The mindset and expectations of the modern tenant have completely changed thanks to the rise of co-working and flexible space offerings, the influx of millennials entering the workforce and an increased reliance on technology. To attract and retain this next generations of tenants, landlords are adopting a tenant-centric mindset and creating sought-after experiences in their buildings.
What do a former NFL Hall of Fame Running Back and a technology entrepreneur have in common? A passion for commercial real estate.
From requiring more flexibility to monetizing unused space, tenants' needs are changing fast, and a new era of innovative firms are quickly emerging to help landlords meet them.
There’s no question about it – the needs and expectations of the modern tenant have changed. In order to continue to attract and retain the highest quality tenants to their properties, leasing and asset management professionals are shifting their approach to both the leasing process and the overall experience a tenant has in a building.
The leasing meeting is a critical part of the leasing process, providing a forum for asset managers, leasing teams, and brokers to collaborate around deals in the pipeline and determine how best to move them forward. But the way today’s typical leasing meetings are run is fundamentally broken, and the majority of leasing and asset management teams I come across are missing a huge opportunity to make this time more productive. The fundamental piece that transforms these meetings into agile and proactive sessions? Technology.
Lisa Picard, President and CEO of EQ Office, recently shared the stage with VTS CPO Brandon Weber for a fireside chat at VTS Accelerate, our global user conference that brought together over 400 commercial real estate leasing and asset management executives.
Innovation in the commercial property industry is reaching an important tipping-point. There’s universal acceptance that technology is driving a seismic shift, and making the jump towards becoming a truly data-driven and digital business is a task that is occupying the minds of the industry’s most senior figures.
“In case you were asleep or maybe didn’t make the first day, I’m going to recap: Yesterday we announced that we’re building the industry’s first real-time market benchmarking platform for commercial leasing.” – VTS CPO Brandon Weber
Demand from e-commerce is pushing up warehouse rents, and properties that may have satisfied tenants just a couple of years ago simply aren’t measuring up to today’s demands. And they certainly won’t measure up to the warehouses of tomorrow.
Retail is constantly changing, though at a faster pace than ever right now, it seems. The rise of Amazon and online shopping has greatly accelerated over the last few years, causing significant disruption in the traditional ways that consumers used to shop.