Is Your Property Set Up for the Future?
| Is Your Property Set Up for the Future? |
With the introduction of new technology and a younger working-class generation, we are beginning to see a shift in the workplace. As we have discussed in past newsletters, more tenants and employees are looking for new invigorating ideas to balance their personal lives with their work lives. Are new service trucks and mobile food trucks all that we property managers need to think about?
In addition to mobile amenities, our opinion is that we need to also consider the longer-term shift towards things like battery-operated vehicles (charging stations), the switch from 4G to 5G, and smart technologies other than cell phones. Some of these new technologies do not require much planning or alteration to the workplace, but having the availability for them is going to become crucial.
When looking for office space, prospective tenants will typically search for a space that allows for growth not just in employee numbers, but also growth within their market. To attract the best and brightest, it’s now important for businesses to have open, bright and energetic office spaces, fitness centers, break areas for employees to recharge, and more. With the demand for amenities not slowing anytime soon, you need to be ahead of the game and upgrade your properties to not only keep current tenants, but bring in vibrant new tenants.
We highly recommend listening to your current tenants and react based on the comments you receive from them. Pay special attention to questions asked by prospective tenants. What are they looking for in a new space? Do you offer that amenity? Keep in mind, though, that you should not change or upgrade your space unless it’s a win-win situation. Will the tenant benefit from the upgrade and will your property benefit long-term from signing the new tenant? There is no need to waste money, so it’s important to do cost analysis and also look to future benefits! |
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