The past decade has welcomed a seismic shift in the way we work. But it hasn’t all been positive: despite growing populations and their overwhelming need for space, office market vacancy rates in some parts of the world reached a significant 10.9% in 2017. With an entire tenth of our buildings sitting unoccupied, is it time that building managers revisit their methods to attract quality tenants?
Supporting a company in the ongoing war to attract and retain talent could be the key to tenant retention. By helping fulfil the needs of employees, property managers and owners can increase the value proposition of today’s workplaces.
To meet those needs, one must first understand what tenants want, on both a company level and an employee level.
Here are 4 ways we see buildings attracting tenants in 2018:
Previously, co-working was linked primarily to start-ups, entrepreneurs and freelance workers - but the benefits of the phenomenon have expanded into mainstream industry. As cubicle walls fell around the world the feeling of being shackled to a desk was alleviated. Suddenly, employees could experience the productivity boost a change of scenery could deliver. Simply by moving to a different area of their office, 64% of co-workers reported a better ability to complete tasks on time.
While it’s up to the employer to provide laptops so their company can occasionally go unplugged, building managers can attract long-term tenants by ensuring that office fit-outs support flexible working styles. A variety of hot-desks, standing desks, breakout areas and meeting rooms demonstrate potential for flexible working styles, as well as open communication and collaboration between employees or businesses.
These "Agile Workspaces" have long been the norm in Silicon Valley, but we're now seeing these malleable offices filter into some of the worlds largest and most established institutions. Australia's Commonwealth Bank, the UK's O2, and even big four heavyweight KPMG have all adopted the trend, in search of a better working environment for their team members.
With workers in some parts of the world spending up to an hour commuting to work every day and 8-10 hours a day in the office, convenience is essential.
In the navigation and transport industry, innovations in tracking technology are directing employees to vacant parking spots with ease in busy cities, or helping navigate complex airport facilities with step-by-step directions (and even self-driving wheelchairs). In the world of co-working and hot-desking, new technologies are changing the way we use our workspaces - helping employees book their desk for the day or get updates on whether a meeting room has opened up in real time.
Equiem has also addressed the growing need for convenience in the workplace through its custom property management and engagement services. For example, Equiem’s custom-built micro-intranet comes complete with event booking systems, discounts to local retailers, food and coffee delivery and access to exclusive to health and wellness facilities.
A tenant’s ability to include these facilities and services in their employment offering can help them maintain their status as a quality employer, incentivising them to retain their lease and become a long-term, high-quality tenant.
In many ways, modern businesses haven’t grown along with the technology available. It’s not uncommon for an office worker to have higher functionality in their pocket through their smartphone than on their work computer. But BYOD (bring your own device) and technological upgrades have forced office technology to stray from the days of fax machines and dial-up internet. Why stop there?
Building managers who are able to demonstrate their ability to facilitate, support and ultimately improve the technological offering of businesses will see a rise in tenant retention and attraction. In addition to high-speed internet and wireless capabilities, an internal digital offering throughout the building is highly sought after – as proved by Equiem’s growth. In this digital age, workers seek a frictionless experience that can seamlessly integrate their personal and professional needs at the click of a button, such as that found within the Equiem Portal.
As Google and Apple have thoroughly demonstrated, company culture needs to combine people, facilities and sentiment to support the happiness and wellbeing of employees. This is just as important for individual companies recruiting employees as it is for building managers hoping to attract high quality tenants.
But fostering a sense of community within high-capacity skyscrapers has long been a difficult task. How can you connect and cater to people across disparate industries, a multitude of levels and countless offices? The answer requires a multi-pronged solution: a digital meeting place and effortless communication platform complete with an offline offering of events, services and facilities to compliment the digital experience.
For example, Equiem’s bespoke property management software offering bridges these needs with a complete package of both state-of-the-art online capabilities and on-site physical services. By combining leading technological offerings with tangible human contact and capacity, hybrid solutions like Equiem are giving tenants a significant upper hand in terms of what they can offer their employees - without much effort on their part.
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An exploration of why building managers should be garnering data about their building community if they want to please their current (and attractive prospective) tenants: including what you could learn from this data, and how to capture it with innovative technology and communication strategies.
Exploring the evolution of co-working in the 21st century, and how Equiem can help enable co-working through online skillshare, networking and transforming empty rooms into truly collaborative co-working spaces in your building.
Salta Properties’ business precinct in Melbourne’s Mulgrave, Nexus Corporate, will offer property management platform Equiem to its tenants, making it the first ever business precinct in Australia to adopt the software.
Equiem, Australia’s pre-eminent provider of digital tenancy platforms for the office building sector, is significantly expanding its presence in the retail market following an agreement with QIC to install its tenant portal across QIC’s nine major retail centres.
Investa Office Management (‘Investa’) has partnered with Proptech specialist Equiem to deliver a tenant engagement program nationally, expanding its role as an office manager and paving the way for a more connected and convenient workplace for the thousands who work in Investa buildings.
We’re delighted to present the newest addition to Equiem’s family, Natalie Clark! As Senior Platform Performance Manager, Natalie ensures our customers are satisfied with their experience in their buildings, which suit their workplace environment along with offer a sense of community to improve work/life balance.
Equiem now has a 10-desk private office in the newly opened WeWork 5 Martin Place, one of the only two WeWork locations so far in Australia. WeWork, a “platform for creators”, provides beautiful, collaborative workspaces with a big focus on fostering an active community - making it a perfect new home for our Sydney team.
For Equiem, fostering a diverse environment was never about being a ‘good corporate citizen.’ It was about gathering together the brightest, best and most passionate regardless of gender, sexual orientation or nationality.
Having a vibrant, engaged community in your building is important, as engaged tenants are more likely to stay and recommend your building to others. Building a community, however, doesn’t happen overnight. Learn the fundamental steps to engaging tenants in our guide.
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