{"id":85,"date":"2023-03-08T15:55:48","date_gmt":"2023-03-08T15:55:48","guid":{"rendered":"https:\/\/myrealestatearticle.com\/?p=85"},"modified":"2023-03-08T15:55:48","modified_gmt":"2023-03-08T15:55:48","slug":"elevating-client-experience-in-the-commercial-real-estate-industry-requires-more-than-just-technology","status":"publish","type":"post","link":"https:\/\/myrealestatearticle.com\/?p=85","title":{"rendered":"Elevating Client Experience in the Commercial Real Estate Industry Requires More than Just Technology"},"content":{"rendered":"

Regardless of anyone\u2019s outlook on the future of the commercial real estate industry, one thing that everyone can agree on is that the pandemic ushered in a seismic change to how people interact with real estate.\u00a0 In today\u2019s workplaces, how<\/em> you work is as important as where<\/em> you work. The biggest enabler of that dynamic shift in both worker preferences and the styles that corporations now accept is technology.\u00a0 Advancements in technology over the past two decades, including video conferencing solutions, cloud storage applications, smartphones, and affordable high speed internet have made it easier for people to work remotely, but it was the pandemic that truly tested the practicality of large scale work-from-anywhere initiatives. And they worked.\u00a0 While there is still a healthy debate over whether employee productivity decreases when they work remotely (companies like Salesforce<\/a> and Disney<\/a> are convinced that WFH is a productivity killer<\/a>), I\u2019m convinced that hybrid work is here to stay.<\/p>\n

The more pressing question to answer is why would employees want to return to their offices? If it\u2019s not to access the coolest new tech gadget, or to print on a hyper digital printer- what will bring people back into their offices en masse?\u00a0 That\u2019s the big question for real estate owners and managers with properties across the globe.\u00a0 Real Estate is the world\u2019s largest asset class, so the success or failure of this industry has ramifications for the entire global economy.\u00a0 For context, the US commercial real estate market alone is estimated to be north of $20 trillion<\/a>.\u00a0\u00a0<\/p>\n

Real estate is cyclical, so most owners have been through downturns in the market before.\u00a0 But this time is different.\u00a0 Unemployment is hovering around all-time lows, and generally speaking the economy is still strong.\u00a0 The softness in the market is not a product of the economy, but rather a change in behavior.\u00a0 And while the economy has remained strong, things are slated to get more challenging as interest rates skyrocket and most experts are predicting a recession later this year.<\/p>\n

What had previously worked to attract employees into office buildings may not work now. One way which landlords often improve the appeal of a building is by investing in amenities such as fitness centers, game rooms, and health care clinics.\u00a0 Additionally, they have invested heavily into technology assisted efficiencies including high speed internet, destination dispatch elevators, hands free access control, and Tenant Engagement Apps.\u00a0 These investments helped to increase employee conveniences along with creating much needed efficiencies, but I do not believe that these solutions created a driving force to increase the frequency of employees coming into the office.\u00a0 Corporate occupiers have more negotiating power now than they did pre-pandemic, and they are carefully assessing their options to ensure that the offices they choose to lease will meet their needs and provide their employees with the best possible experience.\u00a0<\/p>\n

Hines<\/strong><\/h4>\n

I recently had the privilege of meeting with the Experience Management team at Hines<\/a>.\u00a0 Hines is one of the largest privately held real estate investment managers in the world.\u00a0 Their company has over $90B of assets under management, over 100M square feet of third-party real estate that they manage, and they have a footprint which extends across 30 countries.\u00a0 Over the 66 years since Hines was founded, they have been consistently recognized as a trailblazer in the industry.\u00a0 Hines\u2019 leadership team has committed to raising the bar and reinventing the meaning of Tenant Experience.\u00a0 The metric they consider is the \u201cReturn on Experience\u201d which equates to the value that the in-person and technological advances keep employees coming into the office and engaging with solutions for their livelihood that go well beyond just office life.\u00a0<\/p>\n

