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April 3, 2020

The Proptech Paradigm Shift Part 1: Space as a Service is No Longer Enough

Commercial real estate is a traditional industry that has only recently faced a paradigm shift in the needs of their consumers.

No longer is it enough for landlords to offer space as a service. 

The modern workforce of office tenants are more interested in holistic service offerings to match the cultural shift toward an elevated awareness of their sense of place and coming to expect a higher quality of experience from their places of work. 

CRE leaders, asset managers and landlords are finally recognizing this need and are working toward more humanistic approaches. This way they can attract, retain and reassure tenants and the modern office-goer that there is a better way to do things in the world of commercial space, apart from how they’ve been done before. 

But how has this shift come about?

This series will deconstruct the shift into 3 parts:

• Provocation & pain points

• Attaining a workplace experience platform

• Successful implementation

Provocation & Pain Points

CRE execs realize the two-handfuls of challenges associated with the industry in flux. 

On one hand, the day-to-day constraints that property managers face; and on the other hand, the demands of a modern workforce of tenants. 

1 / Property Managers’ have lacked intelligent methods of data collection

Property Managers are stretched thin because much of their day is devoted to being reactive rather than proactive towards the needs of their tenants. 

Firstly, their stack of tech tools meant to boost the efficiency of tasks is out of date and clunky. 

Secondly, scattered systems of paper handbooks, spreadsheets and forms no longer suffice because they lack analytical insights. This shortcoming means that property teams have no way of evaluating how engaged or how actively tenants are utilizing building offerings. Without an intelligent way to measure success, missed opportunities stack up.

Tracking and aggregating data in a straightforward analytic dashboard allows property managers to quickly understand adoption, engagement or usage rates while also gaining clarity into user behaviours and preferences.

2 / Tenants expect seamless and elevated workplace experiences

The contemporary needs of business call for tenants to look for flexible or short-term lease options. This means that office occupants aren’t here for a long time; they’re here for a good time. Property managers must find meaningful and inventive ways to foster positive workplace experiences to attract and retain tenants from the next generation of the workforce. 

This next generation of professionals are digital natives that value balance, convenience, comfort, and above all, a sense of community. They expect these values to ripple outward and reflect in the built world that surrounds them. They seek out one source of truth to inform them of happenings and offerings from the space they work in and demand that services mirror the same digital ease found in other aspects of their lives, from food ordering to transportation services. 

The workplace ecosystem is more sophisticated than ever. When the lack of intelligent tooling catches up to the owners, operators and asset managers, they reach out for solutions to find the best possible technology to support the evolving nature of workplace experien

To learn more about the changing workplace culture, read more here.

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