Seven Things Modern Office Tenants Want
The lowest price per square foot isn’t always the number one factor in a tenant’ decision making process. From flexible lease terms to moldable work spaces, tenants are willing to spend more money to gain operational advantages in the areas of flexibility, functionality, and adaptability.
Aside from location and price, modern office tenants seek:
- Shared Space: We are seeing more conference rooms, plug and play workstations with good connectivity, and larger break rooms taking up the space that in the past may have been reserved for smaller private offices or a corner office. This set up keeps costs down as well as fostering a communal and collaborative atmosphere among employees and their managers.
- Build out: Companies want to be able to grow their space with their business, whether that means build outs or movable spaces. Thus, they are willing to pay a premium in improvement allowances even in a down market so as to maximize future potential.
- Operational Efficiency: Tenants want a problem-free building. Whether its elevator speed or climate control, tenants increasingly demand smooth operation.Tenants wanting great internet access with multiple provider options has become more of a standard in recent years.
- Flexibility:Rapidly changing business models and environments seem to suggest that flexibility is probably the first concern of modern day tenants, whether that means flexible lease terms of modifiable spaces.
- Power Backup: Power concerns such as backup generators and different power sources are increasing in demand with growing tech concerns.
- Amenities:Food services, banking, gyms and concierge services are increasingly in demand.
- Increased Security:Attached underground parking, lobby cameras and concierge service are amongst security features that the modern tenant desires.
All these factors, in addition to maintaining a good reputation, should be of concern to landlords looking to lease their spaces to the modern-day office tenant. Be sure to reach out to your local office space leasing specialist before putting your space on the market. It is crucial to not only develop but to also execute the right marketing strategy to cater to the modern tenant.