Keeping up with the world is a necessity. For business today, the ability to connect quickly and easily through digital communication networks is not an option. Spending money on these kinds of tenant improvements is not only necessary, but can be like putting money in the bank in terms of leasing and occupancy rates, as well as tenant satisfaction.
Smart technology can be as important in the retail and industrial sphere as it is for personal communication ability and in the home. It’s not all about communication, but it is all about business advantages.
Here are some updates you should consider to improve future building occupancy:
Workforce Effectiveness Tools: If your building is not equipped for high-speed internet and wireless technology, you are behind the times. According to the CCIM Institute, tenants, technology service providers and real estate developers all agree that a building is almost never “smart enough.” Broadband connectivity is among the top three features demanded by today’s tenants. New buildings should be equipped the newest technology to make every space as smart as possible. It’s worth it in terms of future ROI to retrofit an older building as well. Also, look into backups and redundant systems so that your tenants are never without their connectivity.
Integrated Building Technology Systems: The new way to go is mobile, and if your building is truly “smart,” it will include options for remote control of some functions, whether for security or monitoring purposes, for temperature and light control, or for communications. In addition, high tech applications that are targeted to specific market segments are worth investigating.
Integrated Physical and Grounds Security Systems, with Monitoring Capabilities: Depending on the facility use and location, you might consider enhanced security systems, with or without remote accessing and constant live monitoring capabilities.
Sustainable Energy Management Technologies: Look into energy-efficient and low-water-use systems, air exchange and purification systems, and both indoor and outdoor environments that are self-sustaining and virtually maintenance-free in an effort to improve employee satisfaction and productivity. By 2020 it is expected that building energy performance will be “a key factor in buying, leasing and investment decisions.” Today, however, your tenants will appreciate your efforts, and those effort should result in higher occupancy rates.
How Smart Is Smart?
The experts predict, unfortunately, that today’s “smart” will not be long-lasting. But using the most advanced technology that is available today will give you an edge over your competition, and tomorrow’s advances will certainly build on what is today considered cutting edge.
If anything is certain, it is this: The demand for newer technology will do nothing other than continue to grow. Jim McKenna, CEO of an Atlanta-based broadband service provider, says, “Retrofitting is universally recognized as a necessity today to give a building — regardless of use — a competitive edge.”
Keeping up with tenant expectations is not only wise, but may make all the difference between the success of a real estate investment and its failure to reach full occupancy. If you’re considering ways to maximize your real estate ROI, the tenant improvement specialists at StoneCo Building Group can help. Contact us today.