This article originally appeared in Propmodo on December 10, 2018.
There is a growing trend in the commercial real estate industry to develop a more customer-centric (or tenant-centric) strategy to help improve returns. This shift in strategy is now starting to reshape the entire property landscape which in turn determines which technologies get adopted and which don’t.
The influx of millennials into the workforce is driving change in every aspect of how firms do business. These workers have an increased reliance on technology and significantly different expectations for work/life integration than older generations. This influences their expectations for a workplace. Consequently, workplace design impacts corporate performance.
These prospective workers want an appealing office setting. But they also want amenities that simplify their lives and make their work more comfortable and enjoyable. So, in order to recruit top talent, companies are looking to make the workplace as appealing as possible.
Property owners know that a tenant’s effectiveness in recruiting and retaining top talent directly affects lease performance. So they’re working more closely with tenants to provide technology and amenities that make locations attractive for new recruits and support their tenants’ business operations.
To support this more customer-centric approach, new specialized ventures pop up every few months. These companies serve a wide range of functions including building and space design, improved leasing and tenant communications, more flexible leasing options, creating community to reduce turnover, and even giving real-time insight into and tenant control over their use of amenities.
These PropTech technologies enable real estate investment firms, property managers and owners to better support commercial tenants. Here are just a few of the current trends in the commercial office space markets...
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