In the field of commercial real estate, not much has changed regarding the way actual construction takes place. Buildings still pretty much follow the same brick and mortar structure of the design model. The one area that commercial real estate will be seeing a major swing, however, is in the overall tenant experience. With all of the advents in technology, this will be the space to watch in the future. PropTech is the technology arm of property development and investment, and the eye will be on keeping the customer happy.
The old mantra location, location, location is now being replaced by location, experience, analytics. The location will always matter, but now tenant satisfaction plays a major part in the world of commercial real estate. The analytical part comes from compiling all of the survey data gathered when users were asked what they look for in a tenant experience. AI and IoT were the topmost requested enhancements.
Tenant experience is defined as all the ways the tenants, or renters take up space and live within a property. It encompasses everything from the ease of the parking garage and the cleanliness of the lobby to how quickly maintenance issues are handled and how rent is paid. It is in the property owner’s best interest to keep the tenants happy in order to avoid a large turnover because there are many expenses involved with that process.
Providing an online portal and a mobile application for renters so they can easily pay their rent and submit maintenance tickets is the most requested amenity. Another growing advancement is the Internet of Things (IoT) or the idea of smart buildings. Surveys of prospective tenants show that this feature is ranked almost as highly as location when looking for space. The unseen, internal benefits of smart building technology will save property owners money in both the short- and long-term because of energy efficiency, among other reasons.
Even the hospitality industry is getting involved. Futuristic hotels combine facial recognition and a digital assistant to create safe, customized guest experiences every step of the way from booking reservations to ordering in-room services and efficiently checking out.