In March 2020, the majority of workers found themselves working from home indefinitely due to the Covid-19 pandemic. Since then, the pandemic’s effect on property management has led to a change in the workplace — hybrid work. A hybrid workplace is when employees work from home part-time and from the office part-time. For many employees, this is a great balance of the flexibility that comes from working from home coupled with the perks of in-office amenities.
However, hybrid workplaces pose a problem for employees and commercial property managers. Because the employees aren’t required to be in the office every day, companies are scrambling to sustain virtual connections across the entire organization. Similarly, commercial real estate managers feel the shift in the workplace, leaving them to change how they accommodate their tenants.
The impact of hybrid workplaces is still relatively unknown which is why it is more important than ever to try to understand the property management challenges brought on by this shift. Follow along as Price Commercial Management shares how hybrid work impacts commercial real estate, outlines the challenges that property managers are facing, and explains the importance of hiring property management with a specialized perspective.
How Hybrid Workplaces Impact Real Estate
From working in the office all the time to working from home to following a hybrid model, employees have had to adjust quickly over the past few years. As we come out the other side of the pandemic, we’re beginning to see the new normal take over: hybrid work. Here are a few ways remote working has impacted real estate.
Connection is more important than ever. Now that teams aren’t seeing each other in person every day of the week, employers must find ways to foster connections between employees. Without that connection to their colleagues, employers will have a most difficult time getting people into the office — and for commercial investors managing a real estate portfolio, having bodies in their buildings is of the utmost importance.
Using company-specific and building perks is an effective way of drawing tenants to the building to work. Invest in building technology that allows you to stay connected with the tenants so you can remind them of various on-site amenities they have access to when in the building. By digitizing the building, you’ll be able to maintain that connection even when the building is out of sight (it will no longer be out of mind as well!).
You may utilize technology to handle your property’s behind-the-scenes operations such as maintenance requests. But what technology is in place to connect with your tenants and streamline their in-person experience in the building? Can they reserve a conference room online? Are there exclusive discounts for them to use at an on-site retailer? Are you planning an end-of-year holiday bash? Continue to communicate all that your building has to offer with your tenants to keep them in the know. Utilizing technology to share exciting offerings at the building will help bring tenants in willingly — which is a plus for both the employer and commercial property manager.
As a commercial real estate property manager, your goal is to have as few vacancies in your building as possible. To do that, your tenants must see the benefit of paying for their current square footage — or else you’re going to have companies breaking or not renewing leases, subleasing, or downsizing their space. In this new normal of the hybrid workplace, commercial property managers need to make sure their workspaces are consumer-oriented.
Gone are the days when your commercial property was simply a place where employees came to the office to sit at their desks from 9 to 5 and then head home. You need to be more than just a desk if you’re going to keep people coming back day after day.
You must understand your tenants, what their needs are, and what will bring them into the office. By designing your building’s offerings around your workforce, you’ll help improve their quality of life at work. Consider the amenities your building provides. How does it stack up to other buildings in the area? Are there a variety of amenities to capture the interests of your entire tenant base? Workplace amenities such as on-site cafes, fitness centers, a fully-equipped cafeteria, basketball courts, walking trails, and communal space can help enhance your offerings and help incentivize employees to come to work.
While there are several challenges facing commercial real estate managers, hybrid work trends tell us that finding ways to get employees back to the buildings is a top priority. By strengthening the relationship with your tenants through on-site experiences and understanding their needs to improve their quality of work life, your property manager will have no trouble keeping your tenancies high and vacancies low.
How a Property Management Team Can Help
Utilizing a property management team can streamline all of your processes at your commercial properties and give you a completely hands-off role with your property. A Price Commercial Management property manager will help you ensure your property and your tenants are well taken care of resulting in long-term, happy tenants and a strong cash flow. The Price team provides investors the opportunity to take a hands-off approach to their properties while confidently knowing that their properties and tenants are in good hands. Overall, have more free time while we focus on ensuring that your properties continue to be a source of future income.
Price Commercial Management crafts customizable property management plans based on client needs, including:
● Rent Collection
● Lease Enforcement
● Monthly Property Reporting
● Expense Management
● Revenue Enrichment
● Property Assessments Scheduling
● Routine and Preventative Maintenance
● Relationships with Licensed and Insured Contractors
● Aesthetic Maintenance
Free yourself from the hassle and burden of managing your own property or that other sub-par property management companies have added and let our trusted and proven record go to work for you. Contact us today to learn more.