Managers see the value in being customer-focused
The penny has dropped among real estate owners and asset managers that it is no longer enough to be a “provider of space.” The sector must provide a service. And this approach is now widely regarded as the vital cog in value creation wheel.
Tenants demand more from property these days – cutting-edge technology, better lighting and air-quality, social amenities and concierge-like services. They need to be courted; their needs to be met. It is accepted now that this reorientation toward a more service-based model ensures assets are resilient and fit for future purpose; key to reducing void periods, retaining tenants, attracting new ones, potentially commanding higher rents, and enhancing investor returns. As one expert reflects in this report, “You can create value through the quality of the relationship with the tenant and better understanding their drivers.”