What Landlords and Building Owners Should Look For In Order to Select the Right Strategic Partner For Their Property
The way corporations consume real estate has forever changed. In fact, nearly 70% of enterprise companies globally now see flex workspace as a long-term solution. But this is just the beginning. By 2030, 30% of all commercial real estate is expected to be flex space predicts JLL.
To take advantage of this market demand, many landlords and building owners are partnering with flexible workspace providers to operate the space and drive increased value to their portfolio. Finding the right strategic partner for your building will not only drive revenue but also help better attract and retain tenants.
When evaluating a provider as a potential partner, here are three important areas that landlords and building owners should assess:
1. Financial Performance and Growth
Engaging the right provider to operate your flex space is essential. Landlords and building owners should look for a partner who is able to demonstrate both superior financial and operational performance by looking at:
- Unit margins
- Growth rate
- Network size
2. Tenant and Customer Satisfaction
Finding a partner who can successfully manage tenant experience is critical. They should have a hospitality-focus and be able to demonstrate a superior member satisfaction by assessing:
- Net churn
- NPS
- Reviews and ratings
3. Track Record and Industry Reputation
Entering into a partnership means that your success is tied to your partner’s success. It is critical that you select a partner with proven results and a strong business track record by looking at:
- Landlord partnerships
- Agreement structure
- References