Improving tenant satisfaction is a top priority for property teams as the workplace continues to evolve. As remote and hybrid work models shift the way people approach the traditional office space, it’s more important than ever for commercial real estate (CRE) landlords to go all-in on providing the best tenant experience. Doing so can help increase tenant loyalty and lead to higher lease renewals and rent premiums. But you can’t provide a great experience without first having a solid tenant engagement strategy – one that allows you to keep a pulse on tenant satisfaction and stay in continuous communication with everyone in the building.
In partnership with Building Owners and Managers Association International (BOMA), we recently surveyed over 250 CRE professionals in our “State of Commercial Real Estate Building Operations for 2023” and found that a majority are missing a huge opportunity to engage with tenants in meaningful ways.
In this blog, we’ll explore what the data tells us and discuss why it’s time to rethink your tenant engagement strategy.
What the Data Tells Us
When we asked whether CRE professionals are using tenant survey or polling data to help guide business decisions, the majority said no (48%) or they weren’t sure (15%). Fewer than half of respondents answered yes (37%).
That means the majority of CRE professionals (63%) aren’t tapping into valuable tenant experience data, missing a huge opportunity to improve tenant satisfaction. Those who don’t have a tenant engagement strategy could be left behind in a CRE industry that keeps evolving.
Our research also showed that, overwhelmingly, CRE property teams are using email (77%) to communicate with tenants. The second most common way was notifications via a tenant app, but with only 8% of respondents citing this method.
The findings suggest that CRE property teams aren’t using the best tools to streamline and encourage two-way communication with their tenants. That’s another missed opportunity, as our research also showed that lack of staffing resources is a top concern. Property teams have to do more with fewer resources, and they’re looking for tools to help streamline operations and increase team efficiency.
What to Do About It
The good news is that many CRE property teams know tenant experience is a top priority in 2023. In fact, our research shows that 54% of CRE professionals will focus on tenant experience when enhancing their tech stack this year.
And for those property teams looking to enhance their tech stack to create a better tenant experience, an app that connects a building operations platform with a tenant experience component is key. This technology creates a seamless experience for tenants and property teams alike because they can engage and connect with every person in the building in a more streamlined and time-saving way than manually sending emails. Additionally, every event registration, booked resource, and tenant survey sheds light on what tenants love – and what they don’t.
CRE property teams can use this real-time data to remain proactive about office programs and amenities that will lead to an ROI. Tapping into the data can help property teams make better business decisions – something that would be helpful for at least 63% of the CRE professionals who said they don’t use or aren’t sure if they use tenant survey and polling data to garner insights.
Tenant Engagement Strategy Insights in 2023
If you’re looking for more tenant engagement strategy insights and commercial real estate trends as you plan for the year ahead, be sure to download the free report “The State of Commercial Real Estate Building Operations for 2023.”