NEW YORK CITY—The parameters for corporate real estate needs keep changing, and as each new start-up, incubator, or even established business division grows or fades, its space needs change as well. More is being demanded from facilities, such as amenity spaces and more on-site benefits like child and medical care. The design, location and quality of an organization's work environment is a critical factor in recruitment, retention and overall satisfaction of its employees.

The New York Chapter of CoreNet Global, a leading organization for corporate real estate professionals, has regularly in its event programming addressed the topics of owning vs. sharing vs. leasing spaces. To further explore these questions, we caught up with Google's director of NYC real estate, Paul Darrah, to hear his views on the current state of corporate real estate. Do companies still envision office space as an asset to be owned or leased? What impact will co-working and shared space have on their portfolios?