It’s 2020 and experience is everything. The focus on experience has been steadily growing, transforming business in nearly every major industry. Commercial real estate is no stranger to the concept of created experiences, with some sectors changing the game entirely.
Let’s look at how these 4 commercial real estate sectors are utilizing experiences to stay ahead of the competition and attract business.
Out of all of commercial real estate’s sectors, the most avid participant in the wave of experience is retail. Due to the ever-changing market and the new age of consumerism, retail has been forced to undergo major reconfigurations, uncovering new ways to engage and drive loyalty with consumers through the use of smart technology. Consumers are digitally savvy, using the web and their devices with increasing regularity to find what they want when they want it.
As a result of this massive increase to e-commerce, the industry saw the need to blend consumer use of smart technology with in-store experiences. Some retail brands offer free in-store pick-up in an effort to bring consumers back to their physical shops. Others have adopted a more social approach by partnering with restaurants to open small bistros inside retail stores, creating a warm and memorable environment to entice shoppers to return. Afterall, if you can grab a coffee while you pick up your online order, wouldn’t that have you coming back?
Consumer experience has now become the driving force fueling modern retail efforts.
Experience is also big in CRE’s multifamily realm. This is seen in amenities, special features, and other key components that accentuate the overall living experience for residents. Elements such as spas, gyms, pools, game and recreation rooms, and sports areas are all being expertly designed into multifamily plans.
Technology is playing a large role in creating these areas of experience. What you see are high tech features which make these areas interactive, responsive, and intuitive to the user. This establishes a unique and valuable experience – able to set brands apart from competitors.
As the world around us continues to provide exceptional experiences, it’s popping up as an important concern in some unexpected commercial real estate sectors. As Millennials continue dominating the workforce, the office sector has changed its values to resonate with this confident and innovative generation.
Across the board, more and more companies are working to improve their brand culture. When 78% of the workforce strongly values a positive employee experience, it’s hard to ignore. By enhancing the professional experience, they seek to create a workplace where staff members feel happy, work productively, and feel valued. Companies are specially designing office spaces to create these experience areas and better accommodate the new era of work culture.
The influence of experience is slowly seeping into the industrial market. It’s common to see interactive opportunities popping up within industrial properties that coincide to the company’s focus.
This means on-site activities, such as tours or tastings, also extends into companion businesses – beer gardens within breweries or coffee shops inside of roasteries. This provides a whole new realm of business that is focused on providing an extraordinary and unique experience for clients.
Cultivating experiences is essential in our contemporary world. While humanity’s values and preferences change, industries need to adapt and find new ways to appeal to the public. What experience-based trends are you most interested in?