How Commercial Real Estate Data Can Be Used to Boost Tenant Experience
Modern commercial real estate tenants want tools, systems, and environments that improve worker satisfaction and productivity. With the help of commercial property data, property owners and asset and portfolio managers can visualize property performance. By visualizing performance data, asset and portfolio managers can deliver better amenities, optimize their offerings, and drive greater value for leaseholders and their employees. Still, only 28% of major commercial real estate companies actively use data to improve the tenant experience.
Read ahead to learn about commercial property data and how to access the data and then use it to boost tenant experience (and ultimately increase NOI).
What Is Tenant Experience?
Tenant experience is a relatively new term that refers to the working experience of a tenant or employee in a commercial building. It covers a wide range of experiences, from the building’s amenities to the feeling of community and employee wellbeing. A positive tenant experience involves making the building a comfortable, productive place where employees enjoy working.
Why Is the Tenant Experience Important?
Now more than ever, employers know that the workplace experience increases employee satisfaction, which strengthens the ability to attract and retain top talent. Amidst The Great Resignation, recruiting talent has become difficult, causing employers to prioritize efforts to capture candidates’ attention.
But boosting tenant experience is not only important for companies seeking to hire new team members. Commercial property owners/operators know that satisfied tenants lead to:
- Increased tenant loyalty
- Higher occupancy rates
- Longer-term leases
- Premium price-per-square foot pricing
Thus, owners and tenants can both reap the benefits of a strong tenant experience.
How Can Firms Access CRE Data?
The first step in being able to enhance the tenant experience is to access the data. Data ownership is a key factor in determining how your firm obtains property insights. When you control your own data, you can tailor, compare, and visualize it to extract actionable information about the property. But, when your data is managed by an external source, it can be difficult to retrieve property performance details.
Technology like Lobby CRE helps you control and visualize your data within a single platform. A centralized repository enables firms to compare data in real-time. Collecting and assessing data can help you understand how tenants interact with the building, which is critical for identifying any issues that may cause occupants’ dissatisfaction. Additionally, data can be consolidated across multiple different systems, including your PMS, for better access to your data.
How Can CRE Data Enhance the Tenant Experience?
Data sometimes understand tenant needs better than tenants do themselves. By gathering and analyzing data, commercial property owners and asset and portfolio managers alike can identify and respond to any challenges. CRE data can be used to track key metrics about the property, and other indicators that may point to the need for a better tenant experience.
CRE data can help you track:
- Occupancy rate
- Net operating income (NOI)
- Delinquency rates
Plus, a benchmarking tool like the one accessible in Lobby CRE provides both internal and external data. Benchmarking data can be used to compare property performance and determine opportunities for better tenant engagement.
Download the 6 Steps to Effectively Manage and Leverage Your Data checklist to learn how to control your data to successfully run analyses, extract meaningful insights, and leverage it throughout your entire CRE business operations.