What figures do landlords need to be serving up to prospective tenants in order to seal the deal?
Today’s tenants are juggling a variety of factors when looking for office space. Traditionally, landlords have focused their efforts on the intangibles – the aesthetics of the building and features like windows, ceiling height, elevator cabs, and lobbies. And while those things are vital to keeping tenants happy in their work space, the needs of today’s business tenants’ are driven by numbers.
In order to attract tenants and facilitate leasing, forward-thinking landlords need to know how to use their data to amplify their positioning and shorten the leasing process.
So what are the 4 numbers commercial tenants want to know before leasing?
Cost will always be the first number that tenants want to know. But savvy property marketers know how to augment and position their rates and savings to close more leases. For example; it may be that the taxes, insurance, and management costs in your space are lower, and deliver a lower net rate per square foot. And in some case it may be worth considering the tenant’s Return on Investment. Smart businesses are going to look for the best ROI on their space. A great example of this may be a co-working space which allows for the tenant to create additional value – and gives landlords an opportunity to benefit.
The old real estate adage is “Location, Location, Location”. And of course location is important. However, a landlord who is able to provide information on the surrounding area that goes above and beyond is giving prospective tenants the added insight that allows them to visualize themselves in the neighborhood. Data like number of restaurants, shops, gyms or even juice bars has popped in in building’s marketing materials. Detailed transportation information like proximity to airports, subways and highways and approximate travel times give decision-makers the added insight they need to choose an office location that works for everyone. These numbers allow landlords to do much of the research up front for tenants, and make the discovery process easier for them.
3. Square Footage
Square footage is a hugely important number to your tenants, but smart property marketers find a way to maximize it. Through design, lighting, flexibility and innovation, landlords can create spaces that can be extended or reduced as tenants grow their footprints or pivot. Photography, views and space design can make spaces feel much larger than competing ones with the same footprint.
In this list, we've put connectivity last. But today’s business are so reliant on connectivity that in many cases, tenants are actually looking at connectivity first. Buildings today are heavily marketing themselves as tech destinations with tech-focused marketing taglines and separate brochures dedicated solely to promoting a building's connectivity. And with good reason. Today’s tenants are tech-savvier than ever, asking questions like “How many carriers are in the building?” “How many Points of Entry does the building have?”, and “Is this building wired for high-speed internet?” Wired Certification shows prospective tenants how many internet and broadband options are available to them. And the rating methodology goes beyond potential internet speed to how resilient, reliable, and secure the connectivity is in a given commercial building. It even factors in room for future growth and emerging technologies.
Whether your building is fully leased or in the first stages of development, Wired Certification enables landlords and developers to identify and promote best-in-class connectivity infrastructure to current and future tenants. If your building hasn’t been Wired Certified, contact us and start the process today.