Maintaining Your Competitive Edge in a Changing Market
Let’s not just function, let’s flourish now and for the future. In order to create tenant-attracting spaces that will not only respond to current demands of the market but also survive fleeting trends and establish a sustainable future, building owners and designers must take into account key principles to achieve successful delivery of commercial property. When these fundamentals are considered holistically – and put together smartly – you end up with sought-after, stellar, tenant-retaining buildings. This is also true of campuses and master plans.
Here are five design considerations that shape successful real estate, across all typologies – from commercial to institutional, cultural to life sciences:
First impressions are key. Beyond your front door, front-facing public space is your opportunity to engage the neighborhood. Strong and unique branding and identity have become indispensable as buildings compete for high-profile tenants and long-lease deals.
With an eye towards health, safety, and wellness, careful orchestration of movement within a space is key. This includes pedestrian traffic, deliveries, automation, and the holistic experience of the building.
Owners must create places that foster collaboration and social interaction. Convenient destination(s) within buildings and or commercial campuses, whether F&B, fitness, gaming/lounge, etc., offer opportunities for connection and engagement.
Turning “unleasable” space into gold. First, owners must perform a property assessment for efficiency and feasibility. Good contenders for programming include convenience and service functions, third space, co-working, breakout, maker/incubator space, standout amenities (why not a speakeasy?), conferencing, and automation/packaging.
What draws people to your building or campus? What’s that thing everybody is talking about? What makes you stand out as truly unique? What’s your Instagrammable moment? “Meet me at the _____!”
Smart building owners are competing for the right tenants, and tenants are competing for talent. While general laws of supply and demand will continue to influence the changing landscape of CRE, these tried and true fundamentals will stand the test of time as a strong framework for successful real estate.