Developers have a long list of priorities when launching new building projects. At the very top of that list is likely location and recognizing a need in a market for the project, which can better ensure the property is a lucrative investment of effort, time and money. Another part of the equation is creating a building that will serve occupants in the present and remains innovative enough to adjust to future needs.
Connectivity is essential
According to the Commercial Real Estate Development Association, tenants consider connectivity as crucial as location when selecting commercial real estate. This fact should come as no surprise to anyone with a smart house who prioritizes high-speed internet and employs remote workers or hybrid workers. Even before the pandemic, a 2018 report indicated that internet connection was the second-highest priority in picking a workspace, just behind the location.
This priority only grows with each year as more business resources are online. It is a productivity issue if staff cannot access business resources or efficiently use them. It is also incredibly poor optics for businesses working with clients to have video meetings on Zoom or Microsoft Teams plagued by chronic connectivity issues.
Smart building technology is an asset
Smart building technology is also part of the connectivity equation. Buildings with automated technologies to control temperature, lighting, security, and property amenities are considered desirable, thus adding value to the property.
Planning for the future
Owners and property managers also need to look at what is next for attracting and retaining tenants. Technology is fast-moving and ever-changing, so the buildings will need to accommodate this change with minimal adjustment and expense to the property. It is also helpful to anticipate customer tech needs and priorities. Some may go so far as creating commercial spaces that are cutting edge with an eye toward tech development, software design, tech start-ups and others.