Flexibility, services, and amenities are the demand default among office occupiers. Whether you’re a landlord or an asset manager, if you’re not thinking about how to implement flexibility across your office portfolio, you may be leaving money on the table. Here are five ways that flexibility can help drive value across your office portfolio.
Activating latent space
Ground floors and difficult to rent spaces may be sitting dormant across your office portfolio. With a flexible service proposition in place, you can include these areas in your lettable space inventory and make them available to occupiers. Enterprise-ready flexible technology and digital infrastructure are essential to activate vacant real estate spaces for both new and existing occupiers. With ground floor space to work with, an open office environment for drop-in users, spec suites, or a café space for your existing tenants can help capture prospects that can grow their business across your office portfolio. Having visibility over how your occupiers utilize these areas can offer valuable insights on how to optimize them for the future.
Offering a compelling service proposition
Offering flexible services and amenities across your portfolio can help to increase foot traffic through your office portfolio and drive revenues. Conference and meeting rooms, training rooms, events, and virtual services to name a few can become sticky revenue services that boost occupier retention. Taking advantage of space across your office portfolio to offer additional services to your tenants and prospects can drive occupancy rates and sales pipeline.
The occupier experience should be seamless and simple from the moment someone accesses the building and connects to the Wi-Fi to when they pay for services. Without the right technology in place, the customer journey and activating spaces and services can become complex, costly and a risk to your brand reputation.
Meeting agility and flexibility requirements
The future of work is changing before our eyes. The ability to adapt to rapid change and business volatility is critical for all CRE stakeholders. Flexible workspace operators are well-positioned to respond to occupier needs because flexibility and agility are core to their business model. In particular, ambitious operators with reliable service operating models underpinned by digital infrastructure and technology can meet a broader range of occupier requirements.
Responding to occupier demands, however, requires a shift in mindset from product to service. As this shift becomes more widespread across the largest asset class in the world, reevaluating your service operating model and the technology used to enable your operation will be essential to offering greater agility and flexibility and, in turn, driving occupancy across your office portfolio.
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Mitigating risks to occupancy rates
In today’s global economy, uncertainty is a reality. Businesses are operating on shorter planning cycles and require greater flexibility to manage their overhead. The flex-space industry has normalized access to flexible workspaces for businesses of all sizes. That means keeping pace to stay relevant in the office sector, mitigating risks to occupancy rates, and future-proofing your portfolio.
Tenants are increasingly resistant to long-term, traditional leases as they pose greater barriers to their businesses. Offering occupiers a range of services and flexible leasing options such as short-term contracts, meeting rooms, technology services, and access to amenities can help retain your tenants in your office portfolio.
Boosting tenant productivity
It is critical to consider if your space assets and services are meeting tenants’ needs and enabling them to be productive. But aligning to tenant demands can be a challenge when relationships are driven solely by transactional processes. Implementing flexibility across your assets and being more service-oriented helps you to better understand your tenants’ service needs. A compelling proposition allows you to deliver on occupier requests and can improve space utilization metrics and the occupier experience.
Flexible workspace offers the agility and activity-based working that today’s workforce is looking for. Are tenants connected to and empowered by the services and amenities that you offer? The right tech operating model can activate and diversify your space assets to meet the tasks and work settings that today’s occupiers demand.