financial model for landlords and operators that is sustainable for both look like? (Audience question from Benjamin Bach, Vice President Cushman & Wakefield)
  8. What are the minimum amenities a building should offer?
  9. Do you think all this remote work we’re doing is going to increase the demand for Space-as-a-Service?
  10. Do you agree with the JLL prediction that 30% of overall office stock will be Space-as-a-Service by 2030?
  11. What is your view on asset owners who go the inhouse route to launching a Space-as-a-Service operation?


  • Coworking adds value through services to customers, which delivers revenue to the bottom line of a building
  • Space-as-a-Service can add $2 NOI to an asset
  • Real estate is becoming a much more service oriented industry
  • Large companies need to be nimble, small companies need the ability to quickly grow
  • Hines recognized they had to offer a Space-as-a-Service product in their buildings to attract and retain customers
  • Space-as-a-Service becomes a competitive advantage for an asset
  • Flexspace enables Hines to align with the needs of contemporary and future office customers
  • With the ability to work remotely the physical office becomes more of a want than a need, so real estate owners need to think about the services that support culture and collaboration
  • Hines chose the operating partner route versus spinning up inhouse operation
  • When looking at asset strategy and how to incorporate flex it’s Important to choose a brand that is aligned with your building’s brand, but also important for the partnership to be fully aligned
  • We’re going to see a shift of attitudes in the capital markets towards Space-as-a-Service
  • The right Space-as-a-Service footprint becomes less risky than a conventional 10 year lease
  • Health and wellness amenities will be expected of Class A office buildings in a post Covid world.
  • Remote work will create more demand for Space-as-a-Service
  • Space-as-a-Service could exceed JLL’s prediction of 30% of overall office stock by 2030
  • Warning: Real estate owners have a lot to consider before launching their own Space-as-a-Service operation versus going the operating partner route.


Global Workspace Association Board

99% Invisible Podcast

Annie Rinker

Annie Rinker is director in the office of innovation at Hines and a board member with the Global Workspace Association.

She has 13 years’ experience in the Space-as-a-Service, brokerage, property management and asset management fields.

She gained her master’s degree in real estate finance and development from Georgetown University in Washington, DC.
Starting at Carr Workplaces as a Client Services Director in 2006, her story is impressive as she climbed the ladder at Carr. If you don’t know, Carr operates the seventh largest shared office space company in the US, with 32 locations and more than 800,000 sq ft of office space supporting 10,000 clients across its portfolio in major cities such as Washington DC, NYC, Chicago, San Francisco and Boston.

Rinker became vice president of the company before launching Carr’s managed office product called WorkReady.

Throughout her career she’s managed coworking facilities, been responsible for all financial and operational components, and she’s managed a regional sales team of coworking managers.

Now she continues to build on the intersection of coworking and traditional commercial real estate by exploring other ways to drive value in buildings though the Hines coworking platform, The Square.

If you have any questions or feedback on this episode, email

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