CRE tech: Tools for streamlining building operations

In the previous sections of this report, we’ve seen that property teams are working toward improving work order management and tenant satisfaction. The two are inherently intertwined. When property teams struggle with managing work orders, tenant satisfaction can suffer while waiting for a resolution.

The key for property managers in 2023 is finding a solution to streamline operations for property teams to effectively manage work and complete tenant requests in a timely manner. As seen in an earlier section of this report, that’s getting increasingly more difficult to do as property teams face labor shortage issues.

That’s why property managers are turning to technology to help streamline building operations. The majority of property managers surveyed for this report said their investment in CRE software over the next year will either stay the same (56%) or increase (41%). Only 2% of property managers said they would decrease investment in technology.

How do you expect your investment in CRE software to change over the next 12 months?

Stay the same

Increase

Decrease

n=133; percentages don’t equal 100% due to rounding

Tech enhancement focus for commercial property managers

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=133; percentages rounded; respondents could choose up to 3 answers

When we looked at where CRE property managers are focusing their tech investment, we discovered building operations and equipment maintenance (65%) and tenant experience (56%) are top of mind. The top areas of tech focus for property managers are in line with the 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 property managers are looking to leverage tenant experience technology to help meet their goals. As we discovered previous sections of this report, tenant experience and satisfaction will be this year’s great competitive differentiator for the commercial real estate sector. And, as noted, 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. Yet, our research shows that only 8% of property managers are using these tools to engage with tenants. That means this technology is perhaps one of the greatest opportunities property teams can leverage in 2023.

It’s also worth noting that half of the property managers surveyed said they would prioritize energy management/sustainability technology this year. This is directly in line with what property managers said their top sustainability goal would be in 2023: expense reduction through energy efficiency initiatives (56%). For those property managers searching for tech to help reduce costs while saving energy, an intelligent HVAC optimization management system can help (Refer to the "Tenant experience: Making buildings commute-worthy" section on page 3 to learn more.)

Streamlining manual processes

Giving property teams the tools they need to complete work faster will be the winning factor in the equation this year. If you’re unsure where to start, look at the list below. These are the top five areas of building operations property managers said are the most time-consuming and/or ripe for automation. Do you have the right tools in place to cut manual processes and streamline operations in these areas?