Commercial real estate and the changing dynamics of customer experience

A new era of technology has ensured that the contemporary customer expects real-time, on-demand services, readily available at their fingertips. As customer experience (CX) expectations grow, businesses are adopting value-over-volume and people-centric approaches to stay competitive. Within the facilities management function of the commercial real estate sector, which traditionally focused on physical assets, the spotlight has shifted to facilitating enhanced occupant experiences, instead. This shift is not entirely surprising given the pace at which customer preferences are evolving. For an end user accustomed to free Wi-Fi along with their Starbucks cappuccino, on the go self-promotion on Instagram and co-working premises from which to launch the next start-up unicorn, convenience is a bare necessity. In this climate, better CX translates into better Return on Investment (ROI), for CRE owners. Everything from higher occupancy rates, tenant retention and brand perception is tied to delivering exceptional end-user experiences, as the primary differentiator of a commercial real estate business. By using operational data to uncover insights that drive continuous efficiencies, the next generation of agile, responsive and real time facilities management can empower building owners wishing to cater to this new, value-focused generation.