Since the onset of COVID-19, many employees don’t want to be in the office full-time. This means that the office space that is being retained by tenants is currently underutilized. In our State of Workplace Experience in 2022 report, we found that only 48% of landlords operate office buildings with more than 75% occupancy, and an additional 20% operate office buildings with just 51-75% occupancy.
And, only 24% of landlords see more than 75% daily utilization for their properties, and even more landlords (36%) see just 51-75% daily utilization for their properties than any other category. In order for businesses to survive, landlords need to adapt their workplaces to support their tenants in more personalized ways.
More than ever, it’s so important to differentiate workplace properties from competitors in order to attract and retain tenants for the long-term. Offering traditional office spaces is not enough to bring employees back into the office and cultivate successful hybrid workplaces.
Increasing Tenant Engagement
In order to generate higher occupancy levels in the office, landlords need to be doing more to gauge tenant interest in the office. Property teams must create highly engaged tenants and employees through experiences that increase tenant satisfaction with their property, build brand loyalty, and stand out from the crowd. This means that the success of the workplace depends on how much value it offers tenants through enhanced workplace experiences. The more value a workplace offers, the more tenants and employees will be willing to return to the office.
To increase tenant engagement, property teams can promote and host on-site events and launches through an easy-to-use workplace experience platform. By focusing on workplace events, landlords can bring tenants together and provide different ways to make the environment and surrounding community more personalized. Events are important to help create a sense of belonging and also allow people to network and participate in their larger community.
Tenant experience software specifically can connect tenants and employees to all that a building has to offer. It becomes a one-stop-shop for building amenities, perks, programming, news, retail outlets, content, health and wellness opportunities, and so much more. By using tenant experience apps like HqO, landlords can easily promote their events and get real-time RSVP data.
A Case Study in Engagement: Nuveen
For example, 99 High Street is a property owned by Nuveen and operated by Cushman & Wakefield. Together, they partnered with HqO in 2020 to enhance their tenant experience strategies through technology and create a stronger sense of community. Similar to many, since the onset of COVID-19, 99 High Street sought to build meaningful relationships with building tenants. This can be accomplished through exceptional customer service, building amenities, and events.
In their inaugural year, their Tenant Experience Manager hosted over 50 tenant events. These events ranged from pop-ups, nonprofit sponsored events, green activations, and food celebrations. With HqO, 99 High Street was able to successfully engage with their tenants by streamlining building information and events. You can read the full case study here.
The new hybrid workforce requires office buildings that can be more than just a place someone goes to for work. Modern tenants want a space that allows for connection and a strong focus on employee wellness.
Want to learn more about HqO’s workplace solutions? Schedule a consultation today.