Commercial real estate (CRE) leaders are faced with an array of new challenges – including how to add value to buildings in ways that support every person who spends time in and around the workplace. To adapt and meet those new workplace goals, property owners and operators are teaming up with tenants to create long-lasting and holistic tenant engagement strategies.
Smart CRE teams are finding they need to align their buildings’ physical infrastructure and technology systems with a more inclusive and personalized workplace strategy. And one that reaches every person who uses tenant space.
HqO, a leading workplace experience technology company, found that 54% of properties have staff dedicated to tenant experience. If the evolving workplace has taught us anything, it has shown that creating a safe, accessible, and engaging environment for tenants can significantly affect their return to the office.
With that, here are three insightful ways CRE landlords and property teams are creating successful workplaces – backed by data.
1. Finding Opportunities to Engage with Tenants
According to HqO’s research, tenant and employee sentiment are the most critical factors driving property decisions in 2022. Let’s look at the data:
- 45% of property teams partner closely with tenants on their long-term workplace strategies
- 82% of property teams plan to host on-site events this year
- 86% of property teams use the benefits of sending updates directly to tenants and employees through a building app
Because strengthening relationships between property teams and tenants is critical more so now than ever before, CRE landlords are committed to doubling down on their investments in 2022 to connect with the people in their buildings. In fact, property teams are partnering closely with tenants to understand workforce demands, personalize offerings, and turn their buildings into a destination.
2. Investing in Valuable Workplace Amenities
As a way to add value to buildings, property teams are offering a variety of physical and digital experiences that increase efficiency. According to a recent HqO survey, here are the top amenities tenants are looking for in their buildings:
- Collaboration and event spaces (32%)
- On-site fitness or activity centers (27%)
- Access control and visitor management technologies (20%)
In addition to the above amenities, CRE tenants are planning to continue investing in technology that adds to the workplace experience. For example, 52% of property teams say they are planning to increase the role of digital programming in their workplace strategy via building apps. Such programming includes online fitness classes, cooking and hobby classes, wellness tips, and more.
3. Using Tenant-Backed Data
Data from tenants is taking properties to the next level. To ensure property teams are making the right investment decisions, CRE leaders are relying on real-time insights to understand commercial real estate tenant representation. For example, HqO researchers found the following from CRE tenants:
- 43% use building spaces and amenities
- 29% participate in events
- 16% interact with virtual content
Such analytics capabilities will be used to measure the success of attraction and retention strategies leading into the new year. Data collected can be used to provide insightful information to CRE property owners if they are thinking of including building refurbishments, virtual workplaces engagement programs, HVAC upgrades, flexible leasing options, and more.
What Tenant Engagement Means for Property Teams Going Forward
Tenants are at the center of every CRE property. As CRE leaders we understand that a property cannot be successful if the tenant’s needs and expectations are not met.
With that, CRE landlords are now able to lean into tech to improve tenant experience. The future of automation in the workplace means property teams can:
- increase communication throughout the building;
- tap into data to make informed decisions; and
- create personalized experiences for their tenants.
If you’re interested in learning more about the current state of tenant engagement at CRE properties, check out the free HqO report from Building Engines, “The 2022 Tenant Engagement Report”.