The new generation of tenants are different. CRE professionals across the industry have worked to adhere to their desires, from
digital communications with building managers to flexible office spaces.
But before we get into the “Kids these days…” free-for all, let’s look at how millennial tenants are actually driving better building practices, even in older buildings.
Millennials Want Cool New Tech
The kids aren’t happy with a simple building automation system
anymore. Millennials have new demands, but the process to attracting and keeping good tenants is the same. Identify the most desirable features for your tenants to save time on experimental upgrades. Some have found success in sustainability projects and features, such as adding solar panels to rooftops
through commercial-specific providers like SolarCity so tenants know their energy is coming from renewable sources. Or, you could hold an energy-conserving competition among your tenants and hold a party at the end of the competition
with the money saved. Engage with tenants to find the most valuable and desired features of your building to make them even better!
Class B Buildings In Demand – With Efficiency Measures
A new trend, particularly noticeable in tech and other youth-driven industries, is Millennials love for older, Class B buildings
. These spaces are often cheaper, larger, and more flexible than an equivalent Class A building. Although Class B building are typically less efficient and older than Class A buildings, there are still opportunities for efficiency measures! With quick fixes, older buildings can operate like new
without costly retrofits.
Despite the rise in demand for Class B buildings, tenants will
pay more for amenities they want
, regardless of age or class. Again, understanding the amenities your tenants want is important to keeping tenants.
So, your buildings have growing demand and you want to find good tenants, but you don’t know how to make your building even more appealing. Now what?
Achieve Sustainability in Older Buildings with Real Estate Technology Upgrades
Whether the building is brand new or decades old, there will always be small pieces that you wish you could fix. Starting all over again is entirely unrealistic, so finding the achievable, easy fixes with the biggest returns are vital to your efforts.
Metering can be done in any building, regardless of age. Web-enabled meters
are cheaper than traditional meters–plus, you don’t have to deal with invasive wiring projects throughout your building. With web-accessible data from the meters, an energy management system
will provide greater insight to consumption data and can rationalize future technology implementation. Evolving technologies, like this backpack that maps out energy efficiency in your building
, are being developed in research labs and startups across the country. Stay on top of the tech pulse to know the latest and best technology that fits your building’s needs.
With actionable data, you can make informed decisions that will help you operate your older building most efficiently. As you make your buildings better with quick, easy fixes, you’ll improve operations while increasing tenant retention.
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