Why CRE Is Taking Marketing Tips From The Residential Market
Are the trends of the millennial workers effecting more than just the way developers layout their office space? Of course they are. Globest.com posted an article today arguing that more than ever, more and more developers are taking marketing tips from residential firms and properties. As the commercial real estate market continues on an upward trend with the hope that new commercial development begins to follow suit, developers are looking to reach tenants directly and speak more to their desires. Globest mentions a billboard on the 405 freeway in California, advertising a new office development entitled Elevon. Not only is it unusual for a commercial space to be utilizing billboard advertising, but the focus of the ad is to show that the building puts an emphasis on natural light vs. fluorescents light, a fact that would have had little impact on its tenants 20 years ago. According to the article, points of focus for this new trend in marketing are, “natural light, balconies, seamless connections between indoors and outdoors, high ceilings, minimal walls, big volumes and maximum flexibility to the owner or user”. The article goes on to argue that this is due in large part to the fact that employers are trying to fit more people than ever before into office space. That, plus the fact that they are now competing with employees home offices as many companies are becoming more and more open to having their employees work remotely.
No one is claiming that the marketing techniques of the past are no longer relevant, but the trend would hint that without incorporating some of these more residential initiatives into marketing office space, certain brokers and developers may be left on the outside looking in.
Read the entire article here.