Attracting new tenants and retaining current ones are at the top of the priority list for many commercial real estate professionals. It doesn’t matter if it’s an office building or retail space—your tenants are your lifeblood. They should be treated as such.
A big potential issue, however, is that CRE spaces often have lots of competition. So it’s no surprise that tenants relocate fairly often. According to Priceonomics, 44 percent of mid-sized companies moved at least two times in the past decade (with 23 percent moving three times or more).
So, what types of amenities can CRE pros start offering tenants to keep them from moving on? Here are four ideas to consider:
Accessible EV Stations
As gas stations have shaped culture for generations, the projection is that electric vehicle (EV) charging stations will shape the cultural landscape for generations to come. They’re already being widely adopted in states like California and have shown promise in other populous areas. Convenience is an invaluable amenity, so offering your tenants a place to charge their electric vehicle will go a long way toward earning their loyalty.
Parking in big cities is always a big pain point for tenants. By offering parking on-site at your commercial real estate property, you’ll be saving them time and (optionally) money. Managing parking can be a full-time job in itself—unless you have a CRE solution, that is. With Quarem, for example, the lease abstract feature provides a parking section where tenants can track the type and amount of parking they’re allotted. The project management software also lets you oversee the implementation of new parking.
Food and Drink Areas
Coffee bars and wine lounges were one of the hottest office amenities in 2018 and that trend hasn’t slowed down. The more needs you cater to, the more likely your tenants won’t need to move anywhere else. By having a cafe or other area where people can relax before, during or after work, you’ll be in step with the rising number of spaces that offer these modern amenities.
A jukebox, ping-pong table and slide may not sound like typical sights in an office or retail setting, but more-and-more spaces are featuring them. Uniqueness is the reigning amenity of today and offering something to your tenants that they can’t find anywhere else—especially if it’s entertaining—will be a big win for your property’s tenant retention rate.
Want to see how Quarem can help you manage amenities for your tenants? Request a demo today.