Colleen Werner is the Founder + CEO of lulafit, a company transforming office buildings with amenity consulting and management.
Companies around the world are navigating the return to office in different ways. Research shows that while amenities aren’t a silver bullet, they play a vital role in creating value for office attendance. Major trends my company is tracking—through tenant surveys, focus groups and third-party data (like this Cushman Wakefield survey)—show the top reasons employees go into the office are for socialization, collaboration, work-life balance, access to tools and connection to the company.
Amenities are a great way to support employees in their search for community and balance, and how you execute these amenities is as important as picking the right experience. Technology plays a key role in creating experiences that are convenient, secure and inclusive. Plus, technology helps you monetize your amenities (whether new or existing) and create alternative revenue streams.
Convenience
In order to create a sense of balance in the lives of users, amenities must seamlessly integrate into their busy schedules. From creating an account, booking a service or time slot, and checking in, the process must be as simple as possible. Technology allows building owners to create a painless path to use, not only for tenants but for users in the general community as well. When it comes to engagement, technology helps remove barriers. However, a common mistake with technology is overcomplicating booking processes. Technology should not be looked at to replace hospitality, but instead utilize it to drive efficiency and therefore engagement.
Security
According to the Cushman Wakefield data, controlled access was the most common amenity across surveyed properties—86% of the multi-tenant offices analyzed had controlled access. Not only does this provide users with additional layers of security, it also allows you to open access to a large group of users. With a fitness center on the ground floor, a building would certainly get interest from the community in the area, whether that’s workers in other buildings or residents in nearby apartments. Technology can help you to control the access of each individual user, ensuring you’re able to better monetize the fitness space. If you have meeting space in your building, you’d be able to grant access only to that specific floor for a specific time frame.
Unlock Revenue
If you have an incredible set of spaces, including conference rooms, bar and lounge areas, etc., you will likely see high rental potential within your current tenant population. However, it’s unlikely that tenants will be able to utilize these spaces for all potential rental times and help landlords achieve break even or profitability within their amenities. Instead, landlords should consider using technology to push their amenity spaces out on the public market.
It can feel overwhelming as you slog through the vast landscape of proptech. In order to make your selection process efficient and effective, start by taking an inventory of what already exists in your portfolio. For example, if you have an access control technology you love, you’ll want to ensure you find other point solutions that can be integrated into a tenant experience app that also integrates your existing access control service. Remember, the key for success in picking the right solution is this: Back of house technology should be aimed at replacing the amount of man hours needed to accomplish the work, while front of house technology should aim at empowering the people on the front lines of your asset to be more efficient at their role and create a better experience for your tenant. Many landlords and building managers find it helpful to bring in a third-party expert to help navigate and select the best technology partner for their spaces. You’ll gain insight (and have fewer headaches) when you leverage expertise in this area.
I believe the right technology—which prioritizes convenience and security—is a wise investment. Furthermore, the right technology can unlock opportunities to drive additional revenue streams. But remember, technology shouldn’t replace hospitality—it should enhance it. Whether you’re adding amenities or updating them, it’s important to look at your building’s offerings holistically and seek to understand how they support users’ search for community and work-life balance.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Read the full article here
