Commercial Buildings Are Diving Deep Into Data Analytics. Here’s Why
The business world’s appetite for data continues to drive innovation. From retailers adjusting store inventory based on the spending habits of customers to local governments monitoring building complaints to spot irresponsible landlords, the availability of information is leading to action.
Commercial real estate has adopted new technology to evolve with the market. New platforms allow CRE to utilise data more effectively in solving building operational problems and anticipating tenant needs. Data from polls and tenant surveys shines a light on building upgrades, provides insight into occupant preferences and functions as a bellwether for tenant happiness.
As more people crave experiential and social environments, data analytics can help property managers reach new levels of tenant engagement.
The philosophy of knowing what tenants truly want is behind the development and success of Equiem’s tenant portal. Founded in 2011, the Australia-based company is taking its tenant engagement platform one step further by providing advanced data collection and analytics to property owners and managers. Using this information, Equiem has helped improve tenant retention in buildings and increase building revenue.
In November, commercial brokerage firm Adams & Company Real Estate announced it would partner with Equiem to roll out an interactive tenant portal at 110 West 40th St., a 26-story office building in Midtown Manhattan. This is Equiem’s first partnership in the U.S. and will serve as a pilot program for Adams & Co., which plans to launch the service across its 6.5M SF New York City portfolio.
Equiem’s tenant portal is an app that connects occupants to property managers and the various amenities throughout a property. Services include an online marketplace linked to local retailers, dry cleaning, locker subscriptions and access to health and wellness classes. The app allows managers to notify occupants of building news through email and SMS systems, as well as manage bookings for facilities and monitor underutilised space.
The tenant portal also allows managers to learn more about tenants through data collection. Equiem portals typically engage with 60% to 90% of the entire building population, giving property managers a comprehensive look at building occupants. To guarantee the highest quality of data, Equiem completes large-scale surveys, opinion pieces and regular polling on behalf of clients.
When working with a portfolio, client behavioral patterns appear when comparing buildings or regions. Property managers can compare this data to develop services specific to each property or regional area.
Across Australia, Equiem provides the country’s largest REITs with the insight and data they need to make decisions across billions of dollars worth of commercial real estate. When approached by one of their largest clients to analyse and predict engagement trends, Equiem was able to deploy its platform to a database of over 100,000 users and develop personalized tenant experiences to match the portfolio.
After identifying health and wellness as the most in-demand service, Equiem implemented free fitness classes and discounted gym memberships to building occupants. The on-site team also coordinates and encourages step competitions and other small fitness-related activities. By accumulating data and responding to tenant needs, Equiem’s clients are able to differentiate its portfolio from comparable properties in the market.
To parse through the data, Equiem relies on Cortex Analytics. Cortex is a fully integrated reporting dashboard. Connected directly to the Equiem portal, it provides accurate and live tracking data on all portal interactions. Property managers have direct access to their building’s data and can view results in real time. Managers can log into Cortex and view insights like the total number of registered users, the total number of occupants or a breakdown of the top performing products or services.
After six years in Australia, where 10 of the 11 largest property owners in the country use its platform, Equiem has since expanded to the U.S. and the U.K. Partnering with Lendlease, Equiem recently launched its portal across the £2.3B International Quarter London estate in Stratford. Dubbed "Life at IQL", the portal consists of a branded, customised web app, a tailored engagement and services program and a community manager based at the International Quarter London. Key benefits include a streamlined move-in and onboarding experience, greater connection to the broader Stratford area, free events and offers and access to a full wellness program.
At the center of this plan is Equiem. As young workers flock to the International Quarter London to live, work and play, services like the tenant portal will create a direct line between tenants and property managers, allowing the International Quarter London to grow and adapt to meet occupants’ demands.
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