Best Practices

The Workspace Transformation

The days of the cubicle are numbered and we doubt that you're going to hear a collective sigh. It seems that over the last few years, the trend has been towards a less structured work style. Many tenants are looking for space that encourages collaboration. It is a philosophy based on the premise that innovation happens when people work together towards a common goal. One way to boost your tenants' performance is to reach out and discuss what can be done to transform their workspace. The conversation may include such topics as:

• Ensure alignment of workspace design with business needs. Work gets done in record time because employees can work well as a team.
• Use the workspace and technology to provide employees with the greatest choice possible in selecting their time and location of work. This helps to promote the seamless flow of people between work modes.
• Provide a sense of social connection between employees and the organization by creating engaging, energetic workspaces. Spaces should attract people to work and provide an interactive experience.
  As a result of your discussions, your tenants may implement some of these ideas to realize cost benefits while better supporting an organization based on teamwork.

Keeping Your Tenants Happy

Forging and maintaining strong relationships with your tenants can be as simple as visiting regularly and keeping an open dialogue regarding their changing needs and concerns. Property issues can often be resolved early by informally checking-in with your tenants and asking questions concerning their space. Tenant retention, not surprisingly, can often be linked to customer satisfaction.

Attentive care, even with small touches, can return big rewards. Whether it is fresh flowers in the lobby, lotion dispensers in the restrooms or constant attention to cleaning services, these things will be remembered when it's time to renew a lease. Another step to consider is establishing a comprehensive preventive maintenance program where qualified people inspect your building regularly to identify issues before tenants do.

The unfortunate truth is, in this competitive market, bringing in a new tenant can be at least 6 times more expensive than renewing an existing one. Amenities might bring tenants in and keep them comfortable, but in the end, successful tenant retention may come down to considerate business practices and consistent relationships built on open dialogue.