Brady Mick, Strategic Design Leader, American Structurepoint

At the recent CoreNet Global Indiana/Kentucky/Ohio (IKO) Chapter event, held at Cummins in Columbus, Indiana, a critical theme emerged from the panel discussion:** the powerful and often underestimated symbiotic relationship between corporate real estate decisions and the vitality of urban communities.** Far from being a matter of leasing space and balancing costs, corporate real estate plays a transformative role in shaping the character, growth, and attractiveness of cities. This connection between corporations and their surrounding environments was a focal point in the conversation, leading to key insights that are important for business leaders, architects, and city planners alike.

Architecture as a Tool for Talent Attraction and Retention

The discussion opened with an acknowledgment of Cummins’ architectural legacy, driven by the vision of its former CEO, J. Irwin Miller. His commitment to excellence in design has shaped not only Cummins as a company but the entire city of Columbus, Indiana. Ignacio Errazuriz, Americas real estate leader at Cummins, recounted how the Cummins Foundation Architectural Program—initiated by Miller in the late 1950s—allowed local entities to select architects from a curated list, with Cummins covering their fees. This program has resulted in over 50 architecturally significant projects that continue to influence the urban landscape today.

“Miller understood the importance of creating strong communities and urban spaces to attract and retain talent,” said Errazuriz. “The program still exists today, and it’s shaped the character of Columbus, making it a destination for people to come and appreciate architecture.”

This investment in architectural excellence has provided Columbus with a reputation as a hub for design, proving that corporate support for urban development can enhance a city’s cultural and economic vitality. An unexpected outcome in this discussion was the extent to which the architectural identity of a city directly affects a company’s ability to attract top talent. Companies, by fostering beautiful and livable urban spaces, can create a sense of place that makes employees want to work—and stay—in that community.

Corporate and Civic Partnerships: The Key to Urban Renewal

Another key insight from the event was the importance of partnerships between corporations and local governments in revitalizing urban areas. Matthew Woodruff, vice president of facilities at CNO Financial Group, highlighted how corporate involvement is essential for cities experiencing rapid growth or urban challenges. In Carmel, Indiana, where CNO has been based for over 25 years, the company has benefited from the city’s aggressive urban development, which has quadrupled the population while repeatedly placing it on ‘best places to live’ lists.

Woodruff reflected on the relationship between CNO and Carmel, pointing out that urban growth and high-quality civic planning are central to attracting talent. “Carmel’s urban development has been key for us in recruiting top talent. When you create a city where people want to live, it becomes easier for companies to attract and retain skilled professionals,” he explained.

The conversation also focused on the vital role corporations play in driving urban renewal. IU Health’s multi-billion-dollar investment in building a new hospital in Indianapolis, for example, was more than just a business decision. The project is tied to an economic development zone that the city has been working to revitalize. This partnership between IU Health and the city government exemplifies how corporate investments can serve dual purposes—benefiting both business goals and the community's quality of life.

Commenting on IU Health’s activities, “It’s not just about building a hospital. It’s about improving the entire area,” said Woodruff. “They’re working with the city to repurpose land, bring in new amenities, and create a vibrant urban space that attracts both residents and businesses.”

Filling Urban Voids: Repurposing Spaces and Addressing Challenges

A surprising insight emerging from the discussion was the challenge cities face when large corporations reduce their office footprints, as seen in the post-pandemic shift to hybrid work models. As companies like CNO Financial Group and Humana reduce their real estate holdings, they leave behind "urban voids"—vacant office spaces that can significantly affect the economic health of downtown areas. This trend is particularly visible in Indianapolis, where Andrew Urban from Colliers highlighted that storefront vacancies are nearing 40% due to the lack of daily foot traffic.

“The sandwich shops, dry cleaners, and small businesses that depend on office workers can’t survive without them,” Urban noted. “Hybrid work is here to stay, and cities need to rethink how they’re using their spaces.”

The urgency these shifts have created for both cities and corporations alike was truly unexpected." Instead of simply closing offices or downsizing, businesses can take an active role in repurposing their real estate to meet new community needs. Ignacio Errazuriz shared an example from Cummins, where a former parking lot in downtown Columbus is being converted into mixed-use spaces, including apartments and retail.

“It didn’t make financial sense at first, but from a corporate responsibility perspective, it’s about making downtown more vibrant and improving the quality of life for the community,” Errazuriz said.
The key takeaway from this discussion was clear: corporations must align their real estate strategies with long-term urban development goals. In many cases, there is a symbiotic relationship between large employers and the city. Consideration of economic growth, quality of life, and employee experience ultimately prove to be beneficial to the health of both.

Building a Future Together

The panelists at the CoreNet Global IKO Chapter event illustrated that corporate real estate decisions have far-reaching implications for urban areas. Companies that invest in architectural excellence and partner with local governments to repurpose and renew urban spaces contribute to more vibrant, livable cities. These cities, in turn, become attractive hubs for talent, fueling both economic and social vitality.

For corporate leaders, urban planners, and architects, the message was clear: Corporate real estate strategies should be seen as a long-term investment in the future of cities. By aligning business goals with the health of the community, companies can build strong, enduring urban environments that benefit everyone.

This event served as a powerful reminder that corporations are not just tenants in a city—they are co-creators of its future.