Three Ways to Keep Your Tenants Happy

Tech is transforming the way office buildings retain tenants in today's market, so we're thrilled to be holding Bisnow's Property Management & Office of the Future summit next month to discuss new ways owners and property managers are keeping buildings competitive. Some tips:

1) Keep things flexible and economical.

Technology is making it more convenient for property managers to run offices and for tenants to occupy them, Foresite Realty Partners CEO Don Shapiro, our event moderator, tells us. Foresite is working with new virtual rent payment systems that eliminate the hassle of checks, money orders, and wire transfers. It’s instantaneous, easier on tenants’ accounts payable (along with landlords making distributions or paying their lenders), and tenants can better manage cash, Don says. Putting common-area maintenance and tax reconciliation pools with secured online access also boosts transparency, allowing tenants to review the expenses (a significant portion of gross rent) at any time, he tells us.

2) Boost autonomy, but have eyes everywhere.

Tenants want total control of their space, so Foresite has been testing online tools that allow them to make environmental modifications (to HVAC, for example), Don says. Being able to change office temperature by a few degrees without waiting for the building engineer is truly a game changer, cutting costs and promoting sustainability, he says. That independence doesn’t mean live video monitoring isn’t important, he says, especially for out-of-town domestic and foreign landlords, vacant buildings, curious lenders, or smaller buildings without on-site management. It drives down operating expenses via real-time feedback and shortens response times in case of emergency, he says.

3) Keep expanding your tenant network.

With 9M-plus SF of commercial space and over 7,500 residential units, bed, and pads under management in more than 20 states, Foresite has a lot of tenants to connect. On an opt-in basis, it's has been offering a summary of companies located within its network. (Starting within buildings, they’ll build up to submarket, state, then region.) Don says it fosters collaboration and provides tenants with services they need (HR, contractors, etc.). In addition to preparing for Foresite’s office move next month (to 5600 N River Rd, above), Don has been prepping his oldest for her driver’s test and suggests we all stay off the roads. Hear even more at our event by registering here!