Real Estate Technology Millennials Actually Want July 16, 2015 | Kelia Cowan

Real Estate Professionals, consider this your wake up call. Millennials are moving into the office and have specific ideas about what they want in their spaces.

Millennials have received more than their fair share of buzz in the media. Before you discount this blog, consider this: They are the future. And they are looking for a more technologically advanced real estate industry. To attract new tenants, improve your tenant retention, and achieve tenant satisfaction, start using new real estate technologies now.
 

 

Real Estate Technology is Disrupting CRE
Spoiler Alert: This is a good thing.
 
Commercial real estate has reached the 21st century with innovative real estate technologies. New software such as HiRise and MREN offer new ways and platforms to find properties and connect with others in the space. This can lead to smoother transactions, a more streamlined process, and better information sharing across the industry.
 
Millennials are the first digital natives in CRE. Maintain your competitive advantage by offering the latest in smart building tech, streamlined operations, and energy efficient measures. Use property management software like Building Engines to compile and analyze the pieces of your tenants’ experience. Even simple ways to communicate with your tenants, such as CrowdComfort’s app to report preferred tenant space temperature, will improve your tenant relationships.
 

 

“Green” Energy Technology Improves Operations
Technology doesn’t just influence the search for office space. Increasingly, tenants seek out energy efficient buildings, and are willing to pay more for these amenities. In fact, if tenants pay for their utilities in a triple net lease, they don’t want to lose money to inefficient appliances and practices.
 
Building owners also benefit from using technology to support energy efficiency measures. Simple practices, such as proper HVAC maintenance, can make buildings more energy efficient and negate the need for an entire building retrofit. Submetered spaces using real-time data software are changing the way building managers analyze a properties’ consumption.
 

 

Sustainability Projects Attract Tenants
Energy efficient buildings offering green leases are particularly appealing to some tenants. With a focus on efficiency and sustainability, green leases ensure properties are maintained accordingly. Studies have linked sustainable offices to increased tenant satisfaction and better health.
 
As millennial tenants look to the future, you can, too. Identify technology that can ease the commercial real estate process both from a leasing and operational standpoint. These tools could be key to helping you keep your current tenants and attract new ones. So, what do you have to lose?

 

About The Author

As the Digital Marketing Specialist at Aquicore, Kelia Cowan manages the company’s content and events, including the company blog, social media channels, resources, email marketing campaigns, webinars, and conferences. Simultaneously, she fields questions on how to “properly” pronounce her name.

Previously, Kelia was the Marketing and Communications Fellow at Cleantech Open Northeast, where she focused on digital content and event coordination. As an undergraduate student, she worked in various communication roles at Dana-Farber Cancer Institute, The Green Party of Aotearoa New Zealand, and Energy Excelerator. Kelia left the paradise of Honolulu, Hawai’i, to attain a B.S. in Journalism and a B.A. in Environmental Analysis & Policy from Boston University.