{"id":14004,"date":"2023-09-15T18:54:57","date_gmt":"2023-09-15T18:54:57","guid":{"rendered":"https:\/\/mysourcefunding.com\/startups\/trends-in-commercial-real-estate-amenities-drive-leasing-decisions\/"},"modified":"2023-09-15T18:54:58","modified_gmt":"2023-09-15T18:54:58","slug":"trends-in-commercial-real-estate-amenities-drive-leasing-decisions","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=14004","title":{"rendered":"Trends In Commercial Real Estate: Amenities Drive Leasing Decisions"},"content":{"rendered":"
\n

Larry Goodman is COO of <\/em>HomeVestors<\/em> of America.<\/em><\/p>\n

You might often hear people\u2014especially investors\u2014say, \u201cWell, what\u2019s trending?\u201d or \u201cWhat are the current trends showing?\u201d Before making any kind of purchasing decision, it\u2019s important to understand how the market is currently behaving and what the projections are for the future.<\/p>\n

As we are all aware, the commercial real estate industry got a bit rocked during the pandemic, sparking discussions of an industry recession. As more people embrace working from home, commercial buildings and office parks have been scrambling to recover lost profits as companies downsize their workspaces. However, not all is lost. There are ways to reinvent existing commercial real estate so it doesn\u2019t turn into a financial black hole.<\/p>\n

Trim the fat.<\/h2>\n

It\u2019s common for people to feel uneasy when they hear the phrase \u201ctrim the fat.\u201d Almost immediately many think of layoffs, but that\u2019s not always the case. At least in commercial real estate, streamlining your operations can come from making the proper investments in technology.<\/p>\n

<\/fbs-ad><\/p>\n

Proptech\u2014or property technology\u2014is a great way to cut extraneous costs. Rather than remembering to manually send rent statements and payment reminders, you have a system set up to handle those tasks. However, an advanced proptech system can do so much more.<\/p>\n

Smart buildings, or those fully invested in property technology, not only have automated systems for their paperwork but can also keep a finger on the pulse of the entire building. From managing the lighting and thermostats to air quality and enhanced security, these types of buildings meet the needs of occupants and owners alike.<\/p>\n

Give the people what they want.<\/h2>\n

The most basic business principle is to learn what people need (or want), then provide a product or service that meets their demands. Commercial real estate has the capacity to do this in multiple ways.<\/p>\n

A hot topic I\u2019ve discussed before is repurposing properties. The supply of affordable rental properties is overwhelmingly low. That said, I also recognize that converting workspaces into homes isn\u2019t always the best use of the space\u2014not to mention it can be costly. So how do you make your property something people want? For starters, you might want to ask your tenants.<\/p>\n

While it’s not the only factor driving lease negotiations, amenities play a large role in where companies choose to settle. In conjunction with the work-from-home philosophy, many companies have allowed employees to embrace a hybrid schedule. This gives people the choice to work where they want. Often, people will choose to split their week between home and office to stay connected with coworkers and their organization.<\/p>\n

However, when people are working in the office, they still want some of the same perks as being at home. According to a survey conducted by Cushman & Wakefield, some of the top amenities employees desire include on-site food and retail stores, wellness services, communal space that tenants can reserve for social events and more:<\/p>\n

\u2022 Security and controlled access:<\/strong> Employees want to feel safe at work. With an office building, the public typically has access to the main entrance. Having the proper measures in place to keep individual offices secure will give employers confidence when signing a lease agreement with you.<\/p>\n

\u2022 High-quality internet:<\/strong> There\u2019s nothing worse than getting to the office and realizing the internet is faster at home. When sharing a workspace, employees are also sharing technology and that includes fiber-optic communication. Employers need productive employees. Ensuring glitch-free technology in their office is paramount.<\/p>\n

\u2022 Convenient commute:<\/strong> With employees having autonomy over their in-office schedules, employers don\u2019t want to make the days their team commutes to the office difficult. Having plenty of parking spaces\u2014especially free ones\u2014will give your company a competitive edge over other office buildings. You\u2019ll stand out even more if you\u2019re located near public transportation.<\/p>\n

I understand you can\u2019t necessarily check off every one of the amenities listed above. Some things\u2014like a bus stop located two blocks away from your building\u2014are simply out of your control. However, there\u2019s still plenty that you can take charge of.<\/p>\n

Two of the popular features mentioned\u2014a stable fiber-optic network and strong security measures\u2014are things that can be incorporated into your property without changing the layout of your building, like adding a shared lounge space or on-site exercise area.<\/p>\n

Take it one step at a time.<\/h2>\n

It\u2019s unlikely that you\u2019ll be able to make a lot of changes right away. Start small. Survey your property and your tenants first. Get an understanding of what you currently offer, then get a feel for how it\u2019s perceived.<\/p>\n

Your questionnaire should include a list of amenities you currently have. There\u2019s a chance some tenants may not be aware of all that\u2019s available to them. This way, you\u2019ll get a true sense of what people like and what you may need to change.<\/p>\n

Consistently communicating with your tenants and piecemealing your development will allow you to pivot your strategy as needed while still meeting occupants\u2019 demands.<\/p>\n

If you\u2019re new to the commercial real estate game, you\u2019ve got a great wish list of essentials to look for when visiting and bidding on properties. My advice to newcomers would be to focus on the location first. If a potential property is located near a metro station, that\u2019s a great feature. From there, you can work on employing additional amenities.<\/p>\n

A good investment is born from both compromise and hard work.<\/p>\n

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Larry Goodman is COO of HomeVestors of America. You might often hear people\u2014especially investors\u2014say, \u201cWell, what\u2019s trending?\u201d or \u201cWhat are the current trends showing?\u201d Before making any kind of purchasing decision, it\u2019s important to understand how the market is currently behaving and what the projections are for the future. As we are all aware, the […]<\/p>\n","protected":false},"author":1,"featured_media":14005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[77],"tags":[],"class_list":{"0":"post-14004","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-startups"},"yoast_head":"\nTrends In Commercial Real Estate: Amenities Drive Leasing Decisions | Brandiary<\/title>\n<meta name=\"description\" content=\"Larry Goodman is COO of HomeVestors of America. 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