There are many hypotheses on the changes – both long- and short-term – happening in the commercial real estate (CRE) industry. What will not change are its fundamentals: occupancy rates and tenant retention will still be essential to the financial performance of an office asset or portfolio. The ability to adapt asset strategies based on changes in tenant behavior and tenant sentiment is paramount for any ownership or property team looking to ensure the long-term value of their assets. Collecting actionable data for real estate is critical to developing this understanding of tenant sentiment, and, according to Ernst & Young, deploying new data and analytics tools is the #1 technology priority for commercial office owners post-COVID. Thus, commercial property analytics for landlords have taken center stage in the modern CRE landscape.
At HqO, we believe that owners and operators who effectively deploy technology to collect, store, and learn from commercial real estate analytics will separate themselves from the pack to accelerate leasing cycles, improve tenant retention, and optimize operational efficiency within their portfolio. Through our Digital Grid offerings, you can provide context for your building’s Spaces, People, and Experiences to achieve the above, all while enhancing your tenant experience strategy. Let’s discuss four of many ways we can help you succeed.
1. Enhance Your Building Amenities
Through our analytics dashboards, you’ll be able to see the commercial real estate data on the spaces – such as suites, floors, common areas, etc – that your building offers to tenants and employees, as well as any vacancies you may have. This information can be viewed at both the portfolio and by the individual asset or building levels. Such granular data is critical for property teams to track which spaces (and even which digital amenities) tenants care about the most through direct engagement. You’ll be able to view visitor registration and capacity manager data, understand how often tenants are interacting with your building and its technology, as well as see which amenity posts have garnered the most tenant engagement and interest.
2. Expand Your Tenant Resources
Alongside a building’s amenities, tenants will rely on spaces within the office as professional resources – whether it be a conference room, an event space, or other space types in the workplace. We can help you see the total reservation requests and accepted requests in your building. This ultimately will put teams on the track to discover which tenant resources and spaces are the most popular, and which specific tenants use those spaces the most. Backed by this knowledge, you can then leverage our real estate analytics software to inform current and future investments into your tenant resources.
3. Get to Know Your Building Population
What better way to optimize building performance than to know your building occupants on a deeper, more meaningful level? We’ll show you a summary of your tenant population by sector, size, and lease expiration date. You’ll also be able to review their “connection scores” to track overall feature usage and capacity manager data by tenant. Such information will lead you to your most engaged tenants and help you monitor usage trends over any time period to guide decisions on how to increase and maintain that engagement through more tailored strategies. The more you customize your building to your tenants’ needs, the more you’ll be able to strategically attract and retain tenants.
4. ‘Stack Up’ to the Competition
Our Amenities & Experiences dashboard will allow you to easily categorize and centralize all of the unique building features across your portfolio. This provides a view into which content, events, deals, and retailers are most popular with tenants, as well as enables teams to benchmark their amenities against best-in-class assets. Clear insights into what is required of your building will identify areas of improvement, as well as lead you to the next big idea to put into action for elevating your building’s tenant experience.
Our goal is simple: to provide you with a reliable, real-time view of your portfolio’s buildings, tenants, and experiences. Having actionable data in one easy-to-use location will empower your data-driven decision making and increase the value of the physical office for your tenants. This, in turn, leads to increased retention, informed CapEx decisions, and an increased net operating income (NOI).
For more information about how the Digital Grid and our end-to-end operating system can fuel data-driven commercial real estate professionals, schedule a personalized demo today.