In today’s competitive labor market, corporations are looking for any advantage when it comes to attracting and retaining top talent. Employee health and wellness are emerging as top priorities for modern companies. So it is no wonder that building design and amenities are becoming “top of mind” for companies when choosing their next office space.
This is also the case for residential properties. As a building owner you are invested in making sure that both occupancy and retention are high. There are many ways to do this, but one of the most effective is improving the quality of the building: its amenities, structure and shared spaces. But for the best results, you also have to keep tenant rent and expenses low.
This highlights the importance of capital planning and investment decisions on tenants. By prioritizing certain projects, real estate managers and investors have a substantial impact on tenant health and wellness. Here, we focus on the role that facilities management software can play in this. We also share how building managers can use this technology to ensure the efficiency and quality of their buildings.
Facilities Management Software Optimizes Energy Use and Control
Technologies are improving for individual building components such as HVAC and water systems. Correspondingly, tracking their use and consumption is becoming more detailed. Good facilities management software can track, optimize and report multiple aspects of buildings in great detail. It is now possible to track per floor water use, or desk by desk lighting. However, it’s nearly impossible to capture these nuances in manual reporting. Temperature and general air quality are also critical for tenant comfort. Today, deficiencies in these areas can be addressed almost automatically when flagged by software.
It Allows Data to Justify Building Upgrades
Tenants typically pay for their own utilities and operating costs. But the building owner is responsible for the common areas and physical elements of a property.
It takes a lengthy capital planning program to upgrade an office lobby or retail concourse. Facilities management software can lead to dramatic improvements in the investment process. It does this by analyzing a wide range of factors that a manual investment process might overlook.
Take an elevator upgrade, for example. Software can help efficiently examine employee density, energy use, staffing, maintenance and ROI to justify the project. This can help drive more impactful investment decisions and, ultimately, aid with tenant retention.
It Reduces Operating Costs
As we mentioned above, low costs are another key to retaining tenants. In a triple net lease, operating costs are typically passed through the landlord to the tenant. They are treated as a separate cost from the base rent. As such, tenants are highly sensitive to operating costs. They want to ensure the building is managed as efficiently as possible. If it isn’t, they feel that their share of cost contributions is not justified. Facilities management software supports this process. It works to ensure all facets of a building’s operations and capital investments maintain a high level of efficiency. That is a key attraction point for tenants.
It Aids in Attaining Green Certifications
Green certifications are another attraction point. Today, there is a push to comply with green building systems such as BOMA and LEED. There are also emerging occupant standards, such as WELL. The right software can help you meet these building standards. It optimizes your operations and future capital investments keep these standards in mind.
Many tenants are beginning to include green or wellness standards in their request for proposals for leases. Managers can ensure capital decisions reach or exceed those standards to remain competitive. Having this long-term strategic approach to building operations, supported by software, can help align business objectives with these third party standards.
The Applications of Facilities Management Software
Building managers know that software can help aid large capital investments. Improvements to the building’s parking lot, amenities and shared common areas create a better living or working experience. But facilities management software like 4tell™’s Portfolio Solution is also a great way to decide how to spend common funds. Efficient building management reduces costs and improves day-to-day experience. It has an impact on everyone involved in the running of the building—and that includes tenants, too.
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