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A New Approach in Office Space Leasing – Part 2: Landlords

In our previous article dedicated to office space leasing future trends, we talked about tenants and how they will be affected by the new context.

But what about landlords? What do they need to do in order to adapt and answer tenants’ requests? How is the leasing process changing for them?

New Office Space Layouts 

In order to respect all safety measurements, landlords will rethink the design, facilities and leased surfaces of their office spaces.

Thus, we might see more private spaces, bigger distances between desks and even new access systems in the buildings. Arjun Kaicke, head of analytics at Zaha Hadid Architects, told The Guardian that he believes buildings will have wider corridors and doorways and more stairs.

Also, there are many other facilities that require their attention. For example, many tenants might have employees that would feel better travelling by car instead of public means and this could lead to building more parking spaces.

Another important example is ventilation – access to fresh air has always been important, but now landlords might want to focus even more on it when they build and market their buildings.

Focus on digitalization

As we discussed in our previous article, tenants are not willing to go visiting that many spaces, given the social distancing measures. How can a landlord present its offer in a real time manner, all details included? 

Digital showcasing allows landlords to offer complete digital solutions for office buildings, including 3D renderings and presentations of all facilities, AR, VR or 360 tours.

Furthermore, complex approaches (such as Bright Spaces) also offer real time availability, are interactive and allow a direct and fast communication between landlords, agents and tenants, thus saving precious amounts of time.

Also, tech trends such as the ones emphasized in The State of TeX 2020 study are likely to become standards in office buildings. Landlords might want to take into consideration, for example, mobile activated doors, integrating IoTs and APIs or even introducing voice or motion triggered devices.

Now that travelling doesn’t come in handy anymore, landlords looking to lease in different parts of the world might find virtual tours and even AR extremely efficient.

Business Challenges 

Because of the crisis, landlords might find themselves in the situation of not being able to keep their spaces open, not receiving payments on time or having to agree on settlements with tenants, as they cope with their own cash flow.

How will this whole situation influence office space lease in the near future? Landlords might have to set new terms to be able to face not only the current situation, but to be prepared in case of a new crisis.

Part of their financial strategy might be even leasing smaller spaces, on shorter periods. This might mean attracting smaller tenants, but it will still give them business continuity.

Conclusion

Thus, landlords might be able to meet their prospect tenants’ needs and facilitate their leasing process. Through new approaches to the way the space is organized and by offering digital experiences and financial solutions, landlords fundamentally change their spaces and emphasize the role of tech in real estate.

Next, we are going to see how these three aspects change or are influenced by agents and what role they play in this new context.

Loved what you read? Discover more Bright Insights!

Cover photo by LYCS Architecture on Unsplash