Provide a new value proposition to tenants
A KPMG 2020 CEO Outlook study found that 7 out of 10 chief executives began to embrace remote work at the start of the pandemic. Fast forward two years and even more businesses have learned that remote work is necessary and is not going away. They’ve realized that a remote workforce widens their talent pool and cut costs by minimizing their real estate footprint. Since this shift will permanently affect the commercial real estate market, ownership groups and property managers have been looking for ways to offer new value propositions to retain and attract tenants. The new model is proving that campuses must become part of the tenants’ employee workplace experience by embracing service and hospitality amenities.
5 Strategies to Create a New Value Proposition
- Get in the collaboration game. The future of remote workforces is in collaboration. Transforming your leased space into more collaborative facilities may bring new opportunities for you. This may mean reconfiguring interiors or scaling facilities differently to accommodate a different type of workforce. Buildings that can satisfy the need for human connectivity may find a competitive edge. Talk with your tenants about changes that would benefit their leased space. Answers will be different for each tenant, but by talking about their new needs now, you may be able to stop an exodus when leases are up for renewal.
- Reinvent your shared spaces. Finding new ways to use large open spaces like lobbies or unleased floors may provide opportunities to provide tenants with large spaces for hosting their events, with the flexibility to divide into smaller areas. Many tenants take their conferences, corporate training, and hiring events to other locations, but if your property can be that space for them, you’re providing cost-saving and logistical benefits. Add a coffee bar and beer taps to invite entertainment and collaboration outside of their corporate offices. Renovate and refresh your lounges, conference rooms and fitness centers to be inviting and comfortable, with high-tech equipment and innovations.
- Extend activities to outdoor spaces, using parking lots and other hardscapes. Landscaping beautifies campuses, but so much more can happen outdoors. Rooftop gardens can create relaxing spaces or interesting fitness class locations. Private terraces and outdoor amphitheaters can be appealing repurposed spaces. Walking trails can encourage fitness and community if you organize hikes. When fewer parking spaces are needed in remote and hybrid offices, think about how you can turn that outdoor space into something more.
- Become a hospitality cruise director. Creating a culture of hospitality and service at your campus can show tenants you can be their employee amenity solution, another huge benefit in today’s in-person office experiences. Food truck rotations, lunch and learn events, networking opportunities, mobile service providers who make traditional errands more convenient, flu clinics, fitness workouts, and entertainment may not seem to be things you should have to provide, but your tenants will be able to tout an amazing culture at their corporate facilities if you do.
- Lease to non-traditional “corporate” companies that can expand your tenant benefits. Even if your campus isn’t set up for traditional restaurant and retail space, you may be able to target a different type of provider to bring these amenities for your tenants. Consider leasing to a caterer or bake shop or installing plug-in power for food trucks. Offer a pop-up market space for local vendors to sell their wares. Contract an on-site childcare center, dog groomer, and dry cleaner that tenants can conveniently use. Thinking outside of the box will open new leasing opportunities for you, while making more services available to your tenants.
Although amenities may not be the golden ticket to repopulating your campus, thinking about new ways to be attractive to tenants and being responsive to their needs and sometime off-the-wall requests can help you stand out in the corporate real estate landscape. If you never imagined your TSC would be asked to do so much for your tenants, schedule a free consult to see how MOBLZ can help your team do more via mobile amenities.