In a time where going online has become an everyday routine, tenant’s expectations surrounding internet and Wi-Fi in rental office spaces has increased rapidly. Tenants are now looking for office spaces that include the latest technology and are ready for them to move in – saving them the hassle of procuring it themselves.
Tenants now expect their building to have full connectivity from the very start of a tenancy – this presents an opportunity for commercial landlords. In this article, we explain some of the issues commercial landlords are currently facing and explain how installing superfast fibre connectivity can help them stand out from the crowd in this hyper-competitive market and get tenants in quicker.
Reacting to COVID-19
The pandemic has re-written every rule book, and with the flexible managed offering becoming even more prevalent, commercial landlords need to adapt to ensure they remain competitive. Traditionally, Office fit-out projects were one of two types, Cat A or Cat B, but over the past 12 months, a new concept known as Cat A+ has gained traction.
As the world adapts to changing covid-19 guidelines, there are a number of compliances that asset managers need to take on board. When it comes to the office space, flexibility is key, and a high turnover of tenants on shorter leases could be expected. The plug-and-play, “ready to work” Cat A+ concept is the perfect response to the increased need for flexibility in office buildings and it is here to stay through 2021.
Offices are an extremely competitive environment
Despite the vital role of connectivity in a tenant’s everyday life, there seems to be a lack of commercial spaces that offer this service directly to their tenants. Given this could be such a critical factor in a tenant’s decision in renting a space, offering a Cat A+ fit-out will make all the difference to an asset managers portfolio.
Being one of the first to provide connectivity as standard will contribute to an air of exclusivity that separates your building from others. Installing connectivity in your building will instantly give it an edge over competing spaces and appeal strongly to prospective tenants.
Avoiding void periods
As the demand for flexible contracts grows, landlords are more likely to find tenants willing to move in quicker with offices that have Cat A+ installed. When a single floor in a building becomes void, landlords lose a vital source of regular income and their investment starts to cost. With a Cat A+ fit out, landlords have the flexibility of single floor installation, so during a time where the demand of flexibility is increasing, the office will be ready for immediate use. By investing in a Cat A+ fit out, landlords can limit their void periods as the property will be the best it can be.
Increasing the yield of your portfolio
Landlords are finding that connectivity enables better yield of a commercial property as it facilitates greater scalability, productivity and efficiency gains by housing everything in one place – ultimately delivering a better service to end tenants. By offering tenants full connectivity within their Cat A+ fit out will enable them to get set up and running as quickly as possible and will keep them happy throughout their tenancy.