The growing popularity of hybrid and remote work schedules, combined with the highest interest rates in decades, has left the commercial real estate (CRE) market struggling for yet another year. However, there are a few bright spots that will hopefully help shift occupancy upwards once again—and help improve the tenant experience in the process. 

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One is the increased adoption of new proptech (or property technology) digital tools, which has led to a “proptech boom.” According to a report by Grand View Research, the market was valued at around $25 million in 2021 and is expected to reach about $94 million by 2030, not only due to the use of tools like Artificial Intelligence (AI) and Virtual Reality (VR), but also its ability to streamline data management and simplify property management operations. 

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Despite the market’s impressive growth, Deloitte's 2024 Commercial Real Estate Outlook: Finding Terra Firma revealed that a majority (61%) of respondents reported their firms' core technology infrastructures still rely on legacy systems; however, about half are making efforts to modernize. With vacancy rates hovering around 20%, commercial properties that are looking for ways to keep their current tenants happy and attract new tenants, need to make the most of digital tools to stay competitive. 

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In a world where smartphones are used to manage most of work and home life, from checking email to booking flights, protech allows property managers to improve their processes and operate much more efficiently–saving both money and time–while enhancing the experience for the residents, employees, and customers. 

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Here are a few ways that digital tools can not only boost the tenant experience but offer an improved experience for everyone involved:

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Smart Parking Solutions 

Parking is of huge importance to tenants due to high demand from residents, customers, and employees. Smart parking, which leverages the latest proptech digital tools and real-time access control data, simplifies and modernizes the parking process and makes the experience more convenient and efficient every step of the way. 

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Drivers no longer need to worry about losing a paper ticket or fumbling with their credit card to pay; instead, License Plate Recognition (LPR) and Automated Vehicle Recognition (AVR) make both entry and exit a breeze. They can also set up autopay, get their parking validated, or reserve spots using a third-party app from their smartphone.

By automating parking management in the cloud, smart parking solutions allow property managers to manage the entire operation–from customer service to maintenance to security–with just a few clicks, eliminating manual processes and saving valuable resources. They can also use the insight they gain from monitoring usage trends to offer drivers flexible passes, subscriptions, and loyalty programs that keep them coming back. 

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Workplace Experience Platforms 

With more and more employers implementing strict return-to-office policies this year, Workforce Experience Platforms (WEPs) are an attractive option for tenants–and good for employees, too. By centralizing workplace communication and knowledge sharing, WEPs streamline internal processes and eliminate the need for multiple tools like e-mail and messaging apps.

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Employers can give employees easy access to all the digital resources they need to do their jobs, whether in the office or working remotely. Employees can tap into productivity tools and professional development resources, book conference rooms and hot desks, and even sign up for on-site fitness classes.

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With the insights that WEPs provide, employers get a closer look into employee workstyles and habits, and how the building and its amenities are being used. Employers can use this data to improve the overall workplace experience, not only increasing productivity but also employee job satisfaction and retention.

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Access Control Systems 

Security is essential to any business in today’s world, and tenants need a robust system that protects their employees, residents, and customers while minimizing risk. Advanced access control systems (ACS), which seek to protect people, property, and digital assets, leverage a variety of digital tools to provide safety, ease, and convenience.

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Access cards, smartphone apps, and even biometric scans replace locks and keys, granting the right people hassle-free access to the right room, building, or facility–property managers can monitor and manage access in real-time. 

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With tenant retention being the number one priority for landlords in today’s challenging CRE market, property managers can no longer afford to delay their adoption of digital tools. Those who embrace the tech transformations will improve the tenant experience and set themselves apart from their competitors. 

Schedule a demo today. See how Vend’s smart parking management solutions can boost your tenant experience.