What We’re Reading This Week
1. How Technology is Keeping Modern Buildings on Top Form – JLL
“At the moment, there’s a contradiction between what tenants and building owners want. Tenants want smart technology for facilities management, but developers and owners can be hesitant to implement it,” says Thomasz Mizera, CRE Technology Delivery Director at JLL, in a recent article. We are at an inflection point where property management teams who don’t adopt the most innovative technology will be left behind, and those who do will propel ahead of the competition. Read the article here.
2. Halfway Through 2019, Proptech Investment has Already hit a Record High – The Real Deal
A recent article from The Real Deal stated that, investment in real estate tech startups hit $12.9 billion in the first half of 2019 which is already more than the total investment made in 2017. “As property value has begun to plateau, and with office and retail sectors facing disruption from technology, many investors now expect more real estate firms to turn to proptech to drive revenue and cut costs,” The Real Deal article explains, and we agree. The technology available to the CRE industry today can be a huge differentiating factor for CRE organizations and buildings.
3. ‘The Experiential Office’ is Here as Property Managers take a Cue from the Hospitality Industry – Washington Business Journal
More and more property managers are turning to a tenant-first approach to attracting and retaining their tenants. The article explains that this is because “today’s tenants demand ‘space as a service,’ an amenity-and-experience-rich approach to workplaces.” And office buildings are now adopting best practices from the hospitality industry to help with challenges associated with high tenant expectations. The CRE industry undoubtedly needs a B2C mindset to remain competitive.
4. What REALLY Matters in the Tenant Experience? The Hierarchy of Tenant Needs – Building Engines
Exceptional service, top-of-the line amenities, convenient perks and discount codes are all offerings that CRE organizations tout have the greatest impact on the tenant experience. And while they all do have some impact on the tenant experience, they are not all equally influential. Cool perks and nice to have amenities mean almost nothing if you don’t have a foundation of operational excellence built first. Read this blog to understand what really matters to tenants.