Office Landlords Face Knowledge and Technology Gap in Retaining Tenants
As new office demand continues to falter, 87% of landlords globally say retaining and renewing current tenants is more of a focus in 2023 than acquiring new tenants. However, a survey conducted for VTS also found that 62% of landlords don’t have the tools that help them understand how tenants use their space and amenities and 59% aren’t certain they have insight into upcoming renewals or tenants that are at risk of leaving.
This means that strengthening existing tenant relationships and investing in the technology needed to draw employees to their workplaces will be key to success, as just over half of landlords surveyed still struggle with daily occupancy rates under 30%.
“These days, it takes more than just negotiating lease terms to remain competitive,” said Nick Romito, CEO of VTS. “Employees are demanding activated and connected buildings that make them want to come to work, and companies are seeking flexible space options that enable them to scale up or down as needed and provide their workers with flexibility in where they work.”