When it comes to tenant experience in commercial real estate (CRE), knowing what your tenants want is critical. By enhancing how tenants interact with their work environments, property managers can attract, engage, and retain tenants, ultimately driving asset value.
Andrea Petrovic, Solutions Consultant at Building Engines, addressed this crucial topic in a session during the recent Building Engines Connect virtual event. Learn three ways you can elevate the tenant experience.
1. Invest in what your tenants want
Understanding tenant needs is the cornerstone of enhancing their experience. Petrovic emphasized the importance of investing in amenities and services that tenants truly desire. “Our goal with Prism and HqO is to help overcome these challenges with a workplace experience that the tenants truly desire, and that makes them actually want to go back to the office,” she said, referring to how property management software and tenant experience software work hand in hand.
Utilizing data-driven approaches, property managers can gather feedback through customized surveys and analytics tools. This allows them to:
- Evaluate the usage and impact of specific amenities and events
- Adapt and improve based on real-time feedback
- Implement tailored events, such as Food Truck Fridays or engaging fitness activities, that are proven to be effective
Through platforms like HqO, which acts as a central source of truth for tenant communication and amenity management, landlords can directly align their investments with tenant preferences.
2. Attract, engage, and retain tenants & employees
In today’s competitive CRE landscape, creating an exceptional tenant experience is more crucial than ever.
Petrovic highlighted several strategies to attract, engage, and retain tenants:
- Enhanced communication: Ensuring tenants feel valued and connected to the building community fosters a sense of belonging. Regular feedback loops and communication strategies can help maintain this connection.
- Comprehensive amenities: Providing high-quality amenities, either in-house or through local partnerships, can greatly enhance tenant satisfaction.
- Community-building activities: Organizing social events, workshops, and wellness initiatives helps build a vibrant community atmosphere, encouraging tenants to stay long-term.
3. Differentiate your asset to drive rent premiums
Differentiation is key to standing out in a crowded market. Petrovic discussed how unique, high-quality tenant experiences can justify premium rents and attract desirable tenants:
- Unique amenities and services: Offering distinct amenities like a state-of-the-art fitness center, personalized wellness programs, or exclusive event spaces can set a property apart from the rest.
- Superior building operations: Using platforms like Prism for streamlined building operations, such as work orders and resource reservations, ensures a seamless tenant experience.
- Strong community ties: Enhancing connections with the local community, through events or partnerships with local businesses, can create a rich and appealing environment.
By leveraging technology and focusing on the tenant experience, property managers can create environments that not only attract but also retain and satisfy tenants. Platforms like Prism and HqO, when integrated effectively, offer powerful tools to make this goal a reality. They enable property managers to provide bespoke experiences that meet their tenants’ exact needs, ultimately leading to long-term success and asset differentiation.
Tenant experience in commercial real estate
By investing in tenant preferences, enhancing engagement, and differentiating assets through innovative amenities and services, property managers can create optimal environments that stand out in the highly competitive CRE market.
Learn how one GM used Prism and HqO to improve tenant engagement at a Class A office building.
