Most developers prioritize several factors when investing in certain projects. They ponder the purpose of the property in the community, the amount of time and money to start the project, and how viable is this project in the long term for financial success.
Time, money, and effort are always the top priority.
But there are many other tiny details that determine if a project is worth the investment, especially as commercial properties look towards an advanced future.
The significance of connectivity in commercial spaces
According to NAIOP, or the Commercial Real Estate Development Association, a rising factor in many projects is connectivity – the ability to provide reliable, high-speed, customized internet. Most tenants for residential and commercial properties want to know that they will be able to properly access the internet (especially crucial as many companies start incorporating more remote workers).
Even in 2018, a WiredScore report reported internet was the second-highest priority – behind location – to determine if the property was the right space for a tenant. However, connectivity looks different to each tenant as the purpose of the internet depends on person to person.
Since 2018, connectivity only continues to grow as a priority as more companies shift to online communications such as Zoom, Microsoft Teams, and other similar applications. The pandemic caused businesses to shift to hybrid models where employees spend time partly in the office and at home. Because of these needs, many business owners want smaller spaces, with faster, more reliable internet.
It prompts the question if more tenants might consider ‘smart buildings’ – properties where automated technologies help control lighting, temperature, and other property amenities. These advanced properties will not only provide connectivity, but they offer an experience that is more luxurious.
Commercial property owners and managers will need to constantly adapt to their tenants, especially when it comes to technology. If you anticipate your primary customer and their needs, you may see better results from any investment. If you want to attract tech-savvy tenants, you will want to explore the options when it comes to connectivity and smart technologies in your future projects.