Commercial buildings do best when tenants choose to remain. Long-term tenants help create a stable community in a building; they also provide a predictable revenue stream for an owner. Tenant churn is often seen as a silent problem in many commercial properties. Businesses usually do not move due to one issue alone; small issues build up over time and it becomes easier to move than to address each of those small issues. 

Paying Attention To How Businesses Actually Use The Space

Many of the property strategies that are centered around leasing, neglect what occurs post-lease execution. It isn’t until the day a tenant has moved into a space, that the true relationship develops between the landlord and the tenant. Landlords who continue to monitor how tenants are utilizing the property, will have an invaluable amount of information as to how tenants are feeling about their respective locations. These small operational issues can greatly affect employee productivity, which is an extremely important issue for tenants. 

Short, but real conversations with office managers or lead team members can give landlords more value than conducting an annual survey. It can help you identify potential problems prior to becoming major reasons for a company to vacate a particular property.

Supporting Ambition Inside Your Building

There are many reasons why businesses grow beyond space available but many of them want to stay in a place that is known to them if the space will continue to meet their needs for growth. Flexible work space arrangements are one way that this can happen. Providing space for tenants to expand into while still operating from within the building removes disruption to day-to-day business operations. Even making small changes to the building, like flexible meeting areas and shared amenity spaces can take some pressure off of rapidly evolving tenants. 

Another way that technology supports operational reliability is through providing an expectation of faster response times and greater clarity regarding how the building’s systems are being delivered. Facility management software allows the tenant to easily submit maintenance requests, track any issues that arise before they become larger problems and provides transparency as to when service delivery will occur. As long as the tenant feels that issues are being addressed quickly, then the tenant is satisfied with the overall experience.

Building A Network Inside The Property

When managers facilitate interaction among their tenants, they create foundations for new opportunities. Networking events, learning from one another, or collaborative areas help companies connect with other neighbors they would likely have no way of meeting at all. The sense of community can turn a building into something to use as an advantage for your company rather than just somewhere you go to work.

When tenants experience advantages beyond square footage, moving is significantly less desirable. Reducing tenant churn is often not a matter of creating spectaculars, it is a function of how well a property manager has listened to what his tenants are saying. 

When property managers regard the success of their tenants as an integral component of their own business objectives, they can create commercial space that allows tenants to feel like they are in a place they would want to continue to be in.