1. Physical space
Attention to a building’s physical requirements requires the coordination of myriad vendors, from landscaping and janitorial to systems engineering and renovations. In fact, building owners need as many as 37 separate vendors! Our 24-Hour Service Center is designed to take immediate action on exigent problems and coordinate responses to give both landlords and tenants clear lines of accountability to respond to concerns.
But we don’t stop there. Through analysis of common tenant requests for service, we can advise owners on whether repair or replacement will best cure a recurring issue, and how to do so in the most cost-effective manner while minimizing disruption to tenants.
We also use our broad platform that gathers data from hundreds of similar properties to provide forward-looking advice on issues including sustainability and green building management, and property improvements that can yield long-term savings.
2. Tenant relationships
While most firms quantify asset value on a balance sheet, we take a holistic approach to real estate management, realizing that some of a building’s best assets are the tenants themselves. We share best practices for programs to enhance the owner’s relationships with tenants and increase camaraderie and business cooperation among adjacent tenants.
In addition to working proactively to manage lease expirations and renewals, we support future leasing efforts by routinely soliciting tenant feedback and taking action. This open dialog and emphasis on face-to-face casual interaction improves word-of-mouth discussions among tenants and can help property marketing efforts.
For example, when one of our property managers noticed that a client’s sports car routinely scraped its low-clearance undercarriage on a speed bump leading into the parking garage, he worked with maintenance crews to reduce the height of this bump. The tenant was tremendously impressed by the manager’s ability to anticipate his needs and not only alerted Colliers’ senior managers, but also related this positive experience to other prospective tenants.
3. Building brand and positioning
We understand that a building’s reputation has a significant impact on the brand of each tenant’s business, so we strive to enhance that brand in the marketplace. We do so through intimate knowledge of other competing properties, exceptional care for common areas and "first impression" points, and a drive to distinguish the property’s unique features and services.
Tenant turnover erodes operating income quickly, not only through the loss in monthly rental fees, but also through the costs associated in re-tenanting, from signage to tenant improvements to brokerage fees. We proactively identify tenants whose space no longer suits their needs—either through overcrowding or those with shadow space or subleasable space—and work with owners to develop a strategy that supports the tenant’s business needs while preserving the owner’s income stream
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