Frequently Asked Questions
What is Real Estate Experience (REX)?
REX stands for real estate experience which is a methodology to generate strong investor returns at your properties by aligning with your tenants’ needs to deliver exceptional experiences. Providing tailored amenity and service experiences through an iterative feedback process is at the heart of a real estate experience strategy that drives leasing, smart capital expenditures, optimized operating expenses, tenant retention, and ultimately NOI.
What is Intelligence?
Intelligence is the industry standard for measuring and assessing the health and performance of a customer’s experience within a property, which directly correlates to tenant and employee engagement, satisfaction, and retention. This suite of products includes:
- REX Assessment: the industry-leading survey to measure a person’s experience at your properties. In 2022, HqO acquired Leesman, the leading occupier survey company to power the REX Assessment.
- REX Score: the simple 0-100 score generated for each tenant at your property which can roll up into one overall property REX Score.
- REX Index: the world’s largest benchmark of employee workplace experience based on data from:
- 1.8M+ employees
- 8k+ workplaces
- 280M+ data points
What is the value to real estate operators and investors?
The way companies make decisions about their workplaces has dramatically changed. Having a physical workplace is no longer a cost of doing business, companies need to now justify the ROI of having it, by connecting the workplace to employee attraction, engagement, sentiment, and productivity.
By deploying Intelligence at your property, your organization will have the insights needed to know what is important to tenants and generate exceptional investor returns by meeting these needs.
Intelligence provides actionable insights into what is important to tenant employees when evaluating space, enabling your team to:
- Target marketing more effectively to generate property demand
- Tailor leasing pitches that will touch on employee and workplace issues that matter to the whole C-Suite
- Provide investors with quantifiable proof of demand and value for capital expenditures
- Provide lenders with quantifiable proof of tenant value
- Optimize operating expenses
How does Intelligence drive hard ROI?
- A Fortune 100 bank used Intelligence to choose which leases to renew and expand and which to expire/break based on the REX Scores of their properties.
- Top 5 global asset managers justified rental rates at their leased properties based on their REX Scores.
- A top European bank tied the bonuses of their real estate and workplace teams to their REX Scores.
- A top tech company in the US uses Intelligence to choose new properties and design the workplace experience journey for each.
Bottom line, tenants use the REX Score as their measurement of their property’s performance.
Why do operators need to measure the full workplace experience of the employee?
Some operators point out that elements of an employee’s experience at the property are in-suite and outside of their control, so why measure this? This is true, however, when companies are evaluating their leased space and looking at how well the spaces support their employees it does not matter if an issue is within the suite or at the base building level. At the end of the day, companies are not going to lease space that doesn’t score high on supporting their human capital.
On the flip side, if an employee has a poor experience at their workplace, regardless of whether the issue is at the base building level or in-suite, it puts the company in jeopardy of engaging and retaining that employee. They need to care about the full workplace journey!
How long does the assessment take and what does it ask?
The assessment takes on average 9 minutes depending on the user’s answers.
The assessment asks questions in three categories:
- What cultural aspects of the workplace are important to a user and how well supported are they on each?
- What activities are important to a user and how well supported are they on each?
- What physical and service features are important to use and how well supported are they on each?
How do I deploy Intelligence?
If you would like to speak to an HqO team member about purchasing Intelligence, book a meeting with us here.
- Upon purchase, you will be contacted by an HqO service specialist to coordinate the deployment of the assessment at your property. This process will include understanding your property and current tenant base in addition to providing best practices materials to enable a strong response rate - we typically shoot for a 40%+ response rate of the property population.
- The assessment can be deployed through various channels - a link to be shared via email or text, QR codes to promote in the lobby or common areas with an incentive to complete, or for a more enterprise engagement you can work with our Services team to develop a custom launch strategy for each tenant or specific tenants.
What do I get after I deploy Intelligence?
Once the assessment is complete, results and insights into employee workstyles, preferences, and satisfaction will be accessible through the Intelligence dashboard, as will the space’s REX Score.
What is HqO’s Best Spaces to Work program?
Best Spaces to Work is the only global recognition and certification program that scores and validates end-user real estate experiences in spaces across the world.
What is the value of a Best Spaces to Work certification and do I have to pay for it?
Through the Asses package ($5,000) spaces distribute the REX Assessment, and receive their REX Score and corresponding Intelligence dashboard featuring data and insights on employee workstyles, preferences, and satisfaction.
Spaces that have REX Scores meeting or exceeding the REX Index benchmark can upgrade their package to Certify (an additional $5,000) to be certified as a Best Space to Work. In doing so, the certified Best Spaces to Work will be promoted across HqO and media partner channels reaching over 500K+ CRE professionals and receive their “Property Page” highlighting their REX Score and experience data.