Today, almost every company in the United States uses data and analytics to improve their businesses. But as landlords try to navigate a new economic environment – one that is constantly changing – many have realized the need to get ahead of tenant trends is critical. Particularly in the commercial real estate sector, real-time data on tenant behavior is so important for landlords. Building usage and tenant behavioral data can inform office investments and increase overall tenant satisfaction during a time where building occupancy remains low and hybrid work models are on the rise.
The Importance of Data
Although 88% of landlords surveyed say that they believe data on tenant preferences is important to their overall business strategies, few of them are communicating with their tenants with sufficient frequency. For example, according to the State of Workplace Experience report, 72% of those surveyed say that they communicated with their tenant point of contact either only occasionally, or — in 12% of total cases — not at all.
Research shows that when using data-driven decision making in the workplace, profitability can increase even under a variety of different market conditions. Data can oftentimes help property teams understand the needs of tenants better than tenants can themselves. Additionally, by gathering workplace data and analytics on tenant experience, landlords can have a better understanding how their properties are being used and how to improve them. More than ever, data on tenant behaviors and their preferences is extremely valuable and can directly boost NOI for commercial real estate companies.
As some employees begin to move back to the physical workplace and some stay remote, employers and landlords alike have to work to adapt their in-office strategies to the needs of the present moment. By understanding important metrics on tenant behavior, it eliminates the guesswork that property teams oftentimes have to do when making investment strategies. This is especially important when employers and their employees may not always be in your building.
In short: If landlords and property teams have access to insights on space utilization, tenant sentiment, space usage, and so much more, they will be far better equipped to understand how their tenants are engaging with their buildings.
A Smarter Workplace Experience
A real-life example of data excellence is Entra, a real estate company that owns, manages, and develops innovative and environmentally-friendly office buildings. The company believes the future of workplace experience lies in making life easier, more accessible, and friction-free for everyone who uses the building. To foster a better workplace environment, Entra partnered with HqO and its Workplace Experience App.
Entra is not only using HqO to keep employees engaged, but to improve its services and efficiency through data and analytics capabilities. Intuitive dashboards combine insights on daily usage, building functionalities, and working hours, creating a powerful analytics engine. By using workplace analytics, this enables building managers to make smarter, data-driven decisions to further optimize the workplace experience – and allows Entra to have full control on its road to success.
By investing in a workplace experience app, Entra was able to seamlessly connect tenants and employees with services and facilities in their Powerhouse Brattørkai building. Data is so important for the future of the workplace and the most innovative ones are utilizing workplace data to drive their industries forward.
Want to learn more about how HqO can enhance your workplace solutions through data and analytics? Schedule a consultation today