6 Parts of Running a Successful Office Building
What does it take to run a building?
Operating and maintaining a thriving, well occupied office building is a complex process. While a lot of peoples’ first reaction is to either praise or blame the leasing agent for what goes on in the building, there is much more to the equation.
It is truly a team effort, starting at the very top with the building owner and trickling all the way down to the maintenance staff.
Let’s take a closer look at the parties involved and the significant roles that each plays:
1) Ownership – Ownership must be committed to investing in the property on several levels. As the saying goes, you need to spend money to make money, and that is so true when it comes to office buildings.
Ownership needs to ensure that the building always shows and functions well. The common areas need to have a fresh appearance and the necessary amenities that tenants crave need to be provided.
Also, all of the vacancies should be either in a move-in ready state, or sufficiently cleaned up in order for the building to be as attractive as possible on tours.
Finally, ownership must make sure that the building is well staffed with quality individuals who are given the flexibility to do their jobs well.
2) Property Manager – The property manager is another essential cog in the machine. The property manager is tasked with effectively implementing the orders and vision of ownership, as well as overseeing the daily activities of the building.
Managers are responsible for developing and adhering to budgets, supervising building staff and outside contractors, and making sure that tenants enjoy their experience.
A manager’s relationship with his or her tenants is often an important factor in whether they elect to renew their lease.
3) Engineering Staff – Building engineers are often the unsung heroes.
Not only are they tasked with ensuring that the building functions well on a day-to-day basis from a mechanical standpoint, but they also need to be ready to act quickly and decisively when the inevitable crisis occurs.
Most reasonable people understand that things are going to malfunction on occasion, so how the engineering team responds goes a long way toward solidifying relationships and formulating attitudes.
Their frequent interactions with tenants serve as a bridge between ownership and management and these personal relationships can often be the difference between a tenant renewing and moving.
4) Building Personnel – Another component of creating a positive work environment is the building staff; starting with the security guards who greet people when they walk in the door every morning, to the cleaning staff at night who make sure that the premises are spotless for the next morning.
Tenant service coordinators, parking garage attendants and concierges, where applicable, all help create and maintain a positive atmosphere.
5) Outside Contractors – The outside vendors who do work in a building, whether it be for construction, voice/data wiring, architectural and engineering services, web designers and marketing agencies, are all an extension of the property and help build upon the first impression and create a positive image.
6) Leasing Agent – Last but certainly not least, the leasing agent plays a vital role.
As the ones in the trenches, agents are often responsible for attracting new tenants and retaining existing tenants by negotiating renewals.
The agent coordinates all marketing programs and crafts an image of the building to the public that promotes the finer points of the property. The hope is to get prospects through the door for showings and ultimately convince them to lease space.
Agents also must keep ownership educated on current market conditions and trends and where the property falls within that realm.
The direction provided by agents will help ownership determine the most prudent areas to invest their funds.
With all parties working together collaboratively, a building is much more likely to enjoy success and become a desired address.