CREJ

Page 2 — Property Management Quarterly — April 2020 www.crej.com Letter from the Editor A recurring theme within this issue is the importance of a manager’s role in fostering relationships through clear communication – which is critical for everything they do from keeping tenants and building owners happy (see Pages 10 and 11) to man- aging tenant improvement projects (see Pages 15 and 18) to dealing with the unprecedented times we find ourselves in navigating the COVID- 19 outbreak (see the cover story and Page 6). Several veteran property managers discussed manag- ing relationships and improving communication during this year’s Colorado Real Estate Journal property management conference as well. Right out of the gate, the managers discussed how new technologies in the form of ten- ant engagement applications are enhancing the ability to communi- cate with tenants. Russ Davis with Unico Properties said his company partnered with Equiem on a tenant engagement app designed for its buildings. The app allows managers to create a sense of community and enhances communi- cation, as managers now can contact every occupant in the building (who signs up for it) rather than with just a single point of contact per business, he said. In the first month, they saw 30 to 40% of all occupants sign up as users. Thomas Bahn with Stream Realty Partners Denver said his firm signed a similar agreement with another company that created an app to handle communication, training and response all in one place with easy access to reach all occupants. Stream Denver uses another app, Honest Buildings, for its tenant improve- ment projects. “It’s a great tracking mechanism and you can bid through it,” Bahn said. The app allows all par- ties to see the schedule, critical dates, etc., to ensure they’re all on the same page. In more general terms, communica- tion is essential to good customer ser- vice. Andrew Gau with Transwestern told the CREJ conference audience to try to be a tailor-made suit for your clients. “Communication is king,” he said. “Communicate constantly.” It’s natural to want to pull back if you’re struggling, but that’s when it’s most important to do the opposite, he said. People have different communica- tion styles as well. A good manager can recognize different people’s styles and try to emulate them, panelists said. There will be major issues in the coming years, and communication will get tougher, they cautioned. But how managers provide customer ser- vice to their tenants and owners – as well as how they treat, listen and talk to people – will help in all tasks to come. Michelle Z. Askeland maskeland@crej.com 303-623-1148, Ext. 104 Tenant engagement apps Contents Property management news Legal issues for managers during an epidemic Jonathan Pray, Kevin Walsh and Anna-Liisa Mullis Shared leasing incentives lead to greener pastures Jennifer Guzman and Dennis Rein How Denver’s green plans impact your buildings Renee Azerbegi Plan landscape upgrades with water use in mind David W. Hewett Proactive measures lead to smooth operations Laura Cain People-driven relationships are key to management Jessica Cole and Liz Taylor Beware of ‘rattlesnakes’ lurking at your properties Kade Sessions Business interruption insurance overview Peter Hagen Uncovering returns in 2020’s uncertain market Jason Kiper Managing construction in an occupied building David Myers Insights for your next tenant improvement project Jim Boots Management best practices from a tenant’s view Mike Statter The ‘specialists’ approach to management Tracey Dodson Products and services to extend a roof’s lifespan Mike Feazel 4 6 7 8 9 10 11 12 13 14 15 18 19 20 21 COMMERCIAL PROPERTY MANAGEMENT Office • Retail • Industrial • Mixed Use 574 Santa Fe Dr, Suite 300 • Denver, Colorado 80204 303.219.5888 • www.wheelhousecommercial.com FEATURE ARTICLE Six Cost-Effective Office Building Upgrades MARKET REPORT Office Market Analysis, Q3 2019 ANNOUNCEMENTS Welcoming Laurie Faith, Sr. Property Manager In This Issue 574 Santa Fe Dr, Suite 300 Denver, CO 80204 303.518.7406 wheelhousecommercial.com OCTOBER 2019 | ISSUE X THE WHEELHOUSE REPORT In-depth market information on Denver’s commercial real estate market. By Greg Johnson, Leasing Manager Six Cost-Effective Office Building Upgrades A large percentage of Colorado’s Front Range office buildings were constructed in the 1970s and 80s. Commercial landlords of these older, mid-size properties inevitably face challenges with aging assets — how best to spend improvement dollars to strike the elusive balance between short-term aesthetic impact and long-term financial results. It’s often a decision between lightening their pocketbooks now in hopes of healthier rent rolls in the future. Thoughtful and cost-effective office building upgrades can go a long way toward increasing your property’s aesthetic appeal to potential and current tenants, as well as brokers. Here are six tips that won’t break the bank. The Wheelhouse Report is produced by Wheelhouse Commercial, a full-service commercial property management company headquartered in Denver, Colorado. Each month we bring you in-depth market news and data on all segments of Denver’s commercial real estate market. TAP INTO OUR KNOWLEDGE BASE • Office, retail & industrial properties • Lease rates & occupancy • Significant transactions & leases • New construction • Jobs data & consumer confidence • Interest rates, taxation, & legislation SUBSCRIBE FOR FREE wheelhousecommercial.com/report With our monthly e-publication, The Wheelhouse Report , Wheelhouse Commercial brings you important information on all segments of Denver’s commercial real estate market, to help you operate your properties profitably and efficiently. In addition, we share the insights that we’ve gleaned as a result of managing commercial properties of nearly every size and type. • Annual budget forecasting • Tenant retention strategies • Preventative maintenance • Insurance premium & claims • Renovations & capital expenditures