Tenant Experience, Technology
EXPLORING THE MODERN TENANT EXPERIENCE By: Ashley Simien, Cousins Properties Will an increased desire for a better tenant experience continue to influence the Commercial Real Estate industry? A priority for many landlords has been to create a positive and engaging tenant experience. Tenants want their employees to come to work and enjoy convenient on-site amenities and neighboring properties. Many landlords pride themselves on a diverse mix of tenants to enhance their relationship-building experiences within the buildings. Several companies have approached landlords and developers with detailed specifications for building the perfect tenant experience for their company. The tenant’s human resource department plays a critical role in providing input for the building’s design and selection of amenities. According to the software company ButterflyMX, “More than ever, tenants believe the workplace experience increases employee satisfaction, which increases the tenant’s ability to recruit and retain top-tier talent.” Recruitment and employee retention are recurring themes when discussing the tenant experience. Landlords contribute to the success of a company by providing spaces that enhance the employee experience.
NEXT LEVEL AMENITIES Landlords have had to reevaluate the amenities offered based on tenant demands for their workforce. According to Deloitte’s 2021 Commercial Real Estate Outlook, “Digital transformation and tenant experience are a business imperative.”
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Insight • Issue 3, 2021
Providing modern conference centers with digital booking systems and teleconferencing abilities has become essential. As a result of this demand, providing access to these digital booking systems has drastically changed from working within a work order system or a call to Property Management. Many have adopted tenant experience platforms that provide curated experiences for all building occupants. These applications provide real-time updates that can help create a community that supports surrounding tenants, especially in mixeduse properties. Moreover, landlords should promote their environmental, social, governance (ESG) as an amenity instead of a company requirement. According to the ESG software company Measurable, there is a “marked shift in tenant and consumer expectations—they expect a high degree of sustainability in the places they live, work, and shop.” Goby’s report on ESG in CRE said, “Research from Morgan Stanley found that millennials are two to three times more likely to want to work for organizations that share their values, particularly when it comes to environmental and social issues. The ability to show progress in sustainability is becoming an increasingly valuable tool in attracting and retaining top talent.” As important as it is to acquire top talent, it is equally important to retain top talent. In 2019, the CEO of Scoop Technologies Inc. issued a State of the American report that stated 62 percent of Americans would not apply for a job based on the commute and 30 percent have considered quitting their jobs because of their commute. As a result, many companies now consider public transit to be a part of the tenant experience. The advent of rideshare services has to be considered by companies when discussing employees’ commuting experiences. Cushman and Wakefield’s report on Mobility Shifts in Commercial
