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You decide to throw the kitchen sink at a tech-heavy refurbishment, with sensors that measure every possible metric of how people use the building and allow staff to control every aspect of their physical environment through a bespoke app.
This kind of smart building solution is appealing to tenants — but they are not necessarily willing to pay for it. Data from EY found that tenants will pay a 3% premium on rents for smart buildings, not a huge amount. Keeping an eye on costs, and picking technology that tenants will actually value is the crucial consideration here. Such buildings do lease up 20% faster than rivals, however. In a market where there is currently more supply of office space than demand, that is not to be sniffed at.
Your refurbishment is expensive, but it is done. But who are you going to lease the building to, how is that company going to approach the future of work, and how do you prepare for that future?
The answer, the data is increasingly suggesting, is hybrid. To see how office owners need to prepare for the world of hybrid work, read on here …
Don't like where you've ended up? Start over!
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