While technology plays an important role in Hines\u2019 strategy, it is only part of their solution.\u00a0 They have launched a comprehensive set of initiatives that will set the new standard for Client Experience in the real estate industry. To truly deliver a level of hospitality in commercial real estate that is often only found in a luxury hotel, a holistic strategy is needed which focuses first on the human element, and second (or third) on how technology can serve as a tool to facilitate it.\u00a0 The way in which building staff interacts with and services their tenants are key drivers of tenant satisfaction.<\/p>\n

Hines Experience Initiative<\/strong><\/h4>\n

To understand the driving force of Hines\u2019 customer focused culture, all that you need to do is listen to a single sentence that the company\u2019s founder, Mr. Gerald Hines, stated back in the early 1970\u2019s, \u201cWe are in the service industry, and we better not ever forget that\u201d.\u00a0 That sentiment has been embedded into Hines\u2019 people-first culture. As part of their ongoing commitment to human centricity and client experience, the firm announced several new programs and resources designed to take their best-in-class customer service to new heights.\u00a0 Two of these include:<\/p>\n

Hines Experience Academy<\/p>\n

Establishing New Hospitality Service Level Standards<\/p>\n

To fully understand and appreciate these 2 programs in detail, I was very lucky to be given the guided tour by Hines\u2019 Senior Vice President of Global Client Services – Whitney Burns<\/a>.<\/p>\n

Hines Experience Academy\u00a0<\/h4>\n

Life is a journey where the only constant is change.\u00a0 Change often happens gradually, but every once in a while an event can come out of nowhere which flips the entire world on its head.\u00a0 The COVID-19 Pandemic was one of those events.\u00a0 After the pandemic, some companies continued on with the mindset of Business as Usual<\/em>, but Hines was not one of those companies.\u00a0 They realized that they needed to adapt and transform in step with the world around them. Although placemaking has always been in the DNA and foundation of their company, the pandemic resulted in Hines recognizing that it was critical for their team to be even more purposeful in the way they design and operate their spaces.\u00a0 Their goal is to interact with their tenants and residents on a human level, while challenging themselves to provide better and more meaningful experiences.\u00a0 As Whitney details below, their mission to adapt to these changes and to address this shift in mentality was precisely the reason why they created the Hines Experience Academy.<\/p>\n

\u201cThe Hines Experience Academy provides curated hospitality training designed to transform our business, allowing us to build and foster a culture of client centricity across the firm and to differentiate our property management and facilities management offerings. We cover both high-level theories and tactical strategies to give teams the tools they need to create memorable customer experiences across all product types.\u00a0 Think of it this way: We have moved beyond just being in the service industry.\u00a0 We consider ourselves to be in the hospitality industry.\u00a0 We believe that it\u2019s more than just taking care of buildings and key contacts.\u00a0 It\u2019s about taking care of every individual.\u00a0 Let\u2019s give our clients the gift of time, curating amenities and services that allow them to be more productive, not just in work but in life. Let\u2019s interact with them in ways that make them feel seen and cared for. We have the opportunity to do so much more than just return to the office. At Hines, we see this as an opportunity to improve their quality of life\u201d.<\/p>\n

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As the market started to soften and the competition for tenants hit an all-time high, the buzz words which have dominated the marketing collateral and promotional materials of the world\u2019s most prominent real estate companies are Tenant Experience<\/em>.\u00a0 Technology has become the centerpiece of the Tenant Experience initiatives that these property owners and managers have been championing over the past few years.\u00a0 But as Whitney details below, technology is important to Hines, but it is only one piece of their comprehensive strategy.<\/p>\n

\u201cWe take a people-first approach both from an employee and a client perspective. We\u2019re not ignoring the tech and apps, don\u2019t get me wrong. We are engaged, invested, testing and trialing. But apps alone don\u2019t make an experience. They\u2019re garbage in – garbage out and without the incredibly talented, empathetic, and high-EQ humans to power the tech and to create the content and connectivity, the apps are useless.<\/p>\n

We want to flip the script on the office, making it not a place people \u2018have to go\u2019, but a place that adds value and allows them\u2014through services and amenities\u2014to be more productive, not just for work, but for life.<\/strong> We want to support the whole person,<\/em> not just their work life.\u00a0 I have two young kids, aged 2 and 6. When I walk into the building in the morning, sometimes I feel like I\u2019ve already run a marathon. We need to think about the different personas coming in and out of our assets and how we can best support them holistically. This includes things like onsite eye exams, spa services, TSA precheck, etc.\u00a0 It\u2019s not just about cocktails and charcuterie.<\/p>\n

A beautiful building only does so much, and we want to make sure the software (services, human connectivity, etc.) matches the hardware (gorgeous marble, fabulous interiors, functional design) in our assets\u201d.\u00a0<\/p>\n

Setting New Standards<\/h4>\n

The Forbes Travel Guide<\/a> is the only independent global ranking system for the hospitality services industry.\u00a0 In addition to their rankings, the publication has been providing insights and perspectives on the luxury hospitality industry since 1958.\u00a0 When people think about the Forbes Travel Guide, they immediately associate this publication with luxury hotels, restaurants, and spas, which is why you may be surprised to learn about their partnership with a commercial real estate company.\u00a0 But while Hines is a global real estate investment, development, and property management company, they view themselves as being in the hospitality industry.\u00a0 It was this unique viewpoint that led Hines to make the decision to become the first commercial real estate company to partner with Forbes Travel Guide to ensure that they were fulfilling their commitment to establish and deliver hospitality level service standards to their clients.\u00a0<\/p>\n

\u201cForbes Travel Guide is a huge resource to help make sure we have the QA\/QC processes in place to not just say<\/em> we deliver hospitality level service, but to actually make sure we deliver on it. We went straight to the source of some of the world\u2019s most memorable and incredible experiences to create our standards\u201d.<\/p>\n

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It\u2019s All in the Attitude<\/strong>\u00a0\u00a0<\/h4>\n

What really caught my attention when I met with the Hines\u2019 team was the passion and excitement that they had when detailing their plan to me.\u00a0 It should come as no surprise that a real estate company’s primary motivation is leasing space, but I got the sense from the Hines\u2019 team that even if a building was fully leased up, they would still take the same level of pride in delivering their tenants (which they refer to as clients) with an experience that only Hines can deliver.\u00a0 Hines has pioneered many enhancements in the commercial real estate industry over their 66-year history, and that trend is continuing when it comes to Tenant Experience.\u00a0 They are raising the bar and setting the new standard, and if history is a guide, I anticipate many of the other commercial real estate firms will be watching them closely while enacting similar initiatives of their own.\u00a0<\/p>\n

To learn more about how Hines inspires at its properties visit this link<\/a> <\/p>\n

Share<\/span><\/a><\/p>\n

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Regardless of anyone\u2019s outlook on the future of the commercial real estate industry, one thing that everyone can agree on is that the pandemic ushered in a seismic change to how people interact with real estate.\u00a0 In today\u2019s workplaces, how you work is as important as where you work. The biggest enabler of that dynamic […]<\/p>\n","protected":false},"author":0,"featured_media":86,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-85","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investments"],"_links":{"self":[{"href":"https:\/\/myrealestatearticle.com\/index.php?rest_route=\/wp\/v2\/posts\/85"}],"collection":[{"href":"https:\/\/myrealestatearticle.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myrealestatearticle.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/myrealestatearticle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=85"}],"version-history":[{"count":0,"href":"https:\/\/myrealestatearticle.com\/index.php?rest_route=\/wp\/v2\/posts\/85\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myrealestatearticle.com\/index.php?rest_route=\/wp\/v2\/media\/86"}],"wp:attachment":[{"href":"https:\/\/myrealestatearticle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=85"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myrealestatearticle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=85"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myrealestatearticle.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=85"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}