DEEP DIVE: What Is the Full-Stack Office?

A Capital Strategy for Unlocking Operational Value in Underperforming Assets

Traditional Office vs Full Stack Office

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Market Breakdown

From Bonds to Brands

For over two decades, institutional capital treated office real estate as bond-like: underwritten to long leases, priced to credit, and exited to passive core buyers. That model has fractured.

• Office distress has surged to historic highs, with billions in discounted debt sitting unresolved

• Traditional leasing is no longer a proxy for demand—utilisation, not occupancy, now drives value

• Capital exit pathways are constricted, as institutions pause or reprice amid valuation uncertainty

At the same time, occupier expectations have shifted dramatically. Workplace is no longer just a place to sit — it’s an extension of brand, culture, and employee experience. Companies want environments that energise their teams, attract top talent, and drive connection.

Global enterprises like Google and Amazon have the scale and budget to deliver that in-house. But the vast majority of growing businesses — scale-ups, SMEs, and challenger brands — do not. Yet they’re competing for the same talent.

To level the playing field, these companies need buildings that come pre-loaded with the experience, design, and service their teams are looking for.

They need their landlords to deliver not just space — but a product.
A destination workplace.

That’s where the Full-Stack Office comes in.