CREJ

April 2020 — Property Management Quarterly — Page 11 www.crej.com Perspective A s Denver’s commercial real estate ecosystem has matured, so too have approaches to property management. Over the course of the past half-decade, new investors and development firms have entered the market, bringing with them fresh perspectives and new tactics to differentiate their properties. As a result, many of Denver’s legacy assets are benefitting from substantial renovations. These multimillion-dollar repositioning efforts are intended to preserve a property’s rel- evance while cap- turing the atten- tion of national and international companies – tech- nology and other- wise – relocating their operations to Denver. Even though Denver’s office market vacancy continues to hover at or near all-time lows – 10.3% as of the final quarter of 2019 – prop- erty managers should be prepared to respond to increased competition for tenants. Sure, top-notch amenities and cool, collaborative common spaces might be enough to attract a tenant, but it’s not always enough to keep them there – and, more importantly, keep them happy. Amenities and perks are just one part of the equa- tion. The real key to longevity in the modern tenant relationship is just that – the relationship. It’s time to rethink the transactional nature of the tenant/property manager rela- tionship and refocus on the human experience. n People-driven performance. Our property management firm launched in late 2018 as a direct response to shifting commercial real estate dynamics. Of course, ice cream socials and the seasonal gatherings have their place in any property manager’s toolkit, but we challenged ourselves to redefine service in the spirit of our tenants. Why? Because property manage- ment is, after all, a customer service business. What we identi- fied is that the needs of each property, owner and tenant are as vast as they are diverse. One ten- ant might prefer to be greeted each morning by a building ambas- sador instead of the security guard while another appreciates the camaraderie of a quarterly happy hour. But when you boil it down, one common thread has the power to unite strong tenant experiences with optimal asset performance: a human connection. At One Union Station, a five- story, 111,000-square-foot LEED Gold certified office building near Denver Union Station, the manage- ment team curated personalized experiences that reflect the wants and needs of the long-term office anchor tenant. Rather than defaulting to tradi- tional, set-it-and-forget-it styles of programming, our approach was inspired by something some prop- erty managers have a tendency to overlook: a simple conversation. Because the main office ten- ant often provides its employees with perks like donuts and treats throughout the week, we redirected funds originally reserved for an annual tenant appreciation event to support the purchase of additional security infrastructure. This was something the tenant was excited about and appreciated receiving as a thoughtful gesture from building ownership. In property management, it’s easy to go through the motions. But this gesture – one that required us to stop, think and act – created a last- ing impact unique to our tenant’s wants and needs. Another example is Elevate, situ- ated within the Colorado Boulevard submarket, which features 221,000 sf of Class A office space with stun- ning 360-degree views of the moun- tains and downtown Denver. While the building is recognized for its prominence overlooking Glendale, we knew that simple yet meaning- ful changes could help the property maximize its potential. One of the most dramatic shifts took place in the lobby. In addition to incorporating greenery through- out the lobby, we increased oppor- tunities for our tenants to gather with high-top seating throughout the space. The warm, inviting lobby has transformed into a primary gath- ering place and became a sought- after location for tenant events. In fact, one tenant recently hosted a holiday pop-up that brought people together for an afternoon of laugh- ter, fun and shopping. These are just a few examples, but this service-oriented, people- driven approach is foundational to property management. Empower- ing property management teams to People-driven relationships are key to management Jessica Cole Partner, ColeTaylor Liz Taylor Partner, ColeTaylor Please see Cole, Page 23 ColeTaylor Elevate’s updated lobby was designed to be warm and inviting and incorporated greenery to brighten the space.