Nick Romito, CEO of VTS, a commercial real estate platform, highlights the current state of the office market, which is facing challenges as 80% of office occupiers adopt and sustain hybrid work policies. Despite rising office demand, competition for tenants remains fierce. Romito emphasizes the importance of meeting tenants’ wants and needs to shape the future of the office market.
Romito believes that attracting employees back to the office is crucial to increasing office demand. To achieve this, landlords must curate an environment that entices tenants to return regularly. He suggests making the office a destination rather than just a place to work, offering amenities that promote well-being, and providing flexibility in office space to match the comfort of working from home.
A tenant-centric experience is key to winning over tenants, according to Romito. Emulating the hotel industry’s customer-centric approach, landlords should allow tenants to choose where they work, whether in the office, at home, or in other spaces. By utilizing tenant experience technologies, landlords can provide a customizable experience, including options for office reservations, catering, and health and safety monitoring.
In light of the ongoing focus on cleanliness and health post-pandemic, creating a customizable experience for tenants is essential. Building technologies that track health and safety concerns and allow tenants to control their environment contribute to a tenant-centric approach. Romito suggests prioritizing tenant insights and implementing technologies and procedures that cater to their needs to maintain tenancies in a competitive office market.
As the office market continues to evolve, with tenants dictating the future of the office ecosystem, commercial landlords must adapt to meet their wants and needs. With the ability for employees to work from anywhere, the office has become more than a daily commute. Landlords must prioritize tenant experience across their portfolio to ensure long-term relationships built on trust and transparency. Romito encourages landlords to assess their amenities, services, and technology offerings to meet tenants’ demands and maintain occupancy rates.
