How do you leverage tenant data to optimise your Commercial Real estate portfolio
As landlords or property managers, we often wish to retain more tenants and increase and maintain optimum occupancy rate among the commercial buildings we are managing.
If we utilise the right kind of technology or platform to manage the portfolio as well as the tenant community, we will be able to derive the right data sets that will be of great interest to us.
There are many different ways to increase tenant retention and satisfaction by making data-driven decisions about office buildings, and how we can use that data to understand the new set of value drivers for the commercial real estate (CRE) industry
How to succeed in the CRE industry by using data-
If you are not using any kind of technology or platform to manage your commercial buildings portfolio , you are definitely behind in your industry.
Property owners urgently need to stand out among themselves in a market with too many similar products such as types and concepts of buildings , locations & tenant mix, in order to attract a wider range of occupiers from diversified industries.
The above will not be possible if you do not have these data about your buildings, its systems and its end users and most importantly data on how end users actually use and utilise your buildings and its systems.
By tapping into how tenants exactly utilise office buildings, property owners will gain a great insight on how such data can be used to improve tenant engagement.
Such data has also enabled tenants and office managers to make wise decisions on managing their office and workplace leases. For example in the current COVID pandemic, many organisations and their employees are required to work from home. In such situations, many organisations were left wondering what physical office space really means to them and whether is it still considered a necessary expense, bearing in mind office rents are still considered one major cost component besides staff salaries. With the availability of such data, many organisations are empowered to make better decisions on their workspace leases and related arrangements.
From the landlord stand point of view, a well designed and data driven workplace can increase productivity , tenant engagement, staff satisfaction, Invariably this will drive up tenant retention and increase occupancy and of course value of your commercial real estate portfolio.
What kind of data will be useful to building owners ?
Below are some examples
- How and when tenants are accessing the buildings and offices?
2. How are tenants making use of the facilities ? I.e meeting rooms, lounge, garden , washrooms, cafes and F&B in the buildings ?
3. Are the tenants accessing ancillary services and purchases on the platform ? such as making a vehicle booking etc.
By harnessing the right kind of technology platform, more data can be collected depending on the total number of touch points in the property.
With such data, Building owners will be able to create a more empowered, data driven tenant centric workplace strategy , transforming their commercial properties into a highly desirable workplace for all tenants or prospective tenants, hence driving the values of the CRE portfolio up.