tenant amenities

User Experience is the Key to Retaining Millennial Loyalty in the Commercial Real Estate Space

Millennials

Commercial real estate (CRE) is a booming industry and ever-evolving, especially as the millennial generation moves into the workforce. Catering to the millennial workforce is certainly a challenge, but CRE professionals have massive opportunity. It’s imperative they shift their energy from the capital and physical property owners to focusing on how well a property operates and runs for its tenants. This is the key to success.

The most tech-savvy and highly educated workforce ever, millennials will represent 50% of the global workforce in 2020 and 75% by 2025 … It will be the companies that develop and foster the best CRE user experience that will get ahead. Remember that Uber doesn’t own a single car, and Airbnb doesn’t own a single apartment – what they do own is their user experience, and it has redefined traditional industries.
— HqO

But what do millennial tenants want? According to one study, 72% of the millennial population has prioritized experiences over owning material things. This means CRE professionals need to create a lasting experience for their tenants to encourage tenant loyalty.

CBRE Group, a commercial real estate services and investment firm, published interesting research last year ranking the amenities millennials craved the most. At the top? Wellness facilities. Luckily, the study also ranked employers’ top five amenities they plan to add, and 21% are prioritizing wellness facilities. CRE professionals can get ahead of the game by offering their tenants on-site wellness options like yoga classes and healthy lunch-and-learns. Chasing Nirvana Yoga is one company offering on-site wellness services, and tenants are reacting with such enthusiasm that property owners are rushing to add more classes to their weekly offerings.

This article from HqO takes a fascinating look at what millennial tenants desire and how CRE professionals can offer them what they need right there in their work or living space. It’s clear health and wellness are top of mind for both employers and millennials, and by offering community amenities in this space, CRE professionals will have an excellent chance of retaining tenants and succeeding in this landscape.

Is your workplace or living facility offering on-site wellness classes? Visit www.chasingnirvanayoga.com to learn more about your options!

Landlords, Build a Sense of Community for Tenant Retention

Tenant Ameneties.jpeg

If you’re a landlord, you’re currently in a pretty good position. Many people are now choosing to rent rather than own, and according to the Pew Research Center, more U.S. households are headed by renters than at any point since at least 1965. Unfortunately, this does come with its own set of challenges for landlords, particularly retaining tenants when there is so much rental availability out there.

Landlords can retain tenants by improving customer service, particularly through technology, fast communication, and building a sense of community for renters.

Another way to effectively enhance the tenant experience is to build a sense of community by promoting community events. Trivia nights and pizza or ice cream socials, for example, can give residents a chance to get to know their neighbors. Landlords can also use these organized events as opportunities to inform tenants about new services and building updates. Bringing community to the center of the tenant experience can make an apartment building a place where people feel at home.
— Bisnow

There are many ways to build a sense of community for tenants, one of which is by focusing on health and wellness. A report by the Nielsen Global Health and Wellness Survey recently reported that more younger consumers than ever before are concerned about healthy eating, and that the most health-centric group of consumers in general is Generation Z – the group that is next in line as prospective tenants. With this in mind, landlords should consider offering health-conscious community events, such as on-site yoga and holistic wellness courses. Chasing Nirvana Yoga offers these types of classes for landlord-owned properties, office buildings, and everything in between.

Read this great article from Bisnow on four customer service tips landlords swear by, including building a sense of community. For more information on setting up an on-site yoga or wellness class on your property, visit www.chasingnirvanayoga.com.

Tenants amenities: Opt for flexible community spaces

Tenants amenities: Opt for flexible community spaces

Today's residents want tenant amenities in flexible community spaces, including on-site yoga. Read more from Bisnow!