As a commercial real estate owner, you have to work hard to create office spaces that tenants want to work in. In order to do that, you have to understand each tenant company inside and out — allowing you to determine what your tenants really want out of the modern workplace. Fortunately, commercial real estate data analytics software exists to help you better understand what your tenants want and how to best provide for their needs. With a look at the data, you get commercial real estate insights that can guide your efforts and ensure you hit the mark. You can then make more targeted decisions without wasting your time and money on the wrong things.
Since real estate analytics are just starting to take off, getting acquainted with such tools in your own property management operations now will keep you one step ahead of the market. Acting early will ensure that you can enact key solutions that serve the needs of your office tenants — thus differentiating your assists and strengthening your client retention strategies.
Commercial Real Estate Analytics and NOI
If you want to increase your revenue by attracting and retaining tenants, you need to go above and beyond in all you do. Before commercial real estate analytics came to be, this required a whole lot of guesswork. Now, data science in real estate can lead the way to greatness and help you achieve all your goals.
As you use your real estate analysis tools, it’ll be easier than ever to generate new revenue for office buildings by:
Designing Excellent Offices
Commercial real estate data analytics let you know where your office spaces excel and how to best improve them. By providing the right amenities and building offerings for each tenants’ needs, you’ll be increasing customer satisfaction and making your asset more competitive in the market. As you make changes, you can also return to the data to see how your efforts are panning out. Over time, you’ll end up with offices that exceed all expectations and keep your tenants satisfied with their rental experience for the long term.
Depending on your tenants’ preferences, the top amenities in your area may include:
- Fitness center
- Digital programming
- Easily-sourced conference rooms
- Meditation area
- Touchless technology
- Secure parking
- Fast internet connections
- Outdoor gathering spaces
- On-site daycare service
- Great food vendor and retailer options
In the end, the amenities should directly resolve the needs of tenant pain points, identified by real estate data science. Every demographic is different, so let the data lead the way to avoid investing in something that won’t pan out. By getting your building’s amenities and offerings right, you can draw new revenue to your building through engaging services and higher building occupancy rates.
Partnering with Key Retailers
In the commercial world, key partnerships with retailers can also generate new revenue. Tenants like to have their favorite restaurants nearby, so they can quickly grab a bite to eat between tasks. Beyond that, they appreciate having a couple of small shops that bring convenience throughout the workday.
By establishing relationships with on-site and local retailers, you can set up special deals for tenants at their favorite places and elevate the larger community. It’s a win-win: retailers have to access new customers and your office experience is more enjoyable.
Building Lasting Relationships
When you use commercial real estate tools to respond to the needs of your tenants, they feel valued and appreciated, keeping turnover rates at an all-time low. You can resolve problems before anyone has a chance to voice their concerns and preemptively put in helpful solutions that add value to the workplace.
The magic of commercial real estate data analytics doesn’t end there. As you go through the many insights you can gather, you may discover new and clever ways to repurpose underutilized space (such as implementing flex space), or to host an exciting event that would mean a lot to your building community that will also increase engagement and revenue.
Leverage HqO’s Commercial Real Estate Analysis Tools
Although it might sound complicated, leveraging data to best serve your tenants is easier than ever thanks to HqO’s real estate analytics software, the Digital Grid. By investing in this tool, you get a world full of data at your fingertips, ready for you to use to improve your commercial real estate offerings.
Through the Digital Grid, you can provide context for your building’s Spaces, People, and Experiences to accelerate leasing cycles, improve tenant retention, and optimize operational efficiency within your portfolio. Its reliable, real-time view of your portfolio’s buildings, tenants, and experiences is easy-to-use and will empower your data-driven decision making capabilities.
For more information about how the Digital Grid and our end-to-end operating system can fuel data-driven commercial real estate professionals, schedule a personalized demo today.