COVID-19 and the work-from-home movement have caused sizable shifts in the commercial real estate, REIT, and data center industries. As tenants stop paying rent, cut leases short, or change long-term leasing plans, organizations are being forced to shift strategy in real time to keep buildings and space occupied.
This shift can be daunting, but these new tenant needs and preferences aren't going away anytime soon, even when COVID-19 does. In order for organizations to rethink how they manage their buildings, it is imperative that organizations have access to accurate facility data to make strategic decisions that bring people back safely and confidently.
The Role Facility Data Plays In the New Normal
COVID-19 has accelerated trends toward flexible workspaces and remote work. As tenant demands and needs change, property and portfolio managers need access to their facility data so they can help bring tenants back to offices and to reimagine facility space in their buildings. Here are four initiatives that accurate facility data can help drive to manage portfolios and buildings in the new normal.
1. Reimagining Facility Space
The way office space is occupied will change after the pandemic. It will require a more flexible approach to building management and operation. Office redesigns to allow greater social distancing and hoteling are just some of the ways tenants will mitigate the risk of infectious disease spreading. Real estate organizations should take the lead in this, by actively working with tenants to transform their portfolios into more dynamic and flexible spaces.
2. Delivering Amenities and Services
Tenants are no longer looking for just four walls and a roof. As companies look to attract talent, they need facility space that can help them deliver the workplace experience employees are looking for. This trend has been prevalent with small startups in the past, but more organizations will now be looking for buildings with amenities and services to enhance the workplace experience. One of the newest workplace experiences many tenants will come to expect: cleaning and disinfection services that provide assurance that spaces are safe to use.
3. Strategic Capital Investments
The longer COVID-19 continues to effect workspaces, the more likely it is for organizations to defer or cancel capital investments. Although these cuts help the bottom line in the short-term, it creates an increase in deferred maintenance and effects facility conditions.
This puts added pressure for facility operators to decide where to use their limited capital budget and which tasks to add to a deferred maintenance list. Building operators need to know what deferred maintenance they currently have, what their facility conditions are now, and what the probability of failure is if a capital project is added to the deferred maintenance list.
4. Digital Transformation
Digital transformation is the adoption of digital technology to transform services or businesses, typically by replacing manual process or outdated technology currently in place. This is a buzzword in the technology space but has had slow adoption in building management. As real estate and data center organizations make more strategic capital investments, digital transformation will need to be embraced at the building level.
At a fundamental level, real estate and data center organizations need to understand what their facility conditions are, what condition the assets are within those facilities, and what risk are they currently holding based on that data. Easy access to this data makes it possible to be more strategic with capital investments and deliver better workplace experiences.
Want to learn more about how industry leaders are thinking about this New Normal?
Join us on October 1st as AkitaBox CEO Matt Miszewski is joined by a panel of experts to discuss how they are strategizing and planning for the new normal.