How to Help Office Clients Rebrand their Asset
With the shift in today’s population, Millennials are quickly becoming THE working generation, or the 30-somethings who tend to work full time, make significant purchases, and act as the driving force behind the national economy. One of the biggest misconceptions about Millennials is how “different” they are; and, while this is categorically untrue in some areas, in others, it may hold some weight.
Take, for instance, the way Millennials work. Millennials are pros at working smarter, not harder. They are demanding change in today’s office landscape, and CRE investors are smart to want to keep up. If your office clients haven’t committed to a rebrand lately, now may be the time.
Let’s take a closer look at how you can help office clients rebrand their asset…
1) Target your audience
As Millennials tend to be more collaborative and work differently than generations past, they also prefer a different type of office space. You can help your clients rebrand their asset by reorganizing and repurposing their space and layout. Millennials are notoriously more socially conscious than their predecessors. They are also multicultural, single, and many do not yet have children (as much as 30% of Millennials are child-free). In addition, more than 25% work a non-traditional schedule – a marked characteristic of entrepreneurs. Keeping the target market in mind as you help your clients is the first step to a successful rebrand.
2) Rebrand your clients’ image
One of the easiest ways to help your clients rebrand their asset is by rebranding their image. Whether it’s an outdated logo, or dated furniture or decor, updating and rebranding your clients’ assets can go a long way toward attracting new tenants. Again, think about who they’re trying to attract. Once your clients’ image has been brought up to date, consider marketing the update with visually appealing websites and tech-savvy web and social media campaigns – one of the most effective ways to reach younger generations of workers.
3) Rebrand the services offered
One of the most common reasons CRE space needs to be updated or rebranded is because the building has simply outlived its use. If this is the case with your building, consider taking a look at the services that are currently being offered. Perhaps a new tenant or two that will appeal to Millennials could help revive your space. Try courting a hip new restaurant, a lowkey lounge, or even a nail salon or spa to increase your appeal to busy workers.
4) Repurpose unused space
If one of your larger tenants has had to downsize, a great way to help them rebrand their asset is to consider repurposing unused or empty space. Rather than losing a tenant and the office space sitting vacant, you could consider repurposing the space to be shared office space. This takes some of the heat off of your tenant, you collect more/new tenants, AND bring in more rent each month, without the unused office space sitting vacant… a win-win for everyone. It will make your CRE all the more attractive — especially if you’re the only one in the area who offers shared space.
Office Space for the Next Generation
As the employment force and office landscape evolve, your office asset must evolve with it. Get creative and think outside the box. What are Millennials looking for most in your area? How, where, and when do they prefer to work? Once you know the answers to these questions, you’ll be in a prime position as an expert to help your clients rebrand their office asset to appeal to this generation’s workforce.