It’s no secret that the business world has shifted toward a blend of in-office and remote work—the hybrid work era. This significant shift has profound implications for commercial real estate (CRE), influencing everything from space utilization to tenant expectations. The concern for property teams is whether tenants will want to shrink their space needs—or whether they will even renew their leases at all. The pressure to stay competitive in this evolving hybrid work era has never been greater. That’s why it’s no surprise experts at the upcoming BOMA Conference 2023 in Kansas City on June 24-27 will host discussions on how commercial property teams can gain a competitive edge today.
For one, the role of technology is becoming increasingly crucial. A modern tech stack, including a building operations platform and mobile apps, can help CRE teams foster stronger relationships with tenants, enhance operations, and make data-driven business decisions that can bolster tenant retention and attraction.
The power of a modern tech stack
Your tech stack is a collection of digital tools that, when used together, optimize your operations, streamline workflows, and promote tenant satisfaction. A robust building operations platform provides the flexibility to meet specific goals while giving you a real-time pulse on your building’s health. For instance, regular inspections can help you catch issues before they escalate into larger problems that could hurt tenant satisfaction.
A key part of your tech stack should be a system for streamlined workflows and work order management. This allows you to address tenant requests promptly, boosting satisfaction and promoting better relationships.
To complement this, building maintenance software ensures that your buildings are top-notch and that systems function properly, further enhancing tenant satisfaction. What’s more, the modern tenant also expects the best indoor air quality and temperature control, which can be easily managed through tech tools designed for this purpose.
Embracing mobile apps
A mobile app is an essential part of your modern tech stack. As the world continues to move towards a mobile-first mindset, having an app to streamline workflows and facilitate constant communication with tenants is no longer an option. It’s a necessity.
The question, then, isn’t if you need an app. It’s when it makes the most sense to implement one. An app can significantly improve tenant experience by providing a unified platform for communication, requests, and feedback.
Multi-channel communication options are essential in relaying information efficiently and clearly to your tenants. This is crucial when it comes to informing them about changes in the property, such as entrance closings or elevator maintenance. A mobile app offers the convenience of instant, on-the-go communication, enhancing transparency and trust between you and your tenants.
And an app that integrates with your broader tech stack provides a seamless experience for both your team and your tenants. It encourages interaction, engagement, and sentiment, leading to a higher likelihood of lease renewal and a more attractive market offering.
Leverage data insights for better decisions
Perhaps one of the most significant advantages of having a tech-enabled building operations platform is the ability to use data insights to drive business decisions. By tracking and analyzing tenant behavior, amenity usage, and feedback, you can identify trends, gaps, and opportunities that would otherwise go unnoticed.
Data-driven decision-making empowers you to better cater to your tenants’ needs, leading to higher satisfaction and increased retention. By identifying amenity usage patterns, for instance, you can spot where you might be underserving tenants and make improvements, offering a better return on investment.
Additionally, the wealth of data available from your tech stack helps you create a more personalized, tenant-centric experience. Today, a successful office is multi-use, amenity-rich, community-focused, resilient, and tech-enabled. By leveraging data, you can build a sustainable, successful building that meets these standards and delivers a unique experience for your tenants.
Ask the experts at BOMA Conference 2023
The hybrid work era calls for a modern approach to managing commercial real estate. By harnessing the power of technology and leveraging data insights, CRE owners and operators can improve operations, foster stronger tenant relationships, and make informed business decisions that lead to tenant retention and attraction. Investing in a modern tech stack, including a mobile app, is a strategic move that not only responds to current trends but also prepares you for future industry shifts.
When you’re ready to learn more about how to be successful in today’s hybrid work era, connect with experts at BOMA Conference 2023 in Kansas City on June 24-27. And be sure to join experts Brynn Hogan, Director of Product Management at Building Engines, and Anastacia Anderson, Vice President of Investor Partnerships, Flex by JLL, during their discussion “The Evolving Workplace Requires a Modern Tech Stack” on Sunday, June 25. They’ll explain the key components of a modern tech stack and are available to answer questions throughout the session.
BOMA Conference 2023 is the forum to deliver the insights and skill-building opportunities that the CRE industry needs to not just keep up but stay on the cutting edge. Schedule time with an expert at the show, or at another time most convenient for you online.