If you’re in the commercial real estate (CRE) space, you know that the building analytics market is growing exponentially. In fact, MarketsandMarkets expects the industry to grow to $11.10 billion by 2023. But what is building analytics software, and what is it capable of?
In essence, building analytics software monitors building performance and helps drive efficiencies within a given space. According to BuildingFit, most building automation systems allow users to create set data points, like the ideal temperature for occupants to work proficiently or tenant interactions with certain on-site facilities. Measuring how equipment operates (and how it’s being used) to achieve ideal experiences will improve overall building performance and engagement.
Though building management possibilities are endless with analytics software, we’ve seen significant traction in them being used to support local retailers. Here’s how.
Supporting Retail In New Ways
At HqO, we know that strengthening an office community goes beyond the four walls of a building. In today’s world, the best tenant experiences encompass every aspect of an employee’s day. Enter retail, and the positive impact it can have on your building occupants and the local community.
Building data allows property teams to view on-site retail and restaurant investments through trends indicating how often occupants purchase goods, which cafe or restaurant is most popular, and more.
Such data can also indicate when employees are not utilizing their building’s provisions. These insights allow property teams to further customize their engagement planning, by promoting deals for local restaurants in a property’s mobile app, or finding other ways to improve on-site locations.
Allowing occupants to support local retailers not only helps these businesses, but also increases workplace satisfaction. HqO client J.P. Morgan, for instance, knew that the heart of London’s Spitalfields Market was its local retailers.
When the Spitalfields team successfully released their mobile app to the public, they empowered shoppers and owners alike through mobile ordering, contactless payment, and line order capabilities. The results speak for themselves: three of the top five pieces of most engaged with content include order ahead options, and the other two are in-app offers.
HqO and Data Collection
When it comes to helping landlords and property teams collect meaningful data about their properties, we see it in three main categories: Spaces, People, and Experiences.
Enhance Physical Spaces
One of the most valuable uses of building data is to uncover succinct insights about the physical spaces building occupants use every day. Not only can this data prompt significant costs savings, but also bring peace of mind when it comes to investment decisions. To organize this information, the HqOS Digital Grid has a Spaces Dashboard that helps property teams understand how often tenants leverage available amenities like conference rooms or fitness centers.
For example, say you’re a commercial building owner that is trying to decide whether to expand an on-site fitness center. Rather than basing this important (and costly) decision on guesswork, you simply reference the usage data that your analytics platform has been collecting for months. From there, you’re able to see that the existing fitness center is constantly booked, and an expansion would be welcomed.
An additional motivation for collecting building analytics is to help facilities teams identify where energy savings can be maximized throughout building systems. Though commercial properties are responsible for a large percentage of energy consumption, adjustments informed by concrete data can ensure that building equipment operates efficiently and safely.
Uncover Occupant Interests
There are several ways that data can help building operators uncover important insights about their occupants. The HqOS Digital Grid also provides several dashboards that channel this data into actionable strategies.
The Tenant Company, Building Population, and Engagement dashboards can be utilized to uncover key insights about occupant interests. Based on this information, a property team or asset manager can create a tailored tenant retention strategy that they know will resonate with and reach their target audience.
Create More Meaningful Experiences
Leveraging building data can also provide a view into which content, events, and retailers are most popular with occupants across multiple buildings. Equipped with concrete insight into what tenants engage with, teams can be confident their time and money is being spent effectively when it comes to events or appreciation programs.
The Amenities & Experiences, Programming, and Order Ahead dashboards are central to a modern property team’s toolkit. Data here can be used to ensure that tenant experience budgets are being deployed efficiently.
What’s more, evaluating experience data through a connected platform can allow teams to see how each building in a given portfolio compares to broader commercial real estate portfolios.
Beginning to see a trend? Building analytics software not only informs tenant experience budget spending, but also ensures properties are operating at peak performance for occupants. To support the future of the office, and the future of our communities, these capabilities will become a top priority for CRE teams.
To learn how you can enable data-driven decision-making at your properties with our interoperable analytics offering, schedule a consultation here.