CRE Tech: Meeting Goals in 2023
The majority of commercial office property teams will stay the course (53%) or increase (44%) their tech investment in 2023. Only 3% of respondents said they will decrease tech spend. The data suggests that commercial office property teams are leveraging tech to help manage building operations in a quickly changing landscape.
How do you expect your investment in CRE software to change over the next 12 months?
Stay the same
Increase
Decrease
n = 158
It’s also worth noting that the square footage these property teams are responsible for over the past year has either stayed the same (47%) or increased (43%). When we looked at where CRE property teams for commercial offices are focusing their tech investment, we discovered building operations and equipment maintenance (66%) and tenant experience (61%) are top of mind.
Tech enhancement focus for commercial office property teams
Building operations / equipment maintenance
Tenant experience
Energy management / sustainability
Visitor / building access
Smart buildings / IoT (i.e., indoor air quality sensors, etc.)
Flex space management
Other
n=158; percentages rounded; respondents could choose up to 3 answers
The top three areas of tech focus for commercial office property teams are in line with overall results of the survey. It makes sense that teams would focus on building operations/equipment maintenance, as respondents said that lack of staffing resources is their No. 1 challenge to completing work orders. Building operations tech can help property teams save time and streamline processes, which is essential when working with fewer team resources.
Second, it’s no surprise commercial office property teams are looking to leverage tenant experience technology to help meet their goals. As we discovered in Chapter 3 of this report, tenant experience will be this year’s great competitive differentiator for the commercial office sector. And, as noted in Chapter 4, tenant engagement tools will be essential. Not only do they allow teams to quickly communicate with tenants, but these tools can capture insightful data that CRE teams can use to make better business decisions that can improve tenant satisfaction, loyalty, and keep buildings occupied.
Finally, property teams are searching for solutions that will help take control of energy management. Again, this result is in line with what commercial office property teams said their top sustainability goal is for 2023: energy efficiency and expense reduction (65%).
For those commercial office property teams looking for an all-in-one solution, taking a platform approach will be their best bet. The key is to leverage a building operations platform that integrates with a tenant experience component and gives teams the flexibility to pick and choose what functionality they need to meet their goals.